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Need some help from those more experienced than me. My agent is useless and is not guiding me through my options, so I'm at a loss.
I have a buyer who has come back and asked for a couple of electrical issues to be fixed and for some mold to be fixed. The electrical I understand but the mold, I'm not sure what they think they see. Their inspector pointed something out as suspicious, but no mold professional has come in to confirm or deny. The buyer just wants the issues fixed.
Here is my problem - I have left the state. I don't really want to coordinate the repairs remotely, especially since the "mold" may not be a real issue. My agent is not being helpful, so I don't feel I can trust him to manage the work on my behalf.
The second problem - I've had multiple contracts fall through because of financing issues. I don't want to lay out the cash upfront to fix these issues and end up not closing. My cash flow situation isn't great, and it would be difficult for me to manage if I'm out a couple grand while still carrying this house, especially with Christmas coming up.
I've suggested to my agent that we give a credit on the price of the home OR will provide cash at closing for the buyer to do the repairs. All I've gotten is a shrug and warned she won't accept this because she "isn't handy and doesn't want to handle repairs". WTF are you buying a house for then?
So I need some advice on a middle ground here since I'm not getting a lot of help. I haven't received the inspection report yet so I'm not even sure what issues need to be resolved, so I have no estimates. But buyer's agent and attorney are emailing me for the game plan.
Make the repairs conditional on them getting financing approved and earnest money in place. Then if they back out after the repairs, at least the earnest money can be use to offset the cost of the work. Also, if the home doesn't sell, find a differnet agent once the contract expires.
If the electrical issues discovered are legitimately needed... you should attend to them no matter what else.
If they are less than legitimately needed (as with most inspector findings)... then don't.
Same with the "mold" which is rarely more about being a scare to the uninformed.
(but do better attend to basement ventilation and/or get a dehumidifier)
As to the costs involved with any buyer request... I'm with Rakin:
Knock a few bucks off the price and let buyer deal with what disturbs them.
It's hard to say since we have no specifics on what the repairs actually are.
It may not cost you thousands, and then you can sell the house and stop carrying the note.
Come back with specifics, please.
BTW, even a typically "handy" homeowner may not be equipped to handle electrical repairs.
I'm working on the details, trust me it's difficult when I have an agent who doesn't seem really aggressive. I've asked for the report 3 times - why isn't he doing this?
Any homeowner, handy or not, should know how to call a professional for help. That's why the statement irked me. It's a house. Something will need repair at some point. What does she think is going to happen when something breaks down the road? She won't always have a seller to lean on to do it for her. It's a strange attitude to have.
If this contract falls through, I'm releasing this agent. This house was my husband's, who was killed in an accident a year ago. I made the mistake of assuming this realtor, who was his close friend, would help me through this. This was my first ever real estate transaction and I have learned I will never work with a friend again.
The buyer owns the report. Unless the buyer gives the report to your agent, s/he cannot give it to you. Some buyers share the report and some do not.
Then we are at a standstill. There are repairs they want made, but I have no details. I'm willing to offer cash or a credit for the repairs, but they won't accept that, according to my agent.
So what's my play here? I refuse to address a phantom mold issue without details.
The buyer owns the report. Unless the buyer gives the report to your agent, s/he cannot give it to you. Some buyers share the report and some do not.
Then we are at a standstill. There are repairs they want made, but I have no details. I'm willing to offer cash or a credit for the repairs, but they won't accept that, according to my agent.
So what's my play here? I refuse to address a phantom mold issue without details.
Given what you say...I would offer a slightly more than reasonable discount. Have the agent write it up and offer it for signature.
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it's difficult when I have an agent who doesn't seem really aggressive. I've asked for the report 3 times - why isn't he doing this?
