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For all we know a better deal is waiting in the wings for both of you...
It could also be posturing.
The only transactions I failed to complete as a buyer are ones where I had little to no contact with the seller...
I have never lost a transaction where I was able to build a rapport with the seller.
There is a another thread about buyers letters...
For me... I would stop by or send a nice note saying you really had hope it will all work out and wish the seller well... with your contract info attached.
We actually talked to the seller face-to-face on a couple of occasions during the inspections that were done. We were actually there in person yesterday and spoke with her for a good 20-30 mins about the house and the neighborhood and the neighbors. We thought it went fairly well to be honest. Not enough for her to budge however.
At least you know you did all you could... so no sense second guessing yourself.
I've been guilty of setting up some deals for the next person to swoop in...
Had one where the repairs estimates where rather high... I said I will buy if the seller was willing to credit 50% of the repair cost...
Seller balked and dug in... was offended through the realtor... as all was done through agents.
So I moved on... later I learned the property sold... so I looked it up... the seller got a $1000 more and was quite pleased for holding out... $1000 on a 250k sale.
What I think really happened is the listing agent had someone primed to come in but needed me to go away... the listing agent already new what price was not going to work plus being the listing agent doubled ended the commission...
I think you are making a good choice. Not that you couldn't have gotten past the emotional aspect, but yeah, it doesn't feel good if you feel like you've made the effort to try to find a compromise position while giving in to some of the seller's requests, but they won't make any compromises that are favorable to you.
But more importantly, I think that with some discovered larger issues and a number of minor issues, I suspect that there will end up being more unpleasant surprises along the way with this house. It seems like they current owner hasn't been as diligent as they should be about ongoing maintenance and has let some things slide. While you can coast for a while like that, eventually, there are negative consequences and in this case, the new owner will be the one to bear that burden.
Your options if she won't fix the issues are to decide if you can live with it that way, fix it yourself, or walk away.
Exactly. FYI, inspectors are paid to nitpick and find everything wrong with the house that they find. Just because an inspector comes up with a list of issues as long as your arm doesn't mean the house isn't worth buying. It means you picked a good inspector and your house has problems, some of which may be major, or not. Don't panic if there are a lot of problems. Even brand new houses have issues. That's because houses are built by humans and humans are imperfect. If she won't work with you on resolution, see if she'll knock some money off the price. If not, get some estimates on repairs and see how much it will cost compared to the home's value. If you really love the house, it might be worth it even if she won't negotiate.
I think you are making a good choice. Not that you couldn't have gotten past the emotional aspect, but yeah, it doesn't feel good if you feel like you've made the effort to try to find a compromise position while giving in to some of the seller's requests, but they won't make any compromises that are favorable to you.
But more importantly, I think that with some discovered larger issues and a number of minor issues, I suspect that there will end up being more unpleasant surprises along the way with this house. It seems like they current owner hasn't been as diligent as they should be about ongoing maintenance and has let some things slide. While you can coast for a while like that, eventually, there are negative consequences and in this case, the new owner will be the one to bear that burden.
This is pretty much exactly what I told my significant other this morning. It's been give, give, give to her, but with nothing in return. We estimated approximately $17k worth of immediate updates and repairs including electrical, garage, and central air (which I want; the house comes with no cooling). It just ended up being too much, too soon especially with no help from the seller.
We're getting through it, but it has been a roller coaster ride of emotions during this process. We already have five places set up to look at tomorrow. So, back to the grind.
Exactly. FYI, inspectors are paid to nitpick and find everything wrong with the house that they find. Just because an inspector comes up with a list of issues as long as your arm doesn't mean the house isn't worth buying. It means you picked a good inspector and your house has problems, some of which may be major, or not. Don't panic if there are a lot of problems. Even brand new houses have issues. That's because houses are built by humans and humans are imperfect. If she won't work with you on resolution, see if she'll knock some money off the price. If not, get some estimates on repairs and see how much it will cost compared to the home's value. If you really love the house, it might be worth it even if she won't negotiate.
We definitely came to terms with the small issues. We were more stringent about getting some assistance on the bigger, costlier issues. And since she won't budge, we have decided to walk.
This is pretty much exactly what I told my significant other this morning. It's been give, give, give to her, but with nothing in return. We estimated approximately $17k worth of immediate updates and repairs including electrical, garage, and central air (which I want; the house comes with no cooling). It just ended up being too much, too soon especially with no help from the seller.
We're getting through it, but it has been a roller coaster ride of emotions during this process. We already have five places set up to look at tomorrow. So, back to the grind.
Good luck! Lots of stuff coming on the market right now, so this is a good time to be looking. Keep us posted! And come post on the Denver forum if you want input on any specifics. Lots of good people there who are very happy to give opinions!
Good luck! Lots of stuff coming on the market right now, so this is a good time to be looking. Keep us posted! And come post on the Denver forum if you want input on any specifics. Lots of good people there who are very happy to give opinions!
We definitely came to terms with the small issues. We were more stringent about getting some assistance on the bigger, costlier issues. And since she won't budge, we have decided to walk.
I'm glad you're bailing out on this house. It sounds like a bad deal that you'd come to regret. Please post back if your agent finds out the seller's reaction.
Hubby and I were under contract on a house that had galvanized steel piping instead of copper. At the time this was a big problem in the houses in the area. The extremely hard water creates pits in the steel pipes, causing leaks in random places over time. It was a huge negative in our particular market and most buyers would rather walk than deal with the hassle of repiping an entire house, even if the seller paid for it. At the time, an entire copper repipe was about $8-10K. This would have been our first house and one of the very few in our price range so we were willing to split the cost with the owner. The owner was unwilling to give any concessions and told us to take it or leave it. The housing market was hot and inventory was low and he thought there would be plenty of other buyers. He wanted our answer before the start of a long holiday weekend, so we backed out of the deal before getting the inspection or appraisal done. Additionally, the original owner of the house, the seller's dad, had died there of a heart attack. That didn't bother us, but it does bother others, and is a detail that must be disclosed in our state.
On the following Monday, the seller's agent asked our agent if we were still interested. The combined issues of the piping and the death in the house drove away many of the potential buyers they had anticipated. They received 2 other offers, but neither were as good as ours. The seller even offered to reduce the price of the house by $10K to compensate for the repipe, but we would have been responsible for getting the work done. We declined. We were concerned an inspection would reveal other deferred maintenance issues in the house because the dad had been in poor health for a long time before his death. It took the seller another 3 months to sell the house, and it sold for much less than we offered. I'm glad we walked before investing time and money in the inspection and appraisal because it wouldn't have appraised for what we offered.
Trust me when I say, if you have to work too hard to make a deal happen, then it's not meant to be. You'll find a better house, and you won't have to jump backwards through flaming hoops to make the deal happen. Good luck.
Back out and walk away if she doesn't agree to an adjustment because of these issues. And have a more through electrical and structural estimate done prior to agreeing. I would want to walk through the house with the contractors, so they don't miss anything.
Or, if you decide to proceed......Get everything in writing if she agrees to a price amendment to cover those issues, including a large per day rental fee if she isn't out by your agreed upon date. And, I'd have the work started now if you do proceed.....There is no telling how much else you'll find.
ETA....I have read the whole thread now and see that you made the decision to back out. I believe that you will find a better house and this experience has served you going forward with more knowledge and house buying savvy. Good luck and keep us posted.
Last edited by JanND; 07-30-2017 at 05:59 AM..
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