Negotiations during inspection contingency

[Account Closed]

During the inspection period you are made aware that the repairs are much more extensive then you originally anticipated.  So you go back to the seller and ask for an amount off the sale price.  They take a little off and then you are going back and forth.  One you decide that you cannot increase your price any further  and you haven’t heard from them, what are your options?  And what are their options?  Can they cancel the sale and then you’re left with noting after the time you’ve put into the deal already?  Are there any creative solutions the buyer can come up with to make the sale at the lower amount more attractive?

[Charlie MacPherson]

@Account Closed  In lieu of a reduced price, you could require repairs.  The risk is that they'll do the job on the cheap.

Depending on the nature of the repairs, you could say "Repairs are to be done by a licensed contractor/electrician/plumber, etc and completed in a workman like manner."

But if the property is priced at $100,000 and needs $20,000 in repairs and the seller is only willing to come down to $95,000, it's probably best to walk away. 

And no, you don't get back the cost of the home inspection.  But better to find out and walk away now than to hold your nose just to get the deal, only to find out that it's a money pit.