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Wanted to see if you ever continued negotiations after inspection? Have a home, went through with inspection and very much aware we would be either lowering price or allowing for a substantial concession.
The Buyer requested a reduction in price and we negotiated a very fair amount.
Appraisal came and house was appraised right at new price negotiated, but had a notation about the heating system not being in working condition, and that possibly hindering the over all value.
The Buyer is now requesting more monies (basically a concession)
We as she was aware of the heating and other issues when negotiating after the inspection? Not sure if any other agents have experienced such an issue?
Is this an As Is contract or does the contract require the seller to make repairs? One of my pet peeves is people who sign contracts and then ignore ( or try to ignore) the terms. If it was purchased As Is then the buyer should accept it or leave it but I've seen buyers come back and ask for concessions and I've seen sellers agree to get the deal done. I'm a dinosaur, apparently. I still believe in integrity, honesty, even honor. I believe you should do what you agreed to do but, these days many people will say that's ridiculous.
I agreed to buy a house as is. Pending inspection. Came back with oh about50k worth of work needed. Plumbing all leaked, and I mean all. Half the house had little to ne water pressure, roof was missing a 10ft square of tile, huge roof leak termite damage, wet drywall, illegal and not to code electrical, a pool/guest house that was illegal and built on slab with. Mold and rot in the walls
A kitchen that looked. Ok at first glance but the cabinets were all just barely hanging on. Oh and they never turned on the gas so I couldn't check any of the appliances, gas or otherwise or the pool heater.
So I was willing to buy as long as I resubmitted I told my agent to resubmit for 50k less than my initial 10k over asking. She refused, so I took my money and walked. I have integrity, and it would of had no problem buying for my offer as long as the house needed just normal move in stuff, but you expect me to buy at full pop I expect things to work right. The bank put lipstick on a dead pig and. Packaged it up hoping to sell it to a unsuspecting buyer. They sold it.
And there were two other people who passed on it BEFORE me. You wanna sell it as is ok but disclose what is wrong in the beginning so any buyer knows exactly what they are buying. Don't try to hide behind the as is clause and expect me to just take it hard and deep. As a buyer yes I will walk. It's my hard earned money that is gonna pay and I'm gonna make sure I don't waste it
Wanted to see if you ever continued negotiations after inspection? Have a home, went through with inspection and very much aware we would be either lowering price or allowing for a substantial concession.
The Buyer requested a reduction in price and we negotiated a very fair amount.
Appraisal came and house was appraised right at new price negotiated, but had a notation about the heating system not being in working condition, and that possibly hindering the over all value.
The Buyer is now requesting more monies (basically a concession)
We as she was aware of the heating and other issues when negotiating after the inspection? Not sure if any other agents have experienced such an issue?
There is a reason you have a Broker In Charge. So you have experienced, calm guidance readily available and you don't have to seek guidance from other agents across the country in a public forum, while airing out your transaction laundry.
I would strongly suggest you request input from your BIC.
That said, obviously, with no other information available(and there should be no further information available on this forum), assuming the use of NC Standard Offer to Purchase and Contract, Standard Form 2-T, the buyer has the unequivocal right to terminate during DD Period, so any and all conditions that would not constitute a breach are on the table for negotiations.
If past the DD Period, buyer will lose EMD if they terminate due to property condition.
I agreed to buy a house as is. Pending inspection. Came back with oh about50k worth of work needed. Plumbing all leaked, and I mean all. Half the house had little to ne water pressure, roof was missing a 10ft square of tile, huge roof leak termite damage, wet drywall, illegal and not to code electrical, a pool/guest house that was illegal and built on slab with. Mold and rot in the walls
A kitchen that looked. Ok at first glance but the cabinets were all just barely hanging on. Oh and they never turned on the gas so I couldn't check any of the appliances, gas or otherwise or the pool heater.
