We’ve received a lot of questions regarding leverage once your offer has been accepted. The truth is, you’ll want to prepare in advance for your buyer’s inspection period. Hopefully, prior to submitting your offer, you’ve touched base with your preferred home inspector, termite inspector and contractor regarding their availability. In your offer, your realtor should have built in a inspection contingency period (which ranges by region) which is customarily 10 days in the Los Angeles area. Of course you can lower that number to make your offer more appealing but that’s a different topic to be discussed later.
Now that your offer has been accepted, it’s to your advantage to schedule all of your vendors to perform their services as early as possible into the contingency period. This buyer beware or due diligence period is extremely important and is your “out” for any reason. Thus, you’ll want to make sure your home inspector is EXTREMELY thorough and will provide you with a detailed report with explanations and pictures that can be easily fowarded via email. Here is when you want to go with quality of service over price (rest assured, a quality report will generate more net savings) as these reports and data will as your leverage to negotiate seller credits.
In summary, tip 1, reach out and build your preferred group of vendors. Home inspector, termite, contractor, plumber, rooter service technician, and if necessary a topography/geological survey specialist.
Tip 2, check their availability so that they are all available as soon as your offer is accepted so you can get everything done earlier on into the inspection contingency.
Review your data and negotiate.