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We just listed our house as a short sale. Our realtor is bringing an offer to us tomorrow, and wouldnt you know? Our AC unit died.! Our good friend has been band-aid fixing it for us for a few years now, because we could never afford a new unit.Well it can no longer be fixed, it must be replaced. Just to add.. our friend is a licensed AC repair man, ad if there was another band aid to use, he would!
what do I do?
I dont want to put any money into this house, because I dont have it!!! Especially if its going thru the short sale process.
However, I dont think my family can live without AC, becuase its summertime and we are in South Carolina! However, we all know how long this process is, so we have to live without it all summer.
Also, what to do with the offer? The buyers dont know it isnt working, because it was just on Friday when they came thru here!DO we tell them before signing the offer, or wait for inspection to pick it up so they can adjust their offer?
Or do we suck it up and replace it, for our own comfort of living here thry the summer?
What do we do?
Tell them the AC broke and you can't afford to fix it. I bought a short and knew full well before I bought it that it needed a 10k roof. After inspection found another 2-3k worth of fixes and asked for no repairs because I knew (thought) the seller didn't have the money and I wanted the house. I even offered over asking on the bank approved amount to seal the deal.
If they are getting a great price, as I would expect with it being a short sale, it may not be a problem. Just be honest. An inspector probably would have caught that it needed replacing anyway.
The buyers dont know it isnt working, because it was just on Friday when they came thru here!DO we tell them before signing the offer, or wait for inspection to pick it up so they can adjust their offer? Or do we suck it up and replace it, for our own comfort of living here thry the summer? What do we do?
If I were facing a long hot Carolinian summer in your situation, I'd ask my A/C friend for a quote on replacing the unit as inexpensively as possible. Or could you do with a few window units - but that will also be money thrown away, unless your next abode doesn't have central air.
There's no point in keeping back info from the buyers. They know you're in a tight spot and offered in good faith (we hope). Have you talked with your agent about this?
Im sorry,I didnt mean to make it seem as if I was trying to hide it from them.. what I guess I was asking was do I tell them now before we sign our contract, or wait til the inspection, which I know would only delay the short sale process.
Im going to talk to my realtor today, but she was out of town..
Right now, our AC guy got it working AGAIN! , but it wont cool it below 80*, so I guess we can live with it.. but I am sure it will be dead before closing. SO I guess when we get the offer tomorrow, we will just have to tell them the situation and see if theyre still interested.
Disclose it and let them know you can nit afford to fix it. Then offer them a home warranty with a pre-existing conditions clause. This cost about $525 which does not get paid until closing. I don;t see the bank fighting that charge too much.
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