| How do you set the stage for renegotiating your | | | | Next, you'll have had ample opportunity to examine |
| deal when you discover problems with a house under | | | | the title being conveyed together with any defects |
| contract? When I buy a house, I ask the seller if | | | | reported on the title insurance policy. |
| there are any facts concerning the house that I need | | | | Finally, you'll be able to inspect the premises with all |
| to know to make an informed decision. When he | | | | the seller's furnishings removed to discover faded |
| says no, that sets up a situation where confronting | | | | paint, worn spots in the carpeting, holes behind |
| him with a long list of undisclosed problems gives you | | | | mirrors and pictures, inoperable appliances or |
| an excellent opportunity to get him to reduce the | | | | equipment, and neglected landscaping. |
| price, reduce the cash needed to make the deal, | | | | Hiring a professional inspector is always a good idea, |
| reduce your share of the settlement costs, or | | | | but it's still a good idea to look things over personally |
| improve the terms under which the house is being | | | | to be sure nothing important has been missed. Based |
| bought. | | | | upon what you find when you inspect the property |
| The best way to give yourself ample opportunity to | | | | as suggested in the prior blog, you'll be able to |
| inspect a property is to provide in your purchase | | | | renegotiate the deal to provide any funds or profit |
| contract that "final acceptance of this contract is | | | | margin required to offset the expenses of making |
| subject to the buyer's approval of the condition of | | | | needed repairs and upgrades. |
| the premises, title, and financial information on the | | | | Case in point: I bought the house I live in with a |
| date of settlement." There's a reason for making the | | | | contract that incorporated the foregoing language. On |
| date of settlement the date when the contract can | | | | the date of closing, after the seller had removed all |
| be accepted or rejected: | | | | his furnishings, I spend several hours going over the |
| First of all, you'll have all the loan payoff data in the | | | | entire house. I filled four of five pages of a yellow |
| event you're taking title "subject to" the existing | | | | pad with discrepancies that hadn't been disclosed by |
| financing. | | | | the seller. |