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We are selling an older house that was already price adjusted for being older and not in perfect condition.
We got an accepted offer from a couple who wanted the house as a weekend house. Great. Let's say this price was 320k (prices changed to reflect privacy).
Then we got an email today stating they want a new price of 240k after the inspection. There are no structural issues and only about let's say 12k of what they are asking are critical health and safety issues including the deck (and that is an inflated 12k). They basically want us to renovate the house for them and I think that it is terribly unfair that they've done it this late in the game.
Our real estate agent agrees with our assessment, but does it sound like that they really don't want the house and are looking to back out? Are we justified in just coming down what was not plainly obvious before (we didn't even know)? Coming down almost 25% from the already agreed offer price is just ridiculous given that there are no structural issues. I'm just not even sure how to respond.
At the current price that they want, we've had several previous offers higher and we'd rather just stay in the house.
Then we got an email today stating they want a new price... after the inspection.
...we've had several previous offers higher and we'd rather just stay in the house.
Then say "not interested" and call back to one of those other higher offers... or stay put.
It's totally your call.
Are you contractually required to make any of the repairs? If you are, tell them that you'll fulfill your obligation and if they back out they will be in default. Either way, if this one falls apart, you might want to consider fixing the issues that you described as "critical health and safety issues" and then raising your price. I think most people either want a place that is in good shape at a fair price or a place that needs work but is priced far lower than the cost of the work to bring it up to snuff. Right now, you are going to keep falling into the latter group.
The question I have - if you back out after this, do you have to disclose what was discovered in the inspection to future buyers?
It depends on the issue. And I think a seller can sometimes deny that there is a problem.
And, where I live and work, no one has to disclose much other than EIFS. "No Representation" is a legitimate, legal posture.
If the deal dissolves, one advantage to the OP is the ability to make many repairs without the pressure of a contract hanging over them.
Here, we do not disclose repairs. We disclose problems. Repaired items are not problems.
I'll have to go back and check the contract, but I do not believe we are under any contractual obligation to make repairs. They have the option to walk away at this point or we have to come to an agreement about repairs or a new price within 10 or 14 days. If we can not, then we can both walk.
We will repair the chimney issue either way, but the only thing we have gotten from the buyer is an estimate from the contractor about remodeling the house (like 45k for replacing functioning siding), the price estimates don't line up to their new "offer". The buyers are a RE agent and a lawyer and I'm a little surprised that they submitted this new price without the inspector's report or an itemized list. We've requested it and are waiting.
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