Should I negotiate purchase price even after inspection?

[Susan Tan]

Purchase agreement has been signed by me (the buyer) & seller. I get the inspection report saying there are lots of repairs to be made including roof, plumbing, electrical, tree removals. Is this the right time to negotiate purchase price to be even lower? What strategies should I use to lower the purchase price?

[Mike Cumbie]

Generally, I recommend that if it is something you should have seen (or should be embarrassed that you didn't see) when putting the offer in then it is pushing it. "There is a 10 foot hole in the living room floor leading to the basement" and we want to play with the price, gets a completely different reaction from most sellers than "There is a broken rafter in the NorthSide of the attic". One is "I found something new nobody would have seen" and the other is "I want to re-deal this contract every day up to closing" or worse "Me and my agent have no idea there is a 10 foot hole because that's how observant we are". So I would look through the report, see what is new information and then go from there.