Buying Real Estate in Las Vegas Nevada: The Inspection Process
Home inspection is a vital part of the home buying process in Las Vegas and Henderson. It’s important to know that no home is perfect and to keep this in mind prior to the inspection. Something will always come up regardless of the age of home. Even new construction in Las Vegas can and will have issues. I often see the same re-occurring items that come up: improper draining, improper grading, improper wiring (lack of GFI outlets come to mind), poor ventilation etc. Anticipating small issues will help prepare you for the process.
The inspector’s primary job is to give you a broad understanding of the condition of your Las Vegas home. These results often bring parties back to the negotiating table and it is imperative for both buyers and sellers to embrace a rational approach. It’s also important in some cases to provide the full inspection report to the seller. If the buyer feels that changes to the contract are warranted, the seller may offer a price drop, provide a credit at closing, or repair the property before close of escrow. But they aren't going to do this without reviewing the inspection report first.
The buyers will want to speak to their Las Vegas estate agent about what items they would most like to see addressed, after compiling a list of their greatest concerns. I think it’s important to leave off minor things, which makes the buyers seem more reasonable and less nit-picky. Likewise the buyers will want to categorize the list they are to submit, being careful to note what is the most important to them. The seller may very well accommodate all of their requests, although that usually is not the case. In other words, ask for half a dozen items (for example) to be addressed and be happy if the seller agrees to three of them. I've found that both parties like to see one other concede on something throughout the process. Humans tend to crave fairness, regardless if it's perceived or if it's real.
If a repair is a little more complex than the sellers want to tackle, I usually suggest a buyer credit as a compromise. It’s quicker and less likely to delay closing. Sellers often like this as an alternative, as there is less money out of pocket prior to close. Again in this case I recommend adopting the strategy of asking for a bit more than you'd like. For instance, asking for a credit that is above the estimated repair, hoping for a counter offer that mirrors the true repair cost. Even if they meet you in the middle, you’ll be doing just fine and both parties can be happy.