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Old 06-29-2012, 07:36 AM
 
Location: Needham, MA
6,324 posts, read 9,026,282 times
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There's really not remotely enough detail in this thread to give any kind of useful advise what so ever.
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Old 06-29-2012, 11:45 AM
 
Location: Port St Lucie Florida
1,263 posts, read 2,897,745 times
Reputation: 376
yes
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Old 06-29-2012, 11:51 AM
 
Location: NJ
17,579 posts, read 38,295,421 times
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Quote:
Originally Posted by alsidw View Post
yes
Well, that certainly makes things much clearer.
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Old 06-29-2012, 11:54 AM
 
Location: Port St Lucie Florida
1,263 posts, read 2,897,745 times
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Yes I am stupid not to have had a lawyer.I have a RE agent. I accepted the highest offer over the asking price. They have had two inspections, the first one Monday and a follow up one Tuesday on the AC. No I have not positively heard back yet- they are over due on the 72 hour time limit but I want to anticipate any problems that may arise. I hear this is common practice but I don't like it. I will not entertain any reduction in price. The entire affair of bidding high then bargaining down bothers me. I will keep you posted on any developements. Where did this get moved to ?
Sidney in New Orleans
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Old 06-29-2012, 11:57 AM
 
Location: NJ
17,579 posts, read 38,295,421 times
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Quote:
Originally Posted by alsidw View Post
Yes I am stupid not to have had a lawyer.I have a RE agent. I accepted the highest offer over the asking price. They have had two inspections, the first one Monday and a follow up one Tuesday on the AC. No I have not positively heard back yet- they are over due on the 72 hour time limit but I want to anticipate any problems that may arise. I hear this is common practice but I don't like it. I will not entertain any reduction in price. The entire affair of bidding high then bargaining down bothers me. I will keep you posted on any developements. Where did this get moved to ?
Sidney in New Orleans
You may not like it, but this is pretty much how it works for the most part. Unless your contract very specifically said the house is being sold "as is" you are going to be in for a lot of disappointment in trying to sell your house.
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Old 06-29-2012, 12:13 PM
 
Location: Phoenix AZ
5,920 posts, read 10,440,488 times
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Quote:
Originally Posted by manderly6 View Post
You may not like it, but this is pretty much how it works for the most part. Unless your contract very specifically said the house is being sold "as is" you are going to be in for a lot of disappointment in trying to sell your house.

It must be a regional thing - in my area, the standard contract allows the buyer to accept the property as-is, ask for repairs, or walk. Notice that negotiating price isn't in there. In any case, especially in a multiple-offer situation, asking for more than necessary repairs is a good way to terminally kink a deal.

I'd reject out-of-hand any complaints about an "old" a/c unit if it was functioning and the age was disclosed, for example. The inspection is about finding things that aren't obvious and aren't clearly stated on the disclosure statement. It isn't "another bite at the apple". In my area, most agents post the disclosure with the listing for this very reason - you knew, or should have known when you wrote the offer.
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Old 06-29-2012, 12:15 PM
 
Location: Arizona
1,206 posts, read 2,094,316 times
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Quote:
Originally Posted by manderly6 View Post
You may not like it, but this is pretty much how it works for the most part. Unless your contract very specifically said the house is being sold "as is" you are going to be in for a lot of disappointment in trying to sell your house.
This is correct. Most all buyers, if there are issues from the inspection ask for a reduction in price or that the seller fix the necessary items. If these are major issues then most any buyer will ask for repair or price reduction.
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Old 06-29-2012, 12:24 PM
 
Location: Phoenix AZ
5,920 posts, read 10,440,488 times
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Quote:
Originally Posted by lauramc27 View Post
This is correct. Most all buyers, if there are issues from the inspection ask for a reduction in price or that the seller fix the necessary items. If these are major issues then most any buyer will ask for repair or price reduction.

I would suspect this may be an issue of the selling agent's experience & diligence. In a multiple - offer situation, a quick conversation among the agents *before* accepting an offer could easily short-circuit these kinds of games. I.E, return a signed copy of the disclosure statement with your offer & understand that disclosed items aren't a subject of negotiation, outside the offer.
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Old 06-29-2012, 12:35 PM
 
Location: Tempe, Arizona
4,511 posts, read 11,555,896 times
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Quote:
Originally Posted by Zippyman View Post
It must be a regional thing - in my area, the standard contract allows the buyer to accept the property as-is, ask for repairs, or walk. Notice that negotiating price isn't in there.
While that's what our contract says, in reality, anything is up for grabs including price if the buyer and seller are willing to negotiate. Nothing prevents them from writing a price adjustment addendum to resolve inspection issues.
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Old 06-29-2012, 01:53 PM
 
Location: Salem, OR
13,741 posts, read 31,556,293 times
Reputation: 12105
So let's say they ask for a $2,000 reduction in price to compensate for repairs. Are you saying that you'd rather move on to buyer #2, that was $4,000 less and take a $2,000 loss?

It is very normal for buyers to request more closing costs, price reductions or repairs after home inspections. You can say yes or no, but I encourage you to look at the numbers and do what makes sense. Whether your like it or not on principle is your choice, but don't cost yourself money by sticking too it.

Just saying.
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