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I mean some of the stuff is electrical and HVAC and I have no idea how much it will cost to get it done. I am anticipating that the seller won't do any of it, yet I don't want to let the house go. Home inspector (2) both said get a licensed contractor, while the realtor says a "handyman" can do it. She is partial to one particular handyman in her area. Has already stated how cheap he is more than twice.
This will probably end up in a price reduction, but how much?? Help !!
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.
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Maybe it was already priced low to take into account for the repairs needed. if it wasn't and you need a mortgage the appraisal should come in lower if he doesn't want to do the repairs so he will have to sell for less or wait for a cash buyer.
Why would you pay a home inspector who claims to have no knowledge of what repairs cost? If they can't get you into the ballpark cost-wise, then they aren't really "experts", are they?
Eh, I wouldn't expect a home inspector to have that much knowledge of the costs.
But OP should have some idea of it before trying to negotiate the price. Even if OP doesn't plan on using the handyman, he should at least be able to provide an estimate on the costs (maybe adding a little more if he is "cheap"). Highly doubtful they'd reduce the price by that much but might not hurt to ask. Just be prepared for what you'd say if they refuse to reduce it all.
But HVAC stuff makes me nervous. Probably worth having an actual HVAC tech check it out if it's a concern.
Frost of all you can't determine a price reduction, only the seller can, you can only lower your offer.
An experienced home inspector and RE agent should have some idea as to the cost of the repairs needed,
If the person will not fix anything they should have listed it as is.
Perhaps next time tell your RE agent to tell the seller you are using an FHA loan and the home has to be in move in ready condition if that's what you need.
Is this your first home purchase? -- It sounds like you believe the owner is somehow obligated to provide you with a 'problem-free, move-in-ready house' -- or pay to get it into that condition. If that is your expectation, you are setting yourself up for disappointment.
You can offer whatever you want on the house and also request whatever repairs (or price concession) you think is fair, but, if the owner says "no," you must be prepared to say "okay" or walk away from the house.
> This will probably end up in a price reduction, but how much??
Request a reduction that you think is acceptable to you. You can get a contractor in for an estimate, or you can make a (hopefully educated) guess.
There is no way you can be sure if a reduction is enough to cover your immediate expenses. Owning a house is fraught with uncertainty. You should have enough of a financial buffer to cover reasonable contingencies.
I mean some of the stuff is electrical and HVAC and I have no idea how much it will cost to get it done. I am anticipating that the seller won't do any of it, yet I don't want to let the house go. Home inspector (2) both said get a licensed contractor, while the realtor says a "handyman" can do it. She is partial to one particular handyman in her area. Has already stated how cheap he is more than twice.
This will probably end up in a price reduction, but how much?? Help !!
I am not sure why you had 2 home inspectors, but I am not privy to your situation. I am not surprised the inspector(s) do not want to quote you, they should not, you need experts. I think the home inspectors are recommending licensed contractors ie: Electrician and HVAC to give you an evaluation/cost estimate for those items. If they are minor a handyman may be able to handle them, if major you will need an expert.
First determine the scope of the issues, then how to address the contract. Without knowing all the details of the situation and your contract anything else is speculation.
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.
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