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This will probably end up in a price reduction, but how much?? Help !!
Quote:
Originally Posted by Oldhag1
I assume you have an accepted contract and the inspection showed issues (which they ALWAYS do, sometimes even in new homes).
1- Your options if they say no to the repairs are a) walk away, b) live with it, or c) fix it yourself. You can't make them fix it.
2- You can request they lower the price. They may agree, they may not. If they don't you can either a) accept it or b) walk away. You can not force them to lower the price.
OP Oldhag has clearly stated your options. With no farther info it is impossible for any poster to intelligently tell you how much to offer. If you really want the property get reliable professional estimates. If the issues are minor maybe the handyman would do. Is the Agent willing to guarantee his work??
Depending on what the electrical problem is I might pass. Ditto for the HVAC. Both could be expensive an repair and a serious electrical problem could cause a fire.
Yes it depends on the extent of the problem. If the house price is low enough the furnace/AC shouldn't be a deterrent though, as long as the buyer has the means and mindset to repair or replace after purchase, like we eventually did.
I was the back up offer and mine was all cash as-is.
The person with the accepted offer ordered several inspections and came in with a laundry list of "Deficiencies"
The seller/agent refused and handed the buyer a form to be released... the buyer said they were paying hardball... but decided to go ahead.
We met after closing... my offer was 100k over what he paid and he felt much better as before he thought the seller was "Blowing Smoke" to use his words...
It's been 4 years and it is still the property that got away...
My point is the seller doesn't have to do a thing and in my case was actually hoping the buyer would go away so they could pocket an extra 100k by selling to me.
The inspector probably recommends licensed people, becasue of liability issues. Get some estimates & see if you can afford the repairs. We recently sold our home, & it had a lower price tag on it, due to a few things that might need repairs down the road. We put in a new water heater & oven, but if they had asked for any more price reductions we would have turned it down. We did get a no contingency offer for well over our asking price & sold it "as is" . So it depends on what is wrong, how much you want the house, & if the repair factor has been considered in the price. Your op has too many variables to answer correctly, location price etc.
Ok, thanks everyone. I have submitted my Buyer's response giving the seller an opportunity to correct several items. I don't want to walk away. I sold my house already and want to move. Let's hope they agree to fix/repair or offer some cash.
Ok, thanks everyone. I have submitted my Buyer's response giving the seller an opportunity to correct several items. I don't want to walk away. I sold my house already and want to move. Let's hope they agree to fix/repair or offer some cash.
Aren't you in a fairly fast moving market? Do you think the seller can quickly and easily get another buyer on his house if he sees a laundry list of repairs from you? I hope your agent is advising you wisely as I've had many sellers laugh at buyer's repair requests as it's easier to just move on to a buyer who understands the current market.
If it were me, I would just offer less money. I would not want them having the repairs done. When we bought our house, the seller "fixed" a few deficiencies by hiring the cheapest people, using the cheapest materials in the most slapdash way possible, that he could find. Never again. The seller has no motivation to make sure the work is done well.
If it were me, I would just offer less money. I would not want them having the repairs done. When we bought our house, the seller "fixed" a few deficiencies by hiring the cheapest people, using the cheapest materials in the most slapdash way possible, that he could find. Never again. The seller has no motivation to make sure the work is done well.
Agreed! make sure if they are fixing these problems that you come through after and make sure they were correctly fixed. I personally would have asked for money off and had them fixed myself!
I sold a home and the buyer wanted a large credit for difficult to open windows... the home was a rental...
I spent the better part of a day going though the operation of each one and replace to panes.
Was out of pocket about $250 and my time.
The buyer was most disappointed!!!
She had asked for $1000 to repair windows... but her intention all along was to replace all of them...
So my work saved me $750 out of pocket but was all for nothing as two weeks later it was all ripped out... communication would have helped but her agent was having none of this.
I learned when there was a question about the sprinkler timer after close... the buyer was very nice and she told me she was unhappy about the windows but her agent said to put down $1000 window repair credit... I would have gone $500 had I known she was going to replace and she said she would have been happy with that.
Get a contractor in there ASAP to get an estimate for repairs. Do it quick as you probably only have so many days to back out of the contract. Depending on what the contractor estimates the cost will be, go back to the seller with a copy and ask to reduce the sales price by that much. If they decline then you can walk away or accept as is.
This is the best advice for a couple reasons.
1. It's documentation that the problem is real that they are going to have to show to another purchaser if they reject your offer.
2. It's firm information so it's tangible.
3. If they think the bids are high they can do the repairs or they can cut the price for you to do them.
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