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Inspection report came back saying furnace is 31 years old and air conditioner compressor is past life expectancy. Would you try to renegotiate price of house or is this standard. Both were functioning at time of inspection.
I don't see an old but working AC & furnace as a reason to renegotiate. If you were going to take it into account you should have done so before making the offer, though an exception would be if they claimed otherwise (e.g. if the MLS sheet said the furnace was new).
This is where a review of the seller's disclosure before making an offer is invaluable. Was there a seller's disclosure available on the home? Did you and your agent review it and consider any challenges? 31 years on a furnace is WAY PAST LIFE EXPECTANCY and that thing could die at any moment. A new furnace is around $5000. Do your best to renegotiate for inspection issues and if the price you originally settled at is too high then walk away unless you can afford to make the necessary improvements (if you REALLY TRULY LOVE THE HOUSE).
These issues should now become public knowledge and disclosed to anyone interested in the home so your agent should know to drive that point home and keep the deal together, albeit at a lower price for you.
Thank you for your response. Our agent did give us the sellers disclosure. These items were left blank and she did not go over it with us. Looking back, I did not realize. We will try to negotiate
Odd that your agent didn't notice that the ages were not disclosed on the sellers disclosure. Your agent, should have also pointed out while showing you the property that they looked older.
Generally, concerning inspection item, as long as both items are working, the sellers don't need to negotiate on replacing those items (or money towards the eventual replacement). Most likely they will offer and pay for a warrantee on both. This can be covered either through PSE&G or the real estate companies have their own warrantees.
Odd that your agent didn't notice that the ages were not disclosed on the sellers disclosure. Your agent, should have also pointed out while showing you the property that they looked older.
Most older homes will have older furnaces or AC units. Should someone own an older home (which most houses in NJ are), there is no requirement that says they have to replace these units or take less on the sale because of their age. If the units are functioning without problems, I don't see why this has to be disclosed. A visual inspection would reveal the approximate age. The sellers didn't hide them, did they? The sellers didn't misrepresent them as new, did they? I don't like to say anything insulting, but if someone is smart enough to buy a house, they should know the difference between older and newer appliances. They shouldn't have to have a R.E. agent point it out to them, or rely exclusively on a home inspection report.
Quote:
Originally Posted by kekee726
Generally, concerning inspection item, as long as both items are working, the sellers don't need to negotiate on replacing those items (or money towards the eventual replacement). Most likely they will offer and pay for a warrantee on both. This can be covered either through PSE&G or the real estate companies have their own warrantees.
While the items may be working without any problems, and may continue to for many years, nobody with an ounce of sanity will warranty 31 year old appliances. PSE&G may offer a coverage plan, but not a warranty against defects. Those are two different things.
Let me put it this way: If you were selling a house you owned, would you guarantee and warranty everything that was over 30 years old?
I think nnjhelp should have pointed these things out BEFORE he made the offer.
While the items may be working without any problems, and may continue to for many years, nobody with an ounce of sanity will warranty 31 year old appliances. PSE&G may offer a coverage plan, but not a warranty against defects. Those are two different things.
Uh, yeah, PSEG will give you a Worry Free contract for when a part is DEFECTIVE, stops working or however you'd like to word it. They will replace it, parts and labor included.
Thank you for your response. Our agent did give us the sellers disclosure. These items were left blank and she did not go over it with us. Looking back, I did not realize. We will try to negotiate
I think you are being unethical. These items were in plain sight and the house was not new construction. If you can see it, and it works, it is not something that justifies a re-negotiation.
Uh, yeah, PSEG will give you a Worry Free contract for when a part is DEFECTIVE, stops working or however you'd like to word it. They will replace it, parts and labor included.
PSE&G will GIVE you NOTHING. The Worry Free Contract, if you elect to have the coverage, is CHARGED for each month on the bill, regardless of whether you need any service or not.
The difference between this type of coverage and a warranty:
A warranty provides service coverages for a definite period of time at a one-time charge against either the provider or beneficiary.
PSE&G Worry Free Contract (and similar type plans) provides service coverages for an indefinite period of time determined by continuation of payments AGAINST THE BENEFICIARY ONLY.
I have their coverage, and I would recommend it. It is like a small insurance policy for a very small monthly charge. The service was very good, and parts and labor were not extra, they were included.
Keep in mind, however, that PSE&G only covers certain appliances, and as far as furnaces are concerned, they will only cover and provide services for gas-fired boilers.
Last edited by LampLighter; 06-06-2011 at 03:11 AM..
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