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One thing I detect here that you must be careful about, particularly as a first-time buyer, is getting emotionally attached to a potential home (particularly in a "hot market" where you are already offering 'above market'). Paying for a lot of inspections of 'suspect' items,... with the hope that the seller will pay for repairs, is counter-intuitive.
The fact that it is a 'hot' market and you are already paying above listing price, says you have no leverage and the seller has no motive to further reduce the price or make changes/upgrades. -- Since you have already made an offer and paid for added inspections, your best strategy might be to tell the seller that you have had added inspections done and these repairs are necessary (but, do not give him copies of your inspection reports, unless he first indicates a strong willingness to cooperate). If he does not agree, they may at least agree to reimburse you for the cost of current inspections, in order to get copies that they can then use as part of other ongoing negotiations with other interested buyers.
In the future (unless you buy this house), first take a very close look at some of these 'older home issues' on your own. Then, incorporate some contingencies in your purchase contract, that will commit the seller to pay for serious repairs above $xxx, uncovered by the inspection ... or to at least reimburse you for the inspection IF serious 'unknown' repairs are discovered. (BTW, the concept of "acceptable requests" have little to do with what is traditional, and is largely defined by individual negotiations between a buyer and seller).
Foundation guy said foundation underpinning is needed and recommended putting in 8 helical piers for a cost of roughly 10 grand. That plus the 5 grand worth of electrical work needed to bring this house up to code has basically led us to walk away from the house unless the seller wants to greatly reduce the price or make the repairs. Thanks for the advice everyone.
Sorry. I know the disappointment you must be feeling right now.
You can and should ask them to make all the repairs if you want that house. You've got nothing to lose. They might not do it, but I doubt they're going to sell it the way it is, and I doubt any bank will give anyone a mtge for that property in the condition it's in now.
Does your agent have any other houses to show you that sound promising?
Thanks Laurie. It sucks but it's honestly better than buying the house and having to deal with this stuff. What's surprising is that the seller knew about a lot of this stuff when they bought the house 3 years ago and didn't negotiate the repairs with the seller at that time. Alabama doesn't require a seller disclosure but they did provide one and none of this stuff was mentioned.
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