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The buyers agent is out of town. Our agent reminded the acting buyer's agent that all of those things were things that they saw, or should have seen, when they visited the condo during the private showings. And, the paperwork clearly stated that it was sold "as is" and the carpeting, walls, windows & a few other minor things were listed as damaged.
But, I don't think that the buyers saw the professional appraisal that listed the "as is" value as $162,000.
Great - then fax them a copy of that appraisal with your repair/price adjustment denial.
In my state, they can still come back & re-accept the property as-is if you deny repairs, so you can't just tell them to go away for even asking, but your agent ought to make it clear that there won't be any more games.
They need to jump through the hoops specified in the contract in the timeline specified in the contract, or you're moving on & keeping the "not so earnest" money.
So, you had an appraisal done before you listed the house?
Is this an all-cash sale? Because if not, the lender is going to do their own appraisal. It will be interesting to see what their appraiser comes up with.
Since, we wanted to sell it "as is" we wanted to get an accurate idea of a fair price so we called an appraiser.
Yes, it is a cash sale.
Last edited by germaine2626; 06-17-2016 at 01:07 AM..
"I don't get no respect. I went to a baseball game and a condo inspection broke out."
Pretty nervy buyers, methinks. Makes me recall Eddie Murphy in "Trading Places" breaking up the freeloader party. Get .... out of my house!" (Edited to maintain "G" rating for the CD crowd.)
Last edited by MikeJaquish; 06-17-2016 at 06:34 AM..
Since, we wanted to sell it "as is" we wanted to get an accurate idea of a fair price so we called an appraiser.
Yes, it is a cash sale.
to a seller, the advantage of a "cash sale" is convenience & speed & knowing you aren't going to get nit-picked by an outside party (the lender/appraiser) - in this case, you've already given them a cash "discount", and they're still nit-picking and making things inconvenient for you. If you're expected to repair everything, you might as well do so - and sell the place for full retail - which should be more money than your "as-is" appraisal.
Okay, so many alarms are going off here. I am assuming the 162K appraisal was one you ordered and not one the buyer ordered. It's kind of hard to accept work performed for someone else. The instructions to the appraiser may not have been "provide market value," but "highest possible price."
Then, a cash sale is a game changer. Is this condo in a non-warrantable condo project? In such projects, new financing is very difficult and values plunge. This price range is first time buyer territory, where very few buyers can pay all cash. Otherwise, why would anyone sell below market?
I'm sorry, but I get the feeling we only have partial facts. I don't deny the handling of the appointment was bungled, but I even completely understand 4 children showing up. 7- 9 are not ages where they shouldn't know better and wandering is not unusual when a child is showing off their new room. And had the appointment been scheduled correctly, you would not have even known about the juvi-tour. I frequently let my boys bring friends to keep them entertained, and they were almost always better behaved. And, I usually had the older ones watch out for the littlest ones, and reward them later.
Tell them to pound sand if there are no issues with new financing in your condo project. But if this is the case, get this to closing before more value is lost.
Hmmm, I have absolutely no idea if I (the seller) was supposed to be there or not be there as I was not notified about the inspection and thus did not discuss it with my real estate agent in advance.
I hope that it was not a mistake to stay but I really did not know what to do. I did just email my agent to ask her about it.
The buyer also is planning to have a bunch more people come, someone to check for radon, an engineer to see if she could remove a wall, more contractors to get estimates. I asked my agent how accommodating we are supposed to be to all of those people. For example, should my daughter take off of work to let them inside, and to lock up after them, or what?
_____________
PS. My agent just emailed back. Apparently, the inspection should have been approved through the showing service. They text or call my daughter for any showings or appointments and she has to acknowledge either yes or no. Somehow that step was missed.
And, yes, sellers normally leave during an inspection but my agent said that under the circumstances (no appointment & ten people, including four children, showing up) she could see why my daughter stayed until I could drive over. And then I stayed. I hope it does not effect the sale.
If I were you, I would politely inform them I would not lower my price. I would also polietly let them know that you are not allowing any additional inspections/contractors to enter the property until the option period is up.
Send a copy of your appraisal with your "counteroffer" and tell them the property is as-is and you have already discounted the property for the issues found in the inspection.
It sounds to me like they want to figure out the full price to make the property exactly what they want, while they string you along for the ride. If the property is actively for sale - FINE - but if its tied up as pending or option pending...nope - not going to happen.
It almost sounds like the contractor they brought in to find out if she could move walls said it couldn't be done, so now they are looking for a way to back out of the sale.
I had it happen to me when my 2 BR 1 1/2 bath townhome was on the market several years ago. We okayed for the buyer to come in with a contractor to see if she could convert the half bath into a full bath. When she was told no, she suddenly remembered a mortgage on a house she owned and "couldn't" qualify for the mortgage on our house. Messed us up because we had a contract on another home and had to rework things to be able to go ahead and close on our purchase.
Let me guess: first time buyer? Not surprised by the response.
Just say that none of those things are health, safety, or structural issues and you will do nothing. Also indicate that no further appointments, except the radon inspection, will be granted until the inspection negotiations are completed, and she is further along in her financing. Those other things, an engineer and more contractors, can wait.
Apparently, they are asking for the additional $6,000 price reduction because they just realized that they needed to replace more than just the carpet & pad before they could install ceramic tile in one area and hardwood floors in another. However, the sub floor damage was in plain sight, if you lifted up the 8 by 10 rug in the empty loving room (as I removed the wall to wall carpet under there). You could also "feel the damage" when you walked on some uneven areas of the floor.
I think that they must need to have a completely different type of sub floor for tile and for hardwood and did not realize that.
I'm supposed to decide by 2 PM.
A friend suggested that I just send a copy of the $162,000 as is appraisal and say no to the price reduction. Another said just split the difference and done with it.
In answer to other questions. Other buyers have not had difficulty getting financing. It is a newer, youngish buyer, but she is selling another place. Her mother appears to be "calling the shots."
Input? Thanks.
Last edited by germaine2626; 06-17-2016 at 10:27 AM..
It really depends on how badly you want to sell it. Did they sign a purchase contract that said the property was AS IS? If so, I would send them a copy of that contract. Unless you really want the condo gone, in which case, you can just suck it up and offer to split the difference.
This is one of the problems with helicopter parents not allowing their kids to make their own home purchase. I've seen several deals fall through recently when the parents got involved and started demanding all sorts of crazy things.
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