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Old 04-04-2013, 09:24 AM
 
1,098 posts, read 2,190,933 times
Reputation: 1007

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Around here, you put up 10% earnest money as a sign of seriousness and goodwill. As for the repairs, are they all legitimate? I don't want to criticize, but some folks are nitpickers. After all, a used house is a used house. Plus, if you're getting a good price on the house, it may be time to ignore some of the smaller items. You can't have it all.

Maybe you should be bringing in your own contractor to estimate the repairs. I was able to bring in my drainage guy to look at a home we're considering since the original inspector said there had been some past evidence of slight water intrusion in the basement. I was anticipating big bucks to remedy the problem and the drainage guy put my mind at ease that we could do it gradually and at much lower cost than I expected. We turned a major issue into a non-issue with his opinion.
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Old Yesterday, 01:00 PM
 
3 posts, read 794 times
Reputation: 10
Quote:
Originally Posted by nightnurse613 View Post
Which is why my husband always says keep the earnest money deposit low. Of course, you didn't say how much the house was listed for...I would think (as a non-real estate type person) that an email to address the issues MAY actually constitute a written agreement however you could always run it by the broker-after all, it will become his liability so let him/her make the determination. Otherwise, if you are willing to walk away have the agent (notice I didn't say YOUR agent) prepare a cancellation - that should clear the air pretty quickly - be prepared to have the agent attempt to put up a fight to keep the earnest money.
Is your husband currently a real estate agent? Because that's not generally a thing you can just decide to do as a buyer. If there are 3 other offers with 5% earnest money, and one with 1% which offer do you think a seller's going to choose? We are here to help buyers get their offers accepted, and would never give this advice in the current market with low inventory & multiple offers.
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Old Yesterday, 01:08 PM
 
Location: Loudon, TN
5,235 posts, read 4,457,904 times
Reputation: 17506
I can't believe you/ your realtor gave them 14 days to respond to the repair request. To me, that's an eternity in the real estate world. Anyway, your contract spells it out, after 14 days they respond or you get your money back.

If the repairs are nit picky or cosmetic, you shouldn't even ask for them. It just slows down the whole process. Why did you offer 10% less than asking? Was their price out of the norm for the area, and the space and condition of the home? Or were you trying to low ball them? How tight is the market where you are? If it's a tight market, they may just say forget there's a line of buyers waiting to take your place. They may feel they have compromised enough and that your 10% reduction of the price was reflective of the condition of the home, thus they are not willing to put any additional money up for repairs.
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Old Yesterday, 01:36 PM
 
2,450 posts, read 5,029,470 times
Reputation: 4733
Umm, this is a necropost. Risen from the dead. No point in arguing about 14 days when this all happened 5 years ago.



Apparently the forum software has been updated to flag this, at least in the web display. Pay attention, guys!
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Old Today, 07:59 AM
 
11,178 posts, read 4,514,262 times
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Quote:
Originally Posted by jghorton View Post
Was your reason for 'negotiating 10-percent off the listing price' based on potential repairs ... or 'just because you could?' The seller probably feels like they have already given-up $20K+, in addition to another $10-12K they must pay in RE fees (Negotiations typically involve both parties giving-up something. In this case, the deposit amount and closing date cost you nothing and add nothing to the seller).

IMO, the seller is saying, "If you want the house, you already have our lowest price ... If you don't want it, then walk away!" Perhaps you could add the cost of repairs into the purchase/finance price, but, otherwise, it sounds like you already negotiated the 'repair cost' into your 10-percent discount! (Nobody likes to be taken advantage of just because the market is slow).
This is spot on. You're already getting 10 percent off the price of the house. Now you want more by having the sellers make certain repairs. The owners see their profit being slowly diminished.
Now you know what repairs need to be made and it's up to you to decide if you want to make these yourself or walk away from the house. It's pretty simple actually.

Yes, it's an old thread but still useful to many people in the same circumstances.
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Old Today, 08:04 AM
 
Location: Raleigh NC
8,316 posts, read 6,533,646 times
Reputation: 7364
in 2012, getting 10% off list price was common.

the way the original contract, and all subsequent points of negotiation - like repairs and low appraisals - are conducted are not only state-contract-specific, but market location and market-condition specific.
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