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What is your "Plan B," if they walk?
Will you be crushed?
Will you address some of the issues from the inspection report and relay that information to your next buyer?
The requested numbers seem inflated to me, regardless of the accuracy of the report.
But, will you be farther ahead to concede $5000, or a figure between $5000 and $1500 and close, or to let them walk and move on to another buyer?
So, right now, you are $3500 apart on paper.
Will you be glad to carry the house another month for that amount, or will another month of carry costs make it less than worthwhile?
What would I do? It's a poker game, with a mix of bluffs and with harsh facts, and often with weaker and stronger hands.
The devil is always in the details, including all personal and transactional.
Not having all the details, I would have to say, there are situations in which I would give $5000, and situations in which I would tell them to pound sand, and situations in which I would fall between the two.
I recently replaced any screen with the tiniest tears for $50 each. Most things are easy to fix and I would fix them. Depends on how fast you want to move.
I’m in the process of selling my mom’s house. Older home, needs some TLC. I’d jump all over that $5000 repair credit! I couldn’t sign the paper work fast enough.
We won’t make much on the house, but it’s one less burden. Sometimes it’s easier to cut bait.
Well, they want $5000 against a laundry list of stuff pretty much all of which they will promptly ignore when they move in. You countered with $1500. Sounds normal, just wait for their next move.
I agree.
Your counter was generous. I wouldn't have given anything (MAYBE the satellite dish and the caulking so they feel like they're getting something in the negotiation) because none of that stuff prevents them from moving in and enjoying the house. It sounds like they are inexperienced buyers who freaked out at the inspection report and mistakenly think it's your job to pass along to them a flawless house.
We listed our home, in Illinois, on January 3rd (built in 1996, we are 3rd owners and since purchasing in 2013 we replaced ALL appliances with ss top of the line Kitchenaid and LG w/d, installed high efficiency HVAC with Wi-Fi thermostat along with replacing 1 of the 2 hot water heaters, new roof and renovated all 3 bathrooms installing granite, and completed major landscaping overhaul including removing 5 trees. Ironically-it’s finally how we always wanted it! Lol). We did a major repair/update basically every year as cash flow allowed. We made all these updates thinking we would be here for 10-15 years and so wanted to enjoy them. Unfortunately we’re leaving to be closer to immediately family that requires medical care. Otherwise we wouldn’t be leaving.
We received multiple offers within 2 weeks of listing ultimately deciding on an all cash buyer. They completed an inspection and have come back with a request for $5k credit at closing for ‘repairs’. We believe the purchase price is fair (considering the updates and comps) and in our market, (especially it we were to wait another few weeks=start of selling season in this area), would even be on the low side. That being said I was hoping to get opinions/thoughts on the actual repair requests which are as follows...
1. They noted hairline crack in the floor of the crawl space. ***there was a previous vertical foundation wall repair, also in the crawl space, (prior to our purchase) and has not presented an issue in the 6 years we’ve been here. $1600
$1600 for what? They aren’t gonna fix it either
2. Broken seals on 3 windows and a few screens with small holes/tears. $1000
It won’t cost $1000 to fix the inserts
3. The inspector claims there is a gap at the opening of the flue connection for the hot water heater and it has an ‘I’ connection versus the recommended ‘Y’ connection posing a concern regarding inadequate venting. $1000. I’m a bit stunned about this piece of the inspection considering we had the HVAC replaced by a very large reputable installer and would think they performed the installation properly. That being said one of the two hot water heaters (the one we didn’t replace) does have some rusting but is in working order. And so I’m almost womdering if this sticking point has more to do with looking to replace the hot water heater than the venting being an issue. But I am not an HVAC person so just don’t know enough to comment either way.
It passed inspection when you did it I wouldn’t lift a finger.
4. Satellite dish installed on roof. They have requested removal and repair of roof in that area. $400
Satellite dish was visible when they looked at the house? Yes? If they want it removed they can do it when they own it.
5. Caulking around the house is deteriorating and causing ‘large gaps’ between siding and other materials. $500
Fine go grab a knife and a box of caulking and a caulk gun. You’re looking at maybe $50 in parts and you can get a handyman for a hundred bucks or so. You’re not going to recaulk the whole house. I would credit $200 on this .
6. Rust noted on the metal crown of the fireplace. They’re requesting it be replaced and the chimney cleaned $500
No. I would simply offer to sand it and repaint it but I wouldn’t replace it.
Two other issues that they have noted but no dollar value assigned and the attorney clarified that they ultimate request is 5k credit towards closing.
Without getting into the nitty gritty we responded with offereing $1k credit plus a home warrenty or $1500 towards whatever they choose to remedy.
With the exception of the venting for hot water heaters possibly being a safety concern the remaining items, although annoying, are not a safety concern and if pressed I would gladly have a structural engineer come in to comment on the foundation and an HVAC installer do the same for the venting concern.
As I mentioned, the home is priced accordingly considering the age/updates even when compared to the not updated comps. Fair rebuttal? What would you have done as a seller/buyer?
This to me is more than fair. I wouldn’t of offered more than $1000 to be applied as they wish.
Your counter was more than fair.
The bigger question is How badly do you want/need to sell?
***the windows are original to the house, and we made sure the buyers knew that. But they are in working order, no graying or condensation issues-yet. That being said...they ARE nearing the end of their ‘lifecycle’ technically. But the buyers had every opportunity to inspect and re-inspect every nook and cranny (and they did) when they came back for a ‘private’ more detailed tour (lasted over an hour) where the windows and foundation ‘issues’ were discussed. So in my mind they should have considered that in their asking price. Which i believe they did when they initially offered $425k and came up to $438 when we requested best/final considering we had another offer. If they are items that a lender require be remedied I would do it. Otherwise I’m thinking it’s a hard no for any cosmetic/routine maintenance requests. Like getting the chimney cleaned. We did it when we moved in ��*♀️
Carrying costs do not outweigh keeping on the market considering the hot time to list is literally starting right now. And our daughter being in school we’re in no rush to leave. We priced accordingly $450k. It’s 2586sq ft, 4br 3.5 bath house with a finished basement and a yard with no neighbors looking directly at you. We’re in a prime school district in a mature neighborhood, in Naperville-where we are the smallest on the block. Comps are selling for slightly less than our asking price with unfinished basements and no updates. Not to mention items like heated floors in the master bath and full steam shower in the finished basement, Elfa closet systems...these are not options you’ll find in most homes around here. Even the pricier ones.
I appreciate all your input, it’s certainly food for thought
The bigger question is How badly do you want/need to sell?
We don’t need to sell it. We were strongly entertaining keeping it and renting it out considering we know how meticulously we have kept it up and all that has been updated (with the exception of windows) are all the big ticket items.
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