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Old 04-03-2019, 03:39 PM
 
Location: under the beautiful Carolina blue
22,654 posts, read 36,657,128 times
Reputation: 19848

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Quote:
Originally Posted by cwgs5e View Post
This is in the northeast. I do not absolutely have to sell, but I am moving cross country and would have to rent it if I do not. It is a direct sale, no commission, the buyer wants to immediately rent the unit (he owns all the other units in the bldg). ).

Um, really? tell him to pound sand and work around you till he's ready to come to his senses and close. You're in the driver's seat here.
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Old 04-03-2019, 04:16 PM
 
Location: Raleigh NC
25,119 posts, read 16,146,620 times
Reputation: 14408
I don't see a problem with asking that the HVAC be serviced, since it's older and doesn't appear to have been routinely maintained.

Everything else is an attempted renegotiation. And as noted, it doesn't sound like you know the market value that you negotiated to. Maybe he's a big dummy, and just really wants all the units as playthings, and is overpaying you. Not very likely though
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Old 04-06-2019, 09:20 AM
 
3,248 posts, read 2,446,234 times
Reputation: 7255
These are all issues for the new owner. If you offered a home warranty for example, the water heater could be covered if it falls. Ten years old is old but not ancient. We just replaced outr 18 year old one which worked great until about a month ago (home warranty so it cost us $150, plus the cost of the warranty. Still less than a new install.) I'd say no thanks unless you feel like fixing the cosmetic stuff. The mold spot (hah!) makes me think these buyers are pains in the you know what.
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Old 04-06-2019, 09:41 AM
 
2,373 posts, read 1,897,260 times
Reputation: 3983
Did you say how long your place was listed for sale?

You are kind of in the drivers seat. At the same time it's good drive carefully and wisely. Good to keep the passengers happy. Makes for an easier quicker ride.

So you have a few prices. Have estimates for about 4 items. He knows what the prices will be but he needs to know you know what the prices are. Nicely. So he knows consciously you're both pretty much on the same page.

And you could see your way to taking $____ off the price.

If he balks....well, you could reduce the price by the price of a home warranty you're familiar with....$______ ...but that's the best you can do.

Talk slowly like you're really pondering this.

I tended to figure and think quickly but that translates to I haven't thought it through or just don't talk the language of average negotiation so there wasn't the same understanding of language. So talk slowly like you're really laboring over these tough figures this guy is throwing at you. Which,in a way, you are.
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Old 04-06-2019, 09:50 AM
 
Location: Wasilla, AK
7,448 posts, read 7,551,027 times
Reputation: 16456
Quote:
Originally Posted by oceangaia View Post
It doesn't sound like you have even tested the market. The buyer owns all the other units, sounds like he wants to own all the units to have full control of the building. You have the leverage. I bet he lowballed you on the offer to begin with. Tell him you're just going to put it on the open market and I bet he drops his silly demands.
I'm not so sure about the leverage thing. Would you want to buy a unit in a building where everyone else is a renter? That would be a huge negative for me.
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Old 04-06-2019, 10:28 AM
 
2,373 posts, read 1,897,260 times
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Exactly. Best is to have the guy who owns the others buy this one.
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Old 04-06-2019, 12:07 PM
 
3,200 posts, read 2,402,864 times
Reputation: 6307
Quote:
Originally Posted by cwgs5e View Post
Hi all,

I am first time seller currently having trouble agreeing to some requested repairs. Would appreciate some insight.

These are the requests

1. Replace hot water heater - 10 year old electric water heater, had a little black soot above TPR valve which I called three plumbers about and no one knew the cause, but water heater is fully functional, no signs of failure, rust, leakage, temp issues.

2. fix/paint ceiling, document cause for leak - old 1x4 foot stain on ceiling. entire roof had been replaced after the stain (buyer is aware). this is a dry stain with no active leak for the last 7 years. from my perspective, cosmetic.

3. provide copy of hvac service records, service hvac unit if not done in 6 months - HVAC completely functional, no issues during inspection

4. repair and paint bathroom ceiling - inspection says mold/water dmg, but referring to an area (1 inch diameter circle) where i used a bathroom rod that peeled a little of the paint off. no obvious mold that I can see

I did not want to make any of the requested repairs or paint because everything is fully functional, it isn't a new unit, and there are no active leaks or mold issues. Can someone please offer their opinion? Am I being unreasonable not agreeing to make repairs that I feel are unnecessary? I was under the belief that reasonable issues for me to fix are the major ones (structural, mold, active leaks, etc), something along the lines of this:
https://www.maxrealestateexposure.co...pair-requests/

EDIT: I'll have to make the paint touchups as part of the sale, I'm okay with it. Main issue is the water heater and HVAC servicing.

Many thanks in advance,
c
Repair the paint, yourself do not hire. Refuse documentation on the cause of leak, just state that leak was due to old roof/roof replaced. Have a plumber come out and check water heater for any shorts as this might have been the cause of the soot (do you recall that it was repaired at some point?). The HVAC is fully functional, can't see what an inspection would find. This is a landlord buying your unit to complete his ownership it appears. He most likely has the necessary plumber/heating company at his disposal. This isn't a first time scared buyer, he is trying to get something for nothing. Nope and nope. Just the cosmetic stuff and an inspection of the water heater to be sure there is no fire hazard.
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Old 04-06-2019, 12:14 PM
 
Location: Phoenix, AZ area
3,365 posts, read 5,211,252 times
Reputation: 4203
Quote:
Originally Posted by oceangaia View Post
It doesn't sound like you have even tested the market. The buyer owns all the other units, sounds like he wants to own all the units to have full control of the building. You have the leverage. I bet he lowballed you on the offer to begin with. Tell him you're just going to put it on the open market and I bet he drops his silly demands.
He already has full control of the building by having the voting majority he can do whatever he wants. When I was buying my townhome complex up I started making huge changes at just over half because I controlled everything.

It's a rental building, owners don't want be the only owner in a rental building so selling it on the open market is going to be very tough.

Water heaters, painters, and AC service is all cheap. I'd do it and make your cross country move without the burden of being a long distance landlord. You really should have taken care of the painting stuff before showing the house to buyers, any agent that doesn't tell you that isn't worth their fee.
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Old 04-06-2019, 12:42 PM
 
13,273 posts, read 8,392,925 times
Reputation: 31485
Each fairly easy to be transparent on. Get it done and accept a non bias inspection afterwards.

We sold our house privately. Every history of repair or upgrade listed. Two pre inspections before putting it on the market. Got it totally in shape. We didn't need to evade the buyers questions or concerns...it was all listed for review.
Yes the minor repairs gave ease to the overall final price. The buyer was investment geared and knew what it took to refine this home.
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Old 04-06-2019, 12:54 PM
 
Location: Former LI'er Now Rehoboth Beach, DE
13,042 posts, read 18,008,630 times
Reputation: 13978
The expression, Go pound sand comes to mind.
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