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I'd rather a seller offer to sell to me for X-minus cost of necessary repairs than have the seller complete repairs.
So, you get a contract at $400,000.
And you do a home inspection and appraisal.
The home inspection shows about $2000 in repairs.
The appraisal opinion is $415,000, which you and your agent supported via CMA when writing the offer.
As a buyer, does it matter a great deal if you get money or repairs?
[quote=RedZin;40700868]I'd rather a seller offer to sell to me for X-minus cost of necessary repairs than have the seller complete repairs.[/QUOT
Great point, then the new owner can get the repairs done by their person of choice and it will be up to their standards. Sometimes, I can imagine the standards of the seller are not the same as the buyer (even though I understand there is a final walk through to ensure the repairs are up to buyer standards).
I'd rather a seller offer to sell to me for X-minus cost of necessary repairs than have the seller complete repairs.[/QUOT
Great point, then the new owner can get the repairs done by their person of choice and it will be up to their standards. Sometimes, I can imagine the standards of the seller are not the same as the buyer (even though I understand there is a final walk through to ensure the repairs are up to buyer standards).
This is my reason for wanting to handle any repairs myself. I can ensure a qualified person is doing the work and worry that the seller is more concerned with doing repairs on the cheap then finding a qualified repair person.
You know, we thought about that. But the nature of the repairs is so low-level that we could offer maybe $500 in concessions. That's how minor these issues are. The buyer has already made it clear that he wants to get up to $8,000 in concessions. (Not sure where that number comes in.) But caulking the sink won't get us there, and he's under the impression that repairing one cracked tile = a new floor. It's just a weird situation. He's also stated that move-in ready to him means that everything is perfect. So... maybe a difficult buyer?
You know, we thought about that. But the nature of the repairs is so low-level that we could offer maybe $500 in concessions. That's how minor these issues are. The buyer has already made it clear that he wants to get up to $8,000 in concessions. (Not sure where that number comes in.) But caulking the sink won't get us there, and he's under the impression that repairing one cracked tile = a new floor. It's just a weird situation. He's also stated that move-in ready to him means that everything is perfect. So... maybe a difficult buyer?
This is where real estate gets to be fun.
And difficult.
This is where real estate gets to be fun.
And difficult.
It can certainly be interesting at times. My last house sale in Florida had a borderline Radon reading, which is just like every other house in that area due some specific geotechnical conditions. Since I had already relocated, and it was a buyers market, the buyers used it to extract a few thousand more in concessions. They knew I wasn't going to risk the deal, and more carrying costs, for a few grand. Frustrating but well played on the buyers part. I'm 99% sure that money didn't go towards a radon remediation system :-)
not every buyer can take the money off the price. now, using a reasonable estimate and applying that towards their closing costs, which is cash out of hand, works well usually.
I certainly hope, as Mike has at least alluded to, that the Buyer's Agent has privately counseled them that there's nothing wrong with asking for everything. It's expecting everything where it becomes an issue.
It's a tricky business. We can't possibly manage the emotional reactions of the party we don't represent and counsel. If I have a Buyer that only asks for the important things in an inspection and the Seller thinks it's a full-blown negotiation and they can say no to half the stuff, then how does the Buyer, who was reasonable, begin to feel?
It's a tricky business. We can't possibly manage the emotional reactions of the party we don't represent and counsel. If I have a Buyer that only asks for the important things in an inspection and the Seller thinks it's a full-blown negotiation and they can say no to half the stuff, then how does the Buyer, who was reasonable, begin to feel?
Absolutely spot on
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