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Posting an update. I was actually in NJ for a few days, hence the delay. Inspection took place a week and a half ago. FHA appraisal was also done on the same day. The appraisal was in on Friday - pretty quick turnaround. My parents did not get exact detail, but the house appraised high enough for the buyers to get their desired closing cost credit, to which my parents had agreed. I’m hoping it appraised even higher in order to give them some buffer money to work with. They were NOT made aware of any FHA-required repairs, and I have read that the FHA appraisal normally wouldn’t be done IF repairs were required. They still don’t have exact clarification on that point, however.
The oil tank was removed a week ago. NO remediation necessary, yay!!!
Today, they received the FULL independent home inspection report (NOT FHA) and were told that they would be getting the list of what the buyer would like tomorrow. I read that it is considered an antagonistic move for the buyer to provide the seller with the entire report. I definitely didn’t have that happen when my house was sold! Ugh, the audacity! My parents’ agent had already made the buyer’s agent aware that they would not do anything “big ticket.” So, I am hoping that they don’t ask for a lot.
My parents are nervous because there is a lot that was indicated in the inspection report. But not enough to turn the buyers away, which I think would have already happened. The major thing on it would be the front footings where the old entry porch was - this was done before they had the house. They were sure that the roof and living room ceiling would be mentioned as issues, but they weren’t. Thank goodness! There are some other little odds and ends, to be expected of an older home.
I had them craft their response - they will NOT agree to X, Y, Z because they’ve done A, B, C. They created a list of all the work they’ve done in the past several years because they want the buyers to know that despite whatever issues may have been found, they HAVE taken care of the house. Additionally, they don’t want to give too much more away when they’ve already agreed to the closing cost pricing adjustment. My husband says they should maybe do the smaller repairs and throw $5k more their way, but I’m not sure what the “going rate” is in a seller’s market. My feeling is that if it’s not something the FHA requires, then technically, they aren’t obliged to do anything - no with limited inventory on the market, what other home/seller would the buyer find where they would have their cake and eat it too?
My parents were SO upset earlier today after getting the full report that THEY almost killed the deal. They have the upper hand as far as I am concerned. They shouldn’t be intimidated and they need to negotiate!
When is the closing? I still say your parents worry too much. Buyers will ask for everything they can. Your parents did a huge price lowering, I don't think they need to do anything else.
I feel like Zillow isn't accurate though. it's close but not exact.
I have my own formula lol
Comparable sales
Tax Assessment
Sales History
Sq/Q
Square Feet Overall+Quality of Home. Avoid $/Sq feet in NJ.
It works nearly always.
The Tax Assessment doesn't work for new construction homes where it has to catch up, or for renovated homes on an older foundation. But if you know the ratio % it does work.
Also, floor plan and flow of the house matter, greatly.
Well, I can't "Rep" you any more Roselvr but thanks for the update.
All's well that ends well. So nice to see it closed!
Thanks Mayvenne.
Yeah, I'm happy it actually closed. They got the house for a good price. I'm not sure why it didn't sell fast except it had to be the agent. Their house was more updated and turn key than another that sold for more. Her parents also had a finished basement and no 70's paneling like the one that closed.
Yeah, I'm happy it actually closed. They got the house for a good price. I'm not sure why it didn't sell fast except it had to be the agent. Their house was more updated and turn key than another that sold for more. Her parents also had a finished basement and no 70's paneling like the one that closed.
Did it go over asking?
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