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Our house is under contract, a home inspection was performed last week. Today we received the objections document but it has nothing to do with what currently exists on the property.
Our house is on a septic system. It has recently passed tank, pump and leach field inspections (required by the county so the use permit can be transferred to the new owner).
On the Inspection Objection document, the potential buyers are asking for us to allow some money back to them because at some point in the future they want to add more bedrooms and bathrooms in the currently unfinished basement. They obviously will need a larger leach field when they build it (if they do it).
Can someone explain to me what this has to do with an inspection? The current system is completely operational and has passed all inspections; it is the correct size/capacity for the current 3 bed/3bath home as it exists right now.
Your thoughts/comments/ideas on how to deal with this would be much appreciated please.
Is this the only issue at this point?
If not, look at the entire package in front of you hard and ponder if you have a realistic situation.
If this is the only current issue, look at your net proceeds at closing.
Are you hitting your (realistic) target proceeds with a credit?
If so, why fuss?
If not, is there a way to satisfy the buyer and meet your target?
Will they walk if you don't accommodate this request?
Consider potential BATNAs, "Best Alternatives to a Negotiated Agreement":
How long will it take to find another buyer and close without goofy issues?
How much will you pay to hold the property until another buyer closes?
If you run this buyer off, will you profit more in the future with the next buyer, in a reasonable period of time, and at what future cost?
It's a silly request on the part of the buyers, but perhaps they were not aware of the need to expand the leach field should they add bedrooms until the inspector mentioned it. Some buyers see the inspection period as a time to renegotiate price matters. This is one of those buyers.
Just curious though. Does any of the marketing indicate that the basement can be finished with bedrooms and bathrooms?
I was going to say something similar to Mike #4. I take a look here every now and then. I have read a few things similar to this where the buyer waits till you're well into thinking the house will actually sell and then bam the person who seems like they are buying the house comes up with something to get money out of you. At the last minute. But after a few stories like this it's like they plan in advance to con the owner. Because whatja gonna do?
It feels like the buyer of the house is taking advantage. But I likethat phrase BATNA.
If this happened to me I'd like to have time and money to say forget it. But that's emotions. But try to treat it like a business and do what is best in the long run. Good luck.
...buyers are asking for us to allow some money back to them because
...they want to add more bedrooms and bathrooms in the currently unfinished basement.
Ha. At least they aren't making stuff up.
Quote:
Your thoughts/comments/ideas on how to deal with this would be much appreciated please.
Regardless of WHY they want a concession... do the numbers and price allow for it?
Our house is under contract, a home inspection was performed last week. Today we received the objections document but it has nothing to do with what currently exists on the property.
Our house is on a septic system. It has recently passed tank, pump and leach field inspections (required by the county so the use permit can be transferred to the new owner).
On the Inspection Objection document, the potential buyers are asking for us to allow some money back to them because at some point in the future they want to add more bedrooms and bathrooms in the currently unfinished basement. They obviously will need a larger leach field when they build it (if they do it).
Can someone explain to me what this has to do with an inspection? The current system is completely operational and has passed all inspections; it is the correct size/capacity for the current 3 bed/3bath home as it exists right now.
Your thoughts/comments/ideas on how to deal with this would be much appreciated please.
that's ridiculous, find another buyer. that's like wanting a credit for city sewer pipes because you want to expand and are worried about them failing when the new connection is made.
They are buying your house, not a bigger one or a potentially bigger one. If they want to expand that's not your problem.
These buyers are going to be a problem, tell them thanks for the warning and you will pass on them.
I was going to say something similar to Mike #4. I take a look here every now and then. I have read a few things similar to this where the buyer waits till you're well into thinking the house will actually sell and then bam the person who seems like they are buying the house comes up with something to get money out of you. At the last minute. But after a few stories like this it's like they plan in advance to con the owner. Because whatja gonna do?
It feels like the buyer of the house is taking advantage. But I likethat phrase BATNA.
If this happened to me I'd like to have time and money to say forget it. But that's emotions. But try to treat it like a business and do what is best in the long run. Good luck.
Mike is looking it as if he has a horse in the race, He's biased as a RE agent.
When someone makes a ridiculous request you tell them know and are glad you found out what kind of disgusting shysters they were before things progressed and other problems came up.
Mike is looking it as if he has a horse in the race, He's biased as a RE agent.
When someone makes a ridiculous request you tell them know and are glad you found out what kind of disgusting shysters they were before things progressed and other problems came up.
LOL.
Real Estate Testosterone Surf Is Up and the waves are bodacious! It's dang near a Tsunami!
"OP, don't worry about how badly you get battered, as long as you get one punch in," is common bizarre advice tossed around here.
Last edited by MikeJaquish; 06-13-2018 at 07:08 AM..
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