I can always renegotiate with the inspection, right?

Often times, a buyer believes (and is sometimes COACHED by their agent) that they can "renegotiate" the purchase terms after the inspection. In my opinion, I think this is one of the most dreadful aspects of real estate. The purpose of the inspection is for you to do due diligence on the property you are going to purchase. This is not a time for you to get a better price.

Imagine walking into a home and looking at the furnace. Right there on the furnace is a sticker that says "Installed in 1970". That furnace is 37 years old and probably on it's last legs. But remember, you aren't buying a furnace. You are buying a home. If you are concerned about the furnace, take it off the price you are willing to pay DURING the original negotiations. NOT after the inspection. Here's why... the furnace, while old, WORKS. If it works, than the seller is selling you a functioning home.

Deal with the issues you are concerned about up front. The inspection is to protect you against the issues of the home that you might never see or know about. MOLD, Carbon Monoxide, Radon, Leaks, Electrical problems, incorrectly installed this or that.... These are the things that an inspector can find and should. If there exists problems that you COULDN'T know about or WOULDN'T know about. Then, by all means, ask for them to be rectified.

Let's pretend that you walk into a restaurant and order a steak. On the menu, the description says, "New York Strip served with twice baked potato and sauteed baby carrots." The price of this delicious meal is $30. After the meal is served to you, you look at the plate and say, "I want a $2.50 discount. I don't like baby carrots." Doesn't make sense does it? You KNEW there was baby carrots - and you didn't ask for a substitute at the time you ordered! What makes you think you deserve that discount NOW?

If you know there's a problem or concern with the house, deal with it up front. It is unethical and underhanded to try to "get down" the price of the home after the inspection. If there are problems that you didn't know about, figure out what is most important to you. Obviously, if there is a safety issue- Get it resolved. If something doesn't work - that wasn't stated in negotiations or on the listing, get it resolved.

Just remember, unless you're buying new construction, you're NOT BUYING NEW CONSTRUCTION so you can't expect everything to be NEW!

Handle your negotiations up front and don't rely on the inspection to do your dirty work for you!