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Old 03-04-2009, 09:02 PM
 
Location: Cary NC
553 posts, read 2,085,262 times
Reputation: 303

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Quote:
Originally Posted by jctx View Post
Received the home inspection report...wow. We love the house, and most of the itemized things on the report are little niggly things we can do ourselves in a day. However, some are a concern and if we're going to return to the table with a couple of biggies, should we just list all the problems with estimated costs of repair, and see if they'll come down on the price further or make the repairs?

Do people usually have the sellers make a bunch of little repairs or let them go, or?

Biggest concerns (advice needed):
2 twenty yr old water heaters
2 11 y r old a/c units
damp wall issue, repaired (they say) but not cosmetically (walls & ceiling areas destroyed and left exposed for carpentry work to be done)
Dry rotted weather stripping around windows
Carpentry work post-damp/wet wall repair
Non-conforming deck/balcony balister spacing
Garage door wont reverse when obstacle obstructs

There are alot of seemingly more minor items, such as no smoke detectors or carbon monoxide detector, dishwasher drain needs an air gap place in the drain line, a support post to the entrance gable is wiggly, a circuit breaker sub panel switch plate is missing, etc etc.

What do we DO with this info now? What are our options, what do people usually do?

Our R.E. Agent, when items are mentioned, says things like "Lowe's sells those for 2-3 dollars" or "I think Lowe's sells those wall boards and you can match up the colors" or "We dont want to put our mean faces on just yet" etc. But now we're thinking this woman isnt working on our behalf, because we're being expected to forgive ALOT based on her advice and we're getting sick of it.

What do we want? We want repairs made, or we want them to come down on their price. Can this happen? We're worried the R.E.Agent is going to tell us "they are not going to do that"

FYI I am a mortgage broker and a licensed real estate agent.

1) If there are issues many lenders will not lend on a proerty with deferred maintenance. The lender usually does not ask for a home inspection report but will look on the appraisal to see if there were any comments made by the appraiser. If this is an FHA loan you are buying with then property condition will be a factor.

2) Your agent is full of you know what. His/her job is to look out for your best interest. Small stuff I can see not worrying about. Major stuff should be used as a negotiating tool to get the purchase price lower. Not because you are trying to take advantage of the seller but if you have legitimate issues with deferred maintenance or old water heaters etc.. then either the price the home was listed for already relfects it or you counter offer for a lower price citing the reasons.

I would not pay full price for a home that has obvious old equipment unless the price we agreed on is below market value allowing me to afford to replace these items.

Next time your agent says Lowes sells it for $2-$3 say good, then i guess you don't mind buying these items for us and installing them correctly before we proceed with the purchase. That should get his/her attention.

Which state are you located in if I may ask? There are ways of making your agent work for you which I will share once i know which state you are in.
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Old 03-04-2009, 09:12 PM
 
596 posts, read 2,499,965 times
Reputation: 201
Quote:
Originally Posted by middle-aged mom View Post
Actually that was not a con job. It's the law in many states, including my own.

I am thrilled you love the house. Just make sure your agent has can make you comfortable with the price you are paying and gives you copies of very recent closed sales comps, for comparable homes, within the area.

And next time your agent starts speculating about the seller's response, ask her if she is a mind reader.
Thank you for the advise. I didnt realize there were states where it was the law that the buyer's agent contract had to be completed beforehand. I dont think that is the case here, but I'm not sure. We're in NC.

In my mind, I would ask her if she were a mind reader, but when I open my mouth, smiles come out (ah!)
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Old 03-04-2009, 09:17 PM
 
596 posts, read 2,499,965 times
Reputation: 201
Quote:
Originally Posted by deuterdu View Post
FYI I am a mortgage broker and a licensed real estate agent.

1) If there are issues many lenders will not lend on a proerty with deferred maintenance. The lender usually does not ask for a home inspection report but will look on the appraisal to see if there were any comments made by the appraiser. If this is an FHA loan you are buying with then property condition will be a factor.

