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Old 12-19-2010, 10:14 AM
 
5,216 posts, read 6,034,777 times
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Quote:
Originally Posted by macgeek View Post
I had the Home inspection, and he found about $5000 of Minor work that needs to be done (leaky pool fill, electrical work, windows, doors, etc, garage filled with crap) to bring it up to 'move in' state. I want to discount my buying price my $5000 to pay for those repairs.
I'm confused; is this a different $5,000 from the $5,000 you asked about a few days ago because the roof and the a/c are 20 years old? Because when you first wrote about the inspection, you stated that he only found a few minor things wrong; certainly nothing that would approach $5k:

Quote:
Originally Posted by macgeek View Post
It was pretty disappointing with the inspection they gave, cost me $300 for what was a basic visual inspection.
The inspector plugged in a tester in a bunch of outlets, climbed on the roof and noted broken tiles, opened up draws and looked in cabinets.
He really harped on minor things like globes missing from lights, or loose outlets and glossed over things like attic insulation and shape of the Slab, general condition of the house.

in there favor they where VERY punctual, and has the report online when they promised. But the report (all 37 pages of it) is about 15 pages of generic information, and lots of pictures showing very minor things.
Secondly, are you still within your due diligence period? If not, this is all moot. If so, and you want to ask for $5k based on the inspection, then just do it. All they can do is say no to you and then the ball is back in your court and you can decide whether you still want to go through with the purchase.
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Old 12-19-2010, 10:15 AM
 
1,091 posts, read 1,582,784 times
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5k sounds like an awful lot, are you sure that number is accurate or just an inflated number from the home inspector to "help" you out with negotiating?

Realistically, especially with a short sale, you cannot expect the home to be in top quality condition, especially if it is older. If they haven't been making their payments in a year, most likely they quit maintaining and doing repairs before that point.

I think you need to look at your list of repair items, figure out what absolutely has to be done and what is more of "in a perfect world" type repairs. Having working old energy inefficient windows is not a repair item just because they are old. Having exposed electrical wiring is a repair item. Once you have your list, talk to a handyman type service (if that is appropriate) and get a ballpark idea.

You can always ask for anything and one thing to keep in mind, if any of the repairs are serious, the seller will now need to disclose those to the next buyer since they have now been made aware thru your inspection. I believe also that any new buyers could, if they wanted, request a copy of your inspection as a disclosure item if you've made it available to the seller.

Realistically though, obviously the seller isn't going to be paying for anything. They'll have to go back to the bank and ask for an concessions and there is a high likelyhood the bank will say no unless you have some serious problems found, but it will probably take weeks to get that answer. The seller may feel you're a problem buyer, the type who always finds "one more thing" and wants everything perfect and would prefer to get a new buyer. It's pretty easy to insert a new buyer into an existing approved short sale.

You'll have to make the decision and decide what really needs to be repaired and if you're getting enough of a deal already. No guarantees the next homes you look at will be any better. Most of the short sales I've looked at (and made offers on), needed some type of repairs, probably at least 5k worth.
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Old 12-19-2010, 10:17 AM
 
1,091 posts, read 1,582,784 times
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+1. I think this is the attitude you need to have with shorts or REOs. Major items found in the inspection most likely will be time to bail and be glad you found it before it was your baby.

Quote:
Originally Posted by KiwiKate View Post
I agree with the other posters. This is a very unemotional transaction for the bank. If you're not happy with the condition and decide to walk, there'll be someone else who'll snap it up tomorrow. I had an inspection on my short sale just so I knew what I was getting into, and what I'd have to fix to make it livable. If I'd found something major, at least I'd have the option to walk if it didn't make economic sense to fix it myself. Never once thought that perhaps the bank cared enough about the sale to adjust the price.
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Old 12-19-2010, 10:24 AM
 
Location: Nebuchadnezzar
968 posts, read 1,184,939 times
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Quote:
Originally Posted by macgeek View Post
If you have been following my adventure, I am DAYS away from closing on a house, and doing all the pre-stuff before a closing.

I had the Home inspection, and he found about $5000 of Minor work that needs to be done (leaky pool fill, electrical work, windows, doors, etc, garage filled with crap) to bring it up to 'move in' state. I want to discount my buying price my $5000 to pay for those repairs. This is a short sale and my agent has been nagging me to just 'buy it as it is' and eat the 5K

The seller is just of the attitude "you pay me the full amount of I will just relist the place" and my broker is chiming in that the seller will have another buyer by Monday (Today is Sunday)

I am feeling manipulated here, so I ask the studio audience for help on this?

Jonathan
If you really like the place and if you dont have the time to go through the whole process again then buy it "as is." However, remember there are still plenty of other choices out there. I think, a very important factor is not to get too emotional until you actually get the keys otherwise it may cloud your decision. The emotional hook is what sellers (like realtors, banks, car salesman, etc) use to score. That is why many people have some sense of buyer's remorse since they quite often feel manipulated. Good Luck!
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Old 12-19-2010, 11:35 AM
 
Location: Vegas, baby, Vegas!
3,162 posts, read 3,428,929 times
Reputation: 2978
Thanks all for your input, I am letting this all stew in my mind till monday, When I looked at other houses in the area, nothing came close to this one (SIGH) The worst part of this is, timing
My 10 day house inspection period ends one day before I get there, and I have never actually physically BEEN in the house, my agent has, my friend has, but not me.

If I go thru with this, and HATE the house when I see it, I am out $2500 (good faith money)

Jonathan
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Old 12-19-2010, 11:56 AM
 
Location: Beautiful Upstate NY!
12,252 posts, read 16,919,721 times
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It Vegas, baby...just spin the wheel!
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Old 12-19-2010, 12:03 PM
 
393 posts, read 451,247 times
Reputation: 277
You need to spend the extra dollars and change your airplane flight and get down there now. I put down earnest money on two homes at different times and then flew down before the house inspection period was over. Bought both homes and have been very satisfied. It would be alot cheaper to upgrade an airline ticket than being out $2,500 not to mention missing out on a good home. I personally looked at over 40 homes in person but none met my needs. The two I did buy were in a situation like yours where I had to put money down before I saw them in person. $5,000 in repairs is nothing as far as a Short sale, eat that cost if you indeed like the home.
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Old 12-19-2010, 12:40 PM
 
Location: Henderson, NV
1,988 posts, read 947,840 times
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With all of the other things you're considering negotiating, I think asking for an extension on the inspection period might be the least problematic. Why don't you give it a try?
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Old 12-19-2010, 04:34 PM
 
Location: Vegas, baby, Vegas!
3,162 posts, read 3,428,929 times
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Quote:
Originally Posted by vegaslocal55 View Post
Just wondering, Jonathon, how long between your offer on the short & finding out all was a go? Between offer & closing? Seems like it went quickly for you.
IT DID, less then 3 months!

Jonathan
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Old 12-19-2010, 11:29 PM
 
Location: Here and there, you decide.
9,530 posts, read 14,855,414 times
Reputation: 2450
dude just eat it... a 23 year old house (1987?).. $5k is NOTHING... or walk.....quit your whining.. first it was the ac units now its everything else.. just like buying a used car.... geez.. If i was the seller, i'd pull it from you and sell it to someone else for more.. .they are correct, they probably have a backup and it might be for more....ALOT more...
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