Once you receive your home inspection report and there are needed repairs, have your Realtor request an extension of your contingency or objection period to take some of the pressure off while you collect more information.
Immediately assess, in your own head, how much work you are willing to complete after close of escrow, considering both cost and inconvenience. Collect at least three contractors’ bids for the repair(s) at issue — for your own information and to increase your credibility in your renegotiations with the seller.
Through your Realtor, approach the sellers with a request for them to pay a closing cost credit to free up some of your cash for post-closing repairs, to complete some repairs or to reduce the price — in that order.
Once your renegotiation with the seller is done, assess whether you are satisfied with the condition of the property given the final terms of the purchase, including any credits, repairs or price reduction agreed to by the seller.
This will direct your decision on whether to move forward with the deal, assuming all the other elements of your decision are in favor of removing contingencies.
