So you are finished with the Home Inspection and you have received the final inspection report from your home inspector filled with photos and info regarding your home. You may be concerned regarding some of the information you are finding in the report. If you were present during the inspection, you may already know what your major concerns are, but don't know what to do next.
This is the point where you get back with your Realtor, who has your highest and best interest forefront. You will both go through the report together and discuss where there may be concerns for you. According to your NKY contract, you will have 3 different routes to take at this point.
1. You are satisfied with the report and wish to proceed with the contract without any repair requests made to the seller.
2. You are greatly disturbed by what you found in the inspection and wish to run from the contract. Your Realtor will write up an addendum called, "Release from Contract" based on your findings and ask for your earnest money to be returned to you. (Earnest money is given up front with your offer in good faith that you wish to proceed with the contract. You can think of it as a down payment against what you will need to bring to closing, as it will be listed as a credit at closing towards what money you owe at closing. However, the seller will be thinking of this as money he will have dibs on if you decided to breach the contract illegally.)
3. You are still in love with property, but there are a few items of concern. If these were repaired, you would be willing to move forward with the contract. At this point, your agent will create an addendum for these repair requests, have you sign it, and then present it to the listing agent to share with the seller. There is a specified number of days the seller has to respond to these requests. The seller can decide to repair all, some or none of the items listed.
It is important to note here that the seller is not obligated by law to make any repairs. This is actually written in your standard Northern KY Realtors' contract. However, most sellers will at least consider your repair requests and most will do at least some of them, if not all, or compensate with some sort of price reduction, change is any pre-paids such as closing costs, or payment to a contractor at close to fix. Just know that if the seller decides to not do any repairs, he is acting within his legal rights. This could, of course, result in you deciding to exit the contract because these repair requests were a "make it or break it item with you". You may, on the other hand, reconsider the fact that the seller is not repairing anything and decide to move forward anyway. Totally up to you. This will either keep you in the contract or you will exit the contract because these repairs were mandatory to you. Your Realtor will guide you safely in these waters.