Playing the "why hasn't this house sold yet?" game (buyers, tile)
Raleigh, Durham, Chapel Hill, CaryThe Triangle Area
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Our Garner home sold in three days, but we also offered to pay up to $4K in closing costs (with a list price offer). What's boggling my mind is how the buyer is trying to negotiate very VERY minor repairs: Literally, she handed back the inspection and said, "Fix all of it." 40 items, some of it BS like a cracked kitchen tile. Zero major defects. Safety issues confined to stuff my mom wouldn't even worry about. ("You might trip on that bump in the sidewalk." Not even kidding)
So, yes, homes are selling fast, but there are still some buyers out there who feel it's a buyers' market.
Our Garner home sold in three days, but we also offered to pay up to $4K in closing costs (with a list price offer). What's boggling my mind is how the buyer is trying to negotiate very VERY minor repairs: Literally, she handed back the inspection and said, "Fix all of it." 40 items, some of it BS like a cracked kitchen tile. Zero major defects. Safety issues confined to stuff my mom wouldn't even worry about. ("You might trip on that bump in the sidewalk." Not even kidding)
So, yes, homes are selling fast, but there are still some buyers out there who feel it's a buyers' market.
"Literally, she handed back the inspection and said, "Fix all of it." "
Lazy, lazy, lazy agent.
Desired repairs should be listed and specifically described. Point by point. Every time. Avoid misunderstandings.
My favorite "Do all of it" story:
"Item 666: Monitor foundation crack for further movement."
Seller says, "Sure. We will do that monitoring right up to closing."
It's been really difficult to not get angry and decline all the repairs, even the simple ones. We recently purchased, and the inspection report came back with around 40 repairs. We asked for fewer than half, with very specific directions about what we needed fixed. (Not the whole roof, for example, just the flashing around the chimney.) I was stunned when my agent said the buyer wanted EVERYTHING. I didn't think that was ever done. It just makes her seem petty and unfocused. And of course we're not going to do everything, so we'll choose the things that are cost-effective, simple, and would improve the home for the next buyer (or us) in case the sell falls through. I'm certainly not reflooring my bathroom because of a crack in the linoleum. (A real request.)
It's been really difficult to not get angry and decline all the repairs, even the simple ones. We recently purchased, and the inspection report came back with around 40 repairs. We asked for fewer than half, with very specific directions about what we needed fixed. (Not the whole roof, for example, just the flashing around the chimney.) I was stunned when my agent said the buyer wanted EVERYTHING. I didn't think that was ever done. It just makes her seem petty and unfocused. And of course we're not going to do everything, so we'll choose the things that are cost-effective, simple, and would improve the home for the next buyer (or us) in case the sell falls through. I'm certainly not reflooring my bathroom because of a crack in the linoleum. (A real request.)
It is not at all uncommon for a buyer to ask for all repairs from an inspection.
Sometimes it is just negotiation to see what sticks, and sometimes it is a party without a clue who really just isn't ready for homeownership.
Buyers and Sellers both need to keep their eyes on the ball, and that is the net purchase.
Too many meaningless distractions derail emotions on both sides.
In the current market, at the current contract price, are the repairs going to put either party out of the realm of financial reality?
If the buyer absorbs all repairs, will the contract price plus the cost of repairs make the purchase unappealing and push the cost past realistic smart expenditure?
Likewise for the seller. Will making the repairs avoid selling at a lower price, or carrying the house for another month or two? And will the expense of repairs reduce seller net to below what the market will deliver from the next buyer?
List price is meaningless. Contract price below list price is meaningless.
Price reductions are meaningless.
Paying closing costs doesn't matter.
Worrying about a buyer wanting a "new house" is a meaningless distraction.
Without context of specific local market fact and dynamics, all that stuff is emotion.
What has material value:
The bottom line and current realistic market value and the effort to deliver are the key considerations and important to both parties.
What I'm saying is that you can bump it to bottom line every time, but there's also the very real situation where buyers and sellers have to negotiate. There are lots of junctures where one or the other can choose to accelerate or decelerate negotiations. Asking for everything on the inspection is most definitely something that will decelerate talks.
What I'm saying is that you can bump it to bottom line every time, but there's also the very real situation where buyers and sellers have to negotiate. There are lots of junctures where one or the other can choose to accelerate or decelerate negotiations. Asking for everything on the inspection is most definitely something that will decelerate talks.
Definitely not copy/paste.
We deal with folks and their emotions every single day. Having an unemotional framework for that effort is often key to the transaction success or failure.
It is always the bottom line of money, time, effort. Those are what should be negotiable.
Emotion clouds all of those.
What I'm saying is that you can bump it to bottom line every time, but there's also the very real situation where buyers and sellers have to negotiate. There are lots of junctures where one or the other can choose to accelerate or decelerate negotiations. Asking for everything on the inspection is most definitely something that will decelerate talks.
I'd rather a seller offer to sell to me for X-minus cost of necessary repairs than have the seller complete repairs.
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