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I'm a first time home buyer trying to decide if I should walk away from a house. Here's the situation...
After several months of looking we found a house that we really like in a location that we really like. Because we're in a hot market and we thought the price was fair, we offered full asking price. The offer was accepted and the house taken off the market. We are well qualified buyers with no contingency conditions.
We had the house inspected and while the inspector said the house is in good condition overall, he did point out some safety hazards as well as some serious issues that will require repair/replacement in the near future. The house was represented as being in "superb" condition and none of these issues were communicated to us before making our offer.
In total, we asked for $4.7k in repairs. There were many issues in the report that we did not ask for. Our agent said our requests were reasonable. The seller responded that we were being "completely ridiculous" and that nothing in the inspection report was necessary. Our agent talked to the seller again and they eventually agreed to give us $200 credit for repairs.
We're not going to let our emotions get in the way of a house we like, and we decided that we can live with paying for the repairs ourself. Our concern is that the seller has been demanding and difficult throughout the option period (there is more that I didn't get into). Not having gone through a closing before, I'm worried about what else might come up and concerned that she is going to continue to be difficult. Should I be worried? Or is the inspection the only major issue when dealing with a difficult seller?
If the items in the report were working and the comments were about when they would need replacing I would probably tell you the same thing if I was in a hot market. If it is functioning I don't see why the seller should replace it for you.
What else could come up? Look at your contract. Usually once you get past the inspection there aren't any items to debate any more.
Were any of the items in the inspection report something that you could have been aware of when you initially viewed the house? The inspection should really only be used to find latent defects, and not to demand 'repairs' simply due to things being older. I personally have a problem with excessive repair requirements unless there was something major that the parties didn't know about.
Our standard real estate contract has a clause where the buyer and seller agree, in advance, to a limit on repairs. This prevents problems like this from happening.
A difficult could very well be a reason to walk away, but depending On price of property and how much you like it, 5k might just be the extra price you pay
What's the repairs you're asking for? 4700 is a pretty specific number
Were any of the items in the inspection report something that you could have (or a more experienced buyer
or one with better agent help should have) been aware of when you initially viewed the house?
As to the number involved... how does $4700 relate to the purchase price?
And last, what are these things that have you so concerned?
Although we would of course prefer that the seller credit us or fix these issues, we've decided that the repair costs are worth taking on ourselves. Maybe a more experienced buyer would have noticed some things before the inspector did his thing, but this is our first time. We're learning. At this time, our concern is not about the cost or who should pay for what. $5k in repairs is not enough for us to walk away.
My concern now is the seller and the closing period. She has demonstrated an unwillingness to negotiate and dismissed all of our inspector's concerns. Should I be concerned? Am I asking for trouble? Or should I relax if we can agree to a closing price?
To provide some context, the asking price for the house is around $440k. The $4.7K is an estimate for the work that we consider a safety issue, or a remodel issue
To provide some context, the asking price for the house is around $440k. The $4.7K is an estimate for the work that we consider a safety issue, or a remodel issue
If you aren't going to be specific, nobody here can tell you whether or not they agree with your opinion as to whether it actually is or if it's just a preference of yours.
It may well be that the seller doesn't think so and sees you as the one being difficult.
My concern now is the seller and the closing period. She has demonstrated an unwillingness to negotiate and dismissed all of our inspector's concerns. Should I be concerned? Am I asking for trouble? Or should I relax if we can agree to a closing price?
You have a written contract. Why should either party still be negotiating?
You stated you already offered full price? if you're willing to take on the repairs, what's to negotiate? You do have a closing attorney don't you? A good closing attorney will solve any issues that might come up far better than any RE agent.
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