So I was willing to buy as long as I resubmitted I told my agent to resubmit for 50k less than my initial 10k over asking. She refused, so I took my money and walked. I have integrity, and it would of had no problem buying for my offer as long as the house needed just normal move in stuff, but you expect me to buy at full pop I expect things to work right. The bank put lipstick on a dead pig and. Packaged it up hoping to sell it to a unsuspecting buyer. They sold it.
And there were two other people who passed on it BEFORE me. You wanna sell it as is ok but disclose what is wrong in the beginning so any buyer knows exactly what they are buying. Don't try to hide behind the as is clause and expect me to just take it hard and deep. As a buyer yes I will walk. It's my hard earned money that is gonna pay and I'm gonna make sure I don't waste it
We are talking about situations where the issues are known before the inspection, the price is negotiated based on that knowledge AND the knowledge that there could be additional issues discovered. "As Is" means what it says. You have the option to purchase it as it is or you can walk. If MAJOR problems are discovered, that's another story but don't try to squeeze the seller for the same kinds of repairs that would be expected for a warranted deal. (i.e. a broken window lock, a bad outlet, etc.) I've seen people say they want a concession on a roof replacement that was old but didn't leak and the home was As Is.
We are talking about situations where the issues are known before the inspection, the price is negotiated based on that knowledge AND the knowledge that there could be additional issues discovered. "As Is" means what it says. You have the option to purchase it as it is or you can walk. If MAJOR problems are discovered, that's another story but don't try to squeeze the seller for the same kinds of repairs that would be expected for a warranted deal. (i.e. a broken window lock, a bad outlet, etc.) I've seen people say they want a concession on a roof replacement that was old but didn't leak and the home was As Is.
If you're up front with the needed repairs and I know what I'm buying then I will make a appropriate offer. As long as you are honest with the state if the property and aren't pricing it in dream land. Too many sellers try to bs their way through a sale.
As a buyer I look at
Structure of the house
How bad is the cabinetry and counters
Foundation/grading
Plumbing
Electrical
HVAC
Windows
Pool and pool equipment if its there
Any additional work room additions etc
Permitted work or bootleg
Carpet paint are pretty much a given replacement so I don't look at that at all. I can pretty much tell how much its gonna cost to do a good solid remodel with quality work and good materials.
There is a reason you have a Broker In Charge. So you have experienced, calm guidance readily available and you don't have to seek guidance from other agents across the country in a public forum, while airing out your transaction laundry.
I would strongly suggest you request input from your BIC.
That said, obviously, with no other information available(and there should be no further information available on this forum), assuming the use of NC Standard Offer to Purchase and Contract, Standard Form 2-T, the buyer has the unequivocal right to terminate during DD Period, so any and all conditions that would not constitute a breach are on the table for negotiations.
If past the DD Period, buyer will lose EMD if they terminate due to property condition.
Talk to your BIC.
...Of course, my BIC was the first I sought advice from and they helped tremendously I was just curious to see if others may have experienced a similar experience? Obviously this hit a nerve...
...Of course, my BIC was the first I sought advice from and they helped tremendously I was just curious to see if others may have experienced a similar experience? Obviously this hit a nerve...
No, no nerve.
Just rock-solid fundamental advice for you. If you don't have faith in your BIC, I would suggest you look for a BIC, rather than parade your skivvies for the public to see.
Our contracts have a provision where the buyer and seller agree, in advance, to a certain dollar amount that the seller will spend on repairs. The buyer gets their home inspection done and lets the seller know if any repairs are needed, up to that dollar amount. Remaining repairs are at the buyer's expense.
Now, all of this is related to the property condition disclosure that every seller has to provide to a buyer. So long as the seller is honest on that form then any unknown repair conditions above the agreed upon amount are the buyer's responsibilities.
The only time a property is "as is" is when the seller refuses to fix anything and refuses to lower the price. Anything else is negotiable, thus, not "as is" no matter what the listing says.
It's really up to the seller, how and much they want to sell the property. If they refuse to negotiate, the property could be for sale for decades.
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I was just curious to see if others may have experienced a similar experience? Obviously this hit a nerve...
