Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
we are looking to buy a house and can see that it needs approx $75k in work, mostly updates,a roof, some windows, nothing too major.
How much is typically built into your offer? For ex, we can see that the roof will need to be done and know that it will cost a minimum of $10k- should we deduct $10k from our asking price or wait til its called out in the inspection and take it from there?
What types improvements are usually negotiated after the inspection? Roof, windows?
Well your offer should reflect what you want to pay for the structure with what you know ineeds to bew fixed.
Negotiations off an inspection report should be for the things you did not know but was pointed out by your inspector....ie termites or major electicial work etc.
So the house is in pretty bad shape and priced like new construction?
It always amazes me when people look at a house that needs X, and assume that hey, I'll just deduct that from the asking price. I would assume some of the work was factored into when they listed the house.
regarding when to negotiate, you can do what you want, if it were me, I would present the offer with I think this that and the other thing are wrong and that is how I'm justifying offering so much less.
if you're taking any substantial portion off the asking price, I doubt they're going to be receptive to any significant inspection findings.
The chick that bought my last house beat me out of $5500 alone for a roof credit.
That was 3 years ago. Still no new roof on the place.
I also had to install new gutters, a new garage door, paint 2 rooms, remove all bee's nests, seal chimney pipe joints with metal tape, seal a hairline crack in the foundation that was not structural or detrimental in any way, apply a waterproof coating on basement floor and walls, remove, service and re-install sump pump, treat property for termites(just as a precaution, inspector claimed neighborhood was notorious for termite infestations), donate a kidney, sign over first born, cut grass for 5 years, do the dishes for 2 years, and perform foot massages for 3 years.
All that just to sell a house, that was actually 95% renovated and new.
Yup, buyers market.
You should offer what you think the home is worth in the condition that it is in. Your Buyer's Agent should be able to help you by providing comps of similar homes that sold in the neighborhood that did not need roof and windows. This will give you an idea of what it will be worth once it is fixed up. Decide what it is worth to YOU after it has been fixed, then deduct an estimate of the repair costs.
I depends on how fairly the house is priced. Often times it's "priced to sell" .
Maybe the seller already took 10k off the price because of the roof, and he is selling it "as is"
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
