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how can you negotiate the price of your house you've got under contract after you have done the inspections all right guys this is a fantastic question thank you for asking it if you've got a question you'd like to have me answer type it in the comments below and i'll create a video just like this for you and for all of my other wonderful youtube subscribers okay guys so here's basically the idea when you make an offer on a house you've been in the house once you've maybe been into it for like 15 minutes so you're writing this contract with certain tendencies and those contingencies are you want to make sure the house appraises for what you're buying it for the contingencies are is you want to do an inspection to make sure the quality of the condition and things of the house are there the other thing you're maybe making or your purchase condition upon is your loan being able to get a loan at the terms the rates and those things that you are wanting to those are the things that are built into most purchase contracts and are probably built into the ones you're using or if not you can ask us and we can get you one that you can check out all of that said when you're doing that if let's say you agree to some price of a hundred thousand dollars let's just use some easy numbers here and let's say that you go and do your inspection now with your inspection you may find some things you may not find some things keep in mind the inspection isn't just an inspection it's an inspection and it's an evaluation so you can literally it's typically called a due diligence you can pull out for any reason even if it's just you got indigestion that's why an inspections period is so vague because it's fully and 100 at the buyer's discretion it's not at the seller's discretion as to if you can pull out of the contract or not so really you can pull it for any reason that reason may be you had a bad feeling about it that reason may be because you didn't know um something about the property or you met the neighbors and so that's one thing i tell people quite frequently is like get everything under contract don't try and overanalyze it's a mistake a lot of people make is they try and over analyze everything get it under contract but make sure you use a contract that has protections and those protections are going to give you some deadlines which gives you extra time to do your due diligence to make sure you really want to move forth purchase now if you don't want to move forward the purchase know that and give the decency to let the seller know and if you don't you may put some earnest money in jeopardy but of course if you only put us an insignificant amount of earnest money and you have your contract written properly meaning that the earnest money is the only thing the seller can take from you you're really not out much um other than it's just not a cool thing to do to a seller right but if you had to you could all that said get things under contract that's a big mistake i see pill making all the time is they're delaying getting things under contract get out of contract and figure out later so next thing is it's going to depend on what type of market if the market's like ultra hot and there's backup offers and there's other people that are coming you're gonna have a hard time getting a seller to renegotiate the price after an inspection unless you have like some concrete things meaning if you've gotten a full inspection on the property and that inspection says that the sewer is failing and now the seller knows about it because if the seller knows about it and they're selling the house traditionally and not selling it as is the seller's required to disclose that on a seller's disclosure form so now they know that they'll have to disclose it to the next buyer and the seller's gonna say you know we're probably gonna fix it for the next guy as well so we might as well just fix it now but you are taking a risk if it's a buyer's mark if it's a seller's market and there's multiple offers on things you could get yourself in a risk where you can actually lose the deal because the seller's going to say no and go to somebody it's a backup offer if it's a really hot market if it's not a hard market it's a perfect opportunity for you to go back and say hey during our inspections and due diligence either a we found something and we want to have you fix it or b just lower your price and we'll take care of it or simply we've ran the numbers we've looked at everything we can't pay what we thought we could we need to be at this price if you're willing to put at this price we're willing to move forward now again it really depends on the market if you're in a super soft market and there's not a lot of buyers out there you're in the driver's seat you can say nope this is what we want to do and you can be in the driver's seat if it's a really hot market or a seller's market you're you're not in the driver's seat and you're not going to be able to have as much time in doing a renegotiation or even doing a renegotiation period unless you can find something concrete about the property but depending upon how hot that seller's market is someone else may come in and say you know what i'll pay for that um don't worry and sell me the house because they just want to have a house so bad they're willing to pay extra for it and deal with the problems that exist there so that's what you've got to realize but the way of negotiating the question that's being asked here is how do i negotiate it's simply that you're just saying we want to adjust the price because we've done our inspections and due diligence and here it is now when you write the contract out you're just doing an addendum and say buyer and seller agree purchase price will be 150 000 um and so that's all you got to do you don't have to you don't owe anyone an explanation um you just do it now if you're going direct to seller now you need to have an explanation and i recommend you do you just go back to the seller and say hey seller you know we ran into some problems i'm going to put a pencil to this the numbers just don't jive it just doesn't make sense and unfortunately the best i can pay you is this amount um or you can go to the seller and say hey we've looked at this here's all the problems we found the property we're willing to move forward but this is the most we can pay for the property so that's the thing that you that's really all you're saying um and you're talking to them but if it's an mls or you're working with an agent you just give them a straight up price so if you've enjoyed this video please hit that thumbs up button means a lot to me and it tells youtube i am doing a great job now if you'd like to get a repair checklist i'll give you one free this repair checklist is really good because when you're going around the property it helps you identify things wrong with the property which in turn helps you be able to go have a talk with the seller i'll send you a free copy of that all you've got to do is email me and or all you've got to do is text me your email address um the phone number is 435-294-0433 just text me your email address and i will send that over to you i've got a blog also on real estate investors negotiating tips for buyers and sellers so i'll send that over to you i'll put in the comments below so you can check it out as well i also have a video how to negotiate house prices after the offer is accepted which is similar to this but it's going to give us more detail on after that offered he accepted hope you enjoy it otherwise make it a profitable day and i'll talk to you real soon [Music] [Applause] [Music] [Applause] you