2) Your agent is full of you know what. His/her job is to look out for your best interest. Small stuff I can see not worrying about. Major stuff should be used as a negotiating tool to get the purchase price lower. Not because you are trying to take advantage of the seller but if you have legitimate issues with deferred maintenance or old water heaters etc.. then either the price the home was listed for already relfects it or you counter offer for a lower price citing the reasons.

I would not pay full price for a home that has obvious old equipment unless the price we agreed on is below market value allowing me to afford to replace these items.

Next time your agent says Lowes sells it for $2-$3 say good, then i guess you don't mind buying these items for us and installing them correctly before we proceed with the purchase. That should get his/her attention.

Which state are you located in if I may ask? There are ways of making your agent work for you which I will share once i know which state you are in.
I really appreciate your response. We are in NC. What you said about how we should respond to her suggestion of the items for sale at Lowe's is exactly how I feel. Its a bit stunning for a second and then later it sinks that she's just not pushing for US on this deal.

Full price? Market value? I have NO IDEA if we are getting full price, market value, etc...we dont seem to have had sales in the past 6 mos to compare...and I have no problems sharing information with someone that has a clue that could let us know if we have a good deal. Frankly, hearing the agent say it has gotten old and we cant know if she's right or not.
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Old 03-04-2009, 09:41 PM
 
Location: Censorshipville...
2,500 posts, read 6,011,392 times
Reputation: 1291
Quote:
Originally Posted by jctx View Post
I dont know what you meant when you said "some things just dont show up until the home inspection and so you have no control over those"...this was the reason for my post, actually. Isnt the purpose of the inspection to gain some sort of control over issues that we otherwise wouldnt have known, and to do something about them?
What I meant was when you initially tour a home, you may miss things that a home inspector will pick up on. For example, you may not have an oppurtunity to look into the attic or a crawl space, but the home inspector will so you may find some faults during the home inspection that you wouldn't during the initial home tour. I chose my words poorly when I said you have no control over those, what I meant to convey was you can't help it if you missed those faults during the initial tour, but you can certainly ask for them to be repaired or a seller subsidy to make up for it.
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Old 03-04-2009, 09:49 PM
f_m
 
2,289 posts, read 7,376,947 times
Reputation: 868
Quote:
Originally Posted by jctx View Post
Received the home inspection report...wow. We love the house, and most of the itemized things on the report are little niggly things we can do ourselves in a day. However, some are a concern and if we're going to return to the table with a couple of biggies, should we just list all the problems with estimated costs of repair, and see if they'll come down on the price further or make the repairs?

Do people usually have the sellers make a bunch of little repairs or let them go, or?
If you are in the contingency period, then you need to get all these looked at quickly to determine what the costs involved may be. Once the period is over, you won't be able to walk away without losing the deposit (depends on the local regulations, but that's typical). So you are in a better position if you have the option of walking.

You offered a certain amount based on your understanding of the condition of the property, now the condition is different than you initial were aware of. So while there's time, you can bring up whatever you want. Example, I was able to get credit for various things due to the condition, after an inspection and quote was provided. The water heater pipes were slightly corroded so I got enough to pay for a replacement system based on the quote for the piping replacement.

Quote:
Originally Posted by jctx View Post
Our R.E. Agent, when items are mentioned, says things like "Lowe's sells those for 2-3 dollars" or "I think Lowe's sells those wall boards and you can match up the colors" or "We dont want to put our mean faces on just yet" etc. But now we're thinking this woman isnt working on our behalf, because we're being expected to forgive ALOT based on her advice and we're getting sick of it.
Well I guess your time is free. I would expect, and got, that from the selling agent (as a buyer), but wouldn't expect that from the buying agent (as a buyer).

I will repeat, that your best time is during the inspection period, since you can walk away with nothing to lose. Although a lot may depend on how quick they need to sell, or if there are any other interested buyers.

Last edited by f_m; 03-04-2009 at 09:57 PM..
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Old 03-05-2009, 06:06 AM
 
596 posts, read 2,499,965 times
Reputation: 201
f_m,
Would it be acceptable to discuss each carpentry item with a carpenter over the PHONE, and get a rough estimate, and so on with each trade/servicer? We just dont have the time necessary to have each tradesman view the home and give us estimates in time. I think we have a deadline of March 10th.
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