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This thread epitomizes the state of the real estate market today. Arrogant sellers think they can basically get away with everything and buyers should be lucky to be buying "such a nice" house from them. Pissening really.
This thread epitomizes the state of the real estate market today. Arrogant sellers think they can basically get away with everything and buyers should be lucky to be buying "such a nice" house from them. Pissening really.
Easy with the name-calling. I'm FAR from arrogant. Ignorant of all things real estate? Yes. That's why I posted my frustration on here. I was hoping to be enlightened by smart, knowledgeable people. But, obviously you're not in the right place
Some of you may remember my posts about listing my house as Coming Soon. We found a solid buyer a couple of weeks ago. We had the house listed for $237k and the buyers countered at $225k. We agreed on $230k.
Fast forward to today... after this past weekend's inspection, they now want us to make some minor repairs or come down $500 on the price. WHAT??? And most of these repairs are laughable: fix ceiling nail pops; replace cracked outlet cover; fix slow drain; closet door ball-catch at top missing; put closet doors back (they're in the attic). And some are things that I need to get pro help with (below). Are these expensive repairs?
* Re-bar end is exposed in one place of the slab needs to covered.
* Nails are exposed in some places. Missing a portion of one shingle found.
* Kitchen near opening to office area crack on wall. Exterior brick work near window found a hole need to be sealed/caulked.
* Tile has crack in guest bathroom.
* Driveway slab cracked near garage
* Dishwasher is loose in cabinet, needs to fix.
Give them the $500! Well, unless you don't want to close. While you may think these things aren't a big deal, they are to many people. Some could actually be code violations. A cracked/broken outlet/light switch cover where I live is a code violation.
Why wouldn't you put the closet doors back on if you want to sell your house?
Exposed rebar? Yeah that needs to be repaired and it's not always a piece of cake.
This thread epitomizes the state of the real estate market today. Arrogant sellers think they can basically get away with everything and buyers should be lucky to be buying "such a nice" house from them. Pissening really.
Eh. What goes around comes around.
Some buyers, during the bubble when they had the upper hand, were waiting until they were at the closing table to demand price reductions for all sorts of ridiculous reasons. Sellers who had already moved out of the home and committed to another place, had little choice but to agree. This behavior was even more egregious than what you attribute to sellers today.
This thread epitomizes the state of the real estate market today. Arrogant sellers think they can basically get away with everything and buyers should be lucky to be buying "such a nice" house from them. Pissening really.
Real estate is a see-saw. 8 years ago, it was a buyers market, and sellers were falling all over themselves to do ANYTHING to sell a house. Buyers were "arrogant" and making steep demands, but sellers had to comply in order to sell (especially if they were being transferred and having to sell.) Now it's a seller's market, which makes it tough for buyers, but you know, when you have a product that is in demand, you're naive to just leave thousands of dollars on the table because you're afraid someone won't like you for holding your ground. It's not a question of being arrogant.
The thing that I keep shaking my head over is that when the buyers came through and saw the cracked driveway, etc., then it's fair to think that their offer was made on the basis of the condition of the house as they saw it. Trying to pare down a price over something that was obvious at first offer is just as "pissening".
I understand your point. But $500?? Sheesh. And what if my house doesn't appraise? I have to give them more money?
The buyers are not asking for anything but what you should have already done to prepare the home for sale. Do the things you should have already done, or pay it for the buyers to do it. $500 they are asking is very cheap for what you have neglected to do to ready the home for sale. And believe me, I spent from 1972 till I finally retired, as an investment real estate broker, and know a little about the business and what it costs to do that type of repairs. In fact the buyers are being very reasonable in their requests. In fact some of those not being taken care of can get you a lower appraisal.
You would want to do every one of those repairs before you list the property for sale, so either do them or get off cheap and give them the $500. Your Choice. And remember you need this contract to buy the home you want to buy.
You are worried the home may not even appraise for what the sale price is. That alone says it is priced at the top of the market. As it is very rare to sell a home for cash, and they all need an appraisal at or above the contract price. If it is below the contract price, you will have to lower the sale price to be able to close whether it is now, or 6 months from now with another sale if you let this one get away.
You have a contract/buyer and for $500 you can solve the problem of those repairs you will have to do before you list the property for sale. You are going to have to do them, now or in the future. Why would you even consider letting this one get away? As you need a sale to complete your purchase of another home, let this one get away and you may find that it can cost you the other home, as you wait for months for a sale.
Is this a broker arranged sale with you paying a commission, or is it a private sale without a broker commission. If it is a FSBO sale, you have already saved the brokers commission.
The buyers are not asking for anything but what you should have already done to prepare the home for sale. Do the things you should have already done, or pay it for the buyers to do it. $500 they are asking is very cheap for what you have neglected to do to ready the home for sale. And believe me, I spent from 1972 till I finally retired, as an investment real estate broker, and know a little about the business and what it costs to do that type of repairs. In fact the buyers are being very reasonable in their requests. In fact some of those not being taken care of can get you a lower appraisal.
You would want to do every one of those repairs before you list the property for sale, so either do them or get off cheap and give them the $500. Your Choice. And remember you need this contract to buy the home you want to buy.
You are worried the home may not even appraise for what the sale price is. That alone says it is priced at the top of the market. As it is very rare to sell a home for cash, and they all need an appraisal at or above the contract price. If it is below the contract price, you will have to lower the sale price to be able to close whether it is now, or 6 months from now with another sale if you let this one get away.
You have a contract/buyer and for $500 you can solve the problem of those repairs you will have to do before you list the property for sale. You are going to have to do them, now or in the future. Why would you even consider letting this one get away? As you need a sale to complete your purchase of another home, let this one get away and you may find that it can cost you the other home, as you wait for months for a sale.
Is this a broker arranged sale with you paying a commission, or is it a private sale without a broker commission. If it is a FSBO sale, you have already saved the brokers commission.
Again, some of these things I did not realize (broken outlet cover, door ball-catch missing, small hole in brick, loose dishwasher). And leaving the doors off in the bedroom wasn't a big deal according to my realtor. But anyhow, I'm not willing to lose the deal bc of $500. I was simply venting my frustration.
I really can't afford to scare off my buyers. This contract is the only hope that I have in getting my offer accepted on another house... and I hate that.
Then pay them the $500. You don't want to scare them and want to get your offer accepted on the other home. Also you dont want to offer them $300 and create bad blood because you want this sale to go smooth. If you create bad blood now over trying to negotiate the $500 lower, then if it doesn't appraise later they might walk away because there is bad blood and they are angry about the transaction already over the $500. People get chips on their shoulder over small things and then become very difficult to deal with. You want this to go smooth.
Just offer them a $500 reduction in price and they can fix it all after they close. Easy peazy. Don't lose a deal over $500 and an overzealous inspector.
Seriously. All of that is more than $500. Just do it and get out.
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