Investors should give their attorneys a copy of the property inspection report as soon as it is received. Investors also should draw their attorneys’ attention to defects that are of concern. An investor’s attorney will then negotiate with the seller’s attorney over what, if anything, the buyer is will to repair or give a credit on to allow the sale to go forth. In this process of give and take, the investor’s list of defects should include both serious and less serious problems; this gives the investor room to make concessions on items that are not of great concern.
Nonetheless, investors should ask sellers for as many concessions as possible. In a difficult real estate market, a seller may be willing to make many repairs, particularly if the investor demonstrates a readiness to walk away from the deal.
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