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I can't believe the number of home buyers who feel they should be discounted twice for a house's condition. They expect a 'used' house to be reduced in price in the listing due to everything it 'needs', and then expect the seller to bring it back up to new condition for the same money by demanding things brought up by the home inspection be fixed for free.
I can't believe the number of home buyers who feel they should be discounted twice for a house's condition. They expect a 'used' house to be reduced in price in the listing due to everything it 'needs', and then expect the seller to bring it back up to new condition for the same money by demanding things brought up by the home inspection be fixed for free.
Making some repairs never makes a house new. Making a lot of repairs never makes a house new.
Actually, homeowners are in control of the process.
If they would have inspections and repairs done prior to marketing the house, most surprises could be eliminated.
But, the culture is for the homeowner to sit back and hope the buyers' and their inspectors miss stuff so they don't have to fix as much. And, then to get offended, feign surprise, and fall back on the, "So what if it is decrepit? You aren't paying for a new house."
Buyers are expected to assess a house in hours, while the owner has years. That is not a balanced approach to responsibility.
Making some repairs never makes a house new. Making a lot of repairs never makes a house new.
Actually, homeowners are in control of the process.
If they would have inspections and repairs done prior to marketing the house, most surprises could be eliminated.
But, the culture is for the homeowner to sit back and hope the buyers' and their inspectors miss stuff so they don't have to fix as much. And, then to get offended, feign surprise, and fall back on the, "So what if it is decrepit? You aren't paying for a new house."
Buyers are expected to assess a house in hours, while the owner has years. That is not a balanced approach to responsibility.
It can't be balanced. The buyer LITERALLY has 100% of the power in the transaction. The buyer can make any demands that are legal, and they can walk away at any time if they don't like the answer.
"But rugrats, can't the seller do the same thing?"
Why yes, thanks for asking! The difference is that the seller (in a normal real estate market) can't just move on to another buyer, or on to sell another house. The buyer has a whole country of houses out there to choose from. And a buyer trying to wring blood from a stone wastes valuable time for the seller (and the listing agent), all the while causing the listing to go 'stale' if they back out.
Of course, I'm pretty sure none of this is new to you...
Did there happen to be an As Is Addendum along with her contract to purchase?
This means nothing. Just some dopy attorney throwing that into an agreement for nothing. The current agreement isn't even an agreement anymore because they haven't reached one. The buyer can walk and the seller can entertain other offers because the buyer demanded more to be done. If the buyer really wants that house, she should ask for some money to help pay for the repairs. The seller may have another offer on the table soon and could care less about making the repairs however. Are you going to lose the home because of a couple of windows? Those aren't "major repairs" to be honest. You can live with broken windows and fix them down the road. It isn't like a foundation issue or major water issues in the basement. The estimates seem high for the windows, but they may be a custom size, so they will have to be made.
It can't be balanced. The buyer LITERALLY has 100% of the power in the transaction. The buyer can make any demands that are legal, and they can walk away at any time if they don't like the answer.
"But rugrats, can't the seller do the same thing?"
Why yes, thanks for asking! The difference is that the seller (in a normal real estate market) can't just move on to another buyer, or on to sell another house. The buyer has a whole country of houses out there to choose from. And a buyer trying to wring blood from a stone wastes valuable time for the seller (and the listing agent), all the while causing the listing to go 'stale' if they back out.
Of course, I'm pretty sure none of this is new to you...
While balance is elusive, for sure, are you saying that the buyer controls the condition of the sellers' home?
No way.
Sellers control condition completely. And, the seller has complete right to repair, upgrade, correct, maintain, etc, while owning.
Certainly there are consequences for the negligent seller who rolls the dice on condition hoping that the buyer will miss something in a few hours of inspection during a week or so of due diligence. There should be.
Would you contend that repairing windows makes a home new? I disagree.
If I sell you my car with 90,000 miles on it and replace a broken window, and change the oil, is it now a new car?
Nope. Same for houses. Maintenance does not make or keep a house new. It keeps it properly functional. Underlying deferred/ignored maintenance diminishes value, at whatever time it is discovered.
And, after termination, the seller still has the undiminished asset. If he gets a lower price than in the original contract price, the original contract was over-priced with a buyer who was over-paying.
The market will not lie to him.
"When the seller is ready, the buyer will appear." It is always true, without exception.
I can't believe the number of home buyers who feel they should be discounted twice for a house's condition. They expect a 'used' house to be reduced in price in the listing due to everything it 'needs', and then expect the seller to bring it back up to new condition for the same money by demanding things brought up by the home inspection be fixed for free.
And this is exactly why I suggest to my sellers to fix everything that's broken before listing their home. The old double dip is always lurking!
My daughter is buying 22 y old house and home inspection found a lot of problems .
15 in total.
4 major and 12 "small" problems.
Quote:
Originally Posted by Wmsn4Life
The seller doesn't HAVE to pay for or replace everything or anything mentioned in the inspection report.
Your daughter is buying a used house. There is no obligation for the seller to make it perfect. It's a negotiation. Your daughter needs to decide if these repairs are a dealbreaker or if she's willing to walk away.
Great post, Wmsn4Life and very true. The seller can pay for some of the problems or none of them. Or can fix them for your daughter. Or he can can be a jerk and risk losing the sale. It's also true what one of the other poster's said: in a seller's market, sellers are less likely to negotiate.
I'm actually concerned about whether the inspector did a good job on the inspection. He only found 16 issues on a 22 year old home? That suggests he did not do a meticulous job on it, and that is very important for the buyer to make an informed decision on the purchase of the home. My wife is a home inspector, and on a 22 year old home, she normally finds 75+ issues, most small of course, but some large. Age wears everything out, and homes are no exception.
Great post, Wmsn4Life and very true. The seller can pay for some of the problems or none of them. Or can fix them for your daughter. Or he can can be a jerk and risk losing the sale. It's also true what one of the other poster's said: in a seller's market, sellers are less likely to negotiate.
I'm actually concerned about whether the inspector did a good job on the inspection. He only found 16 issues on a 22 year old home? That suggests he did not do a meticulous job on it, and that is very important for the buyer to make an informed decision on the purchase of the home. My wife is a home inspector, and on a 22 year old home, she normally finds 75+ issues, most small of course, but some large. Age wears everything out, and homes are no exception.
Depending on the market in his area he may not be a jerk, say for instance the San Francisco area, it's a hot hot sellers market
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