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Diana Holbrook.having someone like you here can just ruin a thread sometimes.
Where's the fun, where's the drama and wild speculations when you keep trying to inject practical solutions and good common sense?
Well, things are getting more interesting. According to our insurance company looking into whatever database maintains such things, the sellers filed a large insurance claim in 2015 for for “freeze water damage.” Large hasn't been defined to us as of yet.
Our insurance company, not too surprisingly, wants documentation of what actually happened and the repair to make sure the problem hasn't recurred. No, this wasn't in the disclosure.
I'm surprised. The sellers are not uneducated (he's a Neurologist) - but they do seem a bit unsophisticated. Still, I would expect they would understand that something for which they file an insurance claim is something they should disclose.
A "large claim" is problematical. Was there water behind the walls? This could result in a mold issue. If there was a pipe burst that caused a large claim I would want to know that all the wet sheetrock was totally replaced.
I don't plan to bother touching up the pin-holes in my drywall when I go to sell my house. It's just not that big of a deal and if the buyer wants to complain about it they can either buy the house anyway or move onto the next one. Others will come along and know how to put a pinky-finger sized smidge of drywall mud on the hole and smooth them out and the next owners can paint the walls to their preference anyway.
As a buyer, I’d want an agent who grabs that little bit of leverage and uses it to work my price down. As a seller, I’d want an agent that spent more time on disclosure to avoid scenarios like this.
From the sound of the story so far in this case, we’ve got agents that are just trying to get to close.
I agree with this. With the walls being messed up I would try to get them something off the price for that. If they buy it like it is its gonna cost them money for repairs they weren't expecting. It never hurts to ask and the seller did ********** up.
I think the messed up walls is likely the worst thing of the two issues. If a claim was filed about the pipes and it was fixed then that's done.
Renegotiating the price doesn't actually solve the problem. It's one option potentially for the bad wall repair, but there's no indication that any money needs to be spent on the bathroom or that any loss in value has occurred. Sellers can tell when you're just trying to jack them around at the end over details, and they may not react the way you want them to, if they already feel like they've given plenty of concessions. It depends on the big picture here.
An agent who spent more time on disclosure to avoid scenarios like this".... What does that mean? Are we supposed to interrogate the seller over every question? The information came out.... it usually does if it's big. So we can only deal with the news as we get it.
As far as "getting to close"... we have a lot of people working toward that goal, up until now, including the buyer. It all hangs in the balance with people needing to know if they're moving in three days or not. If we represent the buyer, what we're working to do now depends entirely on what they want.
Why can't negotiating the price down solve a problem?. I've seen it solve problems more than once.
Why can't negotiating the price down solve a problem?. I've seen it solve problems more than once.
It doesn't fix the insurance problem, which is the most pressing part of this problem right now. And proving the repair will take the seller's cooperation. So... tread carefully, beyond this point there be dragons.
Plus... It has evidently already been proposed and turned down. No knowing the whole story on this transaction, I'm not sure it's helpful to argue it is even possible.
It doesn't fix the insurance problem, which is the most pressing part of this problem right now. And proving the repair will take the seller's cooperation. So... tread carefully, beyond this point there be dragons.
Plus... It has evidently already been proposed and turned down. No knowing the whole story on this transaction, I'm not sure it's helpful to argue it is even possible.
Diana This is a sophisticated buyer with substantial resources. If he feels the transactions is not straight up he can shut down the transactions for a year or more. He does not have to proceed or quit.
Do not expect the elephants to behave like normal clients. They can and may shut the transaction down until the issue is resolved.
None of this go away if you do not want to buy. The seller cannot sell either.
I'm not the one recommending they renegotiate the sale price over paint repair and a bathroom that by all accounts we've heard, has already been fixed and doesn't need repair.
I suggested they decide if they want the house or not, and act accordingly. Do you have me confused with someone else?
I am though, not sure what "other" options they really have that others wouldn't.
On edit.... I do hope you enlighten us on the last part.... I'm intrigued now! But probably can't respond til morning... it's past my bedtime here. Good night all.
Last edited by Diana Holbrook; 04-11-2018 at 09:59 PM..
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