The Home Inspection
Be mentally prepared to have the home you love critiqued in great detail by the home inspector. (good stuff and bad stuff)
Be prepared to learn about the deferred maintenance, fully depreciated appliances and systems. A great inspector will also recommend repairs for the home - short and long term. This holds true even for homes that appear to be in great condition.
All home inspections have problems. Sellers will expect that you are open to problem solving and are willing to help create solutions to issues in most cases. Your home inspector will provide you with a long list of items of home maintenance and repairs. Be prepared to prioritize what needs to be done immediately and what can wait several years. It’s fair to negotiate on something that you couldn’t have known about or was not disclosed in the listing. Based on the outcome of inspections, buyers may elect to ask the seller for repair work, closing cost credits, or a reduction in the sale price due to flaws that were uncovered. Sellers have three options: agree to all of the buyers's requests, offer a modified solution back to the buyer, or decline to make any amends. In response, the buyer can continue to negotiate, accept the seller's position, or in some cases, end the transaction and recoup their earnest money.
Once you determine the home inspection is acceptable, the offer moves forward as agreed. You have the option to ask for a credit to cover unexpected repair expenses. You then have the option to move forward with the repair credit or to walk away at no cost.