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Get the seller to accept your price. So people bid at or high to be “first in line to get their bid accepted” and plenty of realtors say you must bid high to get this house. Obviously it’s somewhat area specific.
Once the seller accepts the offer the buyer is “in the driver seat for x days”
At this time they can go around “finding” all these horrible things wrong with a house. Granted some are legitimate, others are simply to get that overbid price down. The seller at this time is stuck with the choice they made and the realtors start saying it’s still a good price even with dropping 3-20k off the price because you get to sell and move on.
The seller is stuck between a realtor and a buyer so a lot of times the whole experience becomes a “F it” I wanna be done with this and they agree. Usually because they need to sell so they can move on to their new house etc.. And the realtors, sellers and buyers all know this
It’s a game everyone plays.
Now yes inspections have become a weapon in negotiating wars. Ultimately the seller can tell the buyer and realtors a simple word. NO. I have used that plenty of times when I told people that I’m not interested in whatever proposition they have. The best thing to do is price the house with the understanding that it needs work. You can drop the price where it accommodates some leeway for the needed repairs. Now of the house needs say 30k worth of work I’m not dropping 30k off the price. I’ll drop it lower to accommodate some of the work.
The problem is people are expecting a preowned house to be in like new or new condition these days. If it doesn’t have it they want deep discounts.
Ultimately you are buying a previously lived in house and lots of times it means it’s not going to be all new everything,
Government inspection? Oh, puh-leze!!! No.
For decades, consumers buying used cars have been cautioned to get them independently inspected, to discover hidden failures or damage.
Why would one have an independent inspection on a $12,000 4 year old one-owner car, but not on a $450,000, 25 year old home that has had multiple owners?
Sellers who grunt, groan, and moan about inspections just want to reap the benefits of increased prices while avoiding a deep dive into the product they are moving.
Exactly. Many homeowners fit the old stereo type of a the used car salesman to a tee. I know sellers who are wasting time hoping/looking for a naive buyer because they are asking too much as-is.
You said it best here '...avoiding a deep dive into the product they are moving'
Get the seller to accept your price. So people bid at or high to be “first in line to get their bid accepted” and plenty of realtors say you must bid high to get this house. Obviously it’s somewhat area specific.
Once the seller accepts the offer the buyer is “in the driver seat for x days”
At this time they can go around “finding” all these horrible things wrong with a house. Granted some are legitimate, others are simply to get that overbid price down. The seller at this time is stuck with the choice they made and the realtors start saying it’s still a good price even with dropping 3-20k off the price because you get to sell and move on.
The seller is stuck between a realtor and a buyer so a lot of times the whole experience becomes a “F it” I wanna be done with this and they agree. Usually because they need to sell so they can move on to their new house etc.. And the realtors, sellers and buyers all know this
It’s a game everyone plays.
Now yes inspections have become a weapon in negotiating wars. Ultimately the seller can tell the buyer and realtors a simple word. NO. I have used that plenty of times when I told people that I’m not interested in whatever proposition they have. The best thing to do is price the house with the understanding that it needs work. You can drop the price where it accommodates some leeway for the needed repairs. Now of the house needs say 30k worth of work I’m not dropping 30k off the price. I’ll drop it lower to accommodate some of the work.
The problem is people are expecting a preowned house to be in like new or new condition these days. If it doesn’t have it they want deep discounts.
Ultimately you are buying a previously lived in house and lots of times it means it’s not going to be all new everything,
Thanks for a realistic assessment of the "house inspection game".
I hope no one reads this and gets mislead as you are.
Please enlighten me. It's possible that you know more about the standards of practice and the building codes than the experienced inspector who inspected my house in Tennessee... but I seriously doubt it.
And the realtors, sellers and buyers all know this
It’s a game everyone plays.
Now yes inspections have become a weapon in negotiating wars. Ultimately the seller can tell the buyer and realtors a simple word. NO. I have used that plenty of times when I told people that I’m not interested in whatever proposition they have. The best thing to do is price the house with the understanding that it needs work. You can drop the price where it accommodates some leeway for the needed repairs. Now of the house needs say 30k worth of work I’m not dropping 30k off the price. I’ll drop it lower to accommodate some of the work.
The problem is people are expecting a preowned house to be in like new or new condition these days. If it doesn’t have it they want deep discounts.
Ultimately you are buying a previously lived in house and lots of times it means it’s not going to be all new everything,
It's a game everyone plays including local mini cartels of inspectors, realtors and contractors. Like any game people can cheat or exploit the rules to their advantage. It's the expectations going into the game where everything goes awry.
I like that idea of deducting the amount of work needed off an asking price. There are still problems with the sellers that think everything that can be done on the cheap. I've seen realtors and others say a house needs 75-100K worth a work yet the seller says it could be done for 50K. Just being in the 50K should tell a buyer or seller something. I think a lot of the issues are from an inexperienced buyer and seller, they are naive to house issues and maintenance. But people can't even change a flat tire so home maintenance or the importance or non priority of an issue would elude them.
It's a game everyone plays including local mini cartels of inspectors, realtors and contractors. Like any game people can cheat or exploit the rules to their advantage. It's the expectations going into the game where everything goes awry.
I like that idea of deducting the amount of work needed off an asking price. There are still problems with the sellers that think everything that can be done on the cheap. I've seen realtors and others say a house needs 75-100K worth a work yet the seller says it could be done for 50K. Just being in the 50K should tell a buyer or seller something. I think a lot of the issues are from an inexperienced buyer and seller, they are naive to house issues and maintenance. But people can't even change a flat tire so home maintenance or the importance or non priority of an issue would elude them.
"local mini cartels of inspectors, realtors and contractors" I like that description.
I also agree with you on the idea of simply deducting (a portion of) the work needed off the asking price. Money is the universal medium of exchange. If an item is not new but still serviceable, then many people would agree that it doesn't need to be replaced with a brand new fixture.
"I've seen realtors and others say a house needs 75-100K worth a work yet the seller says it could be done for 50K."
Those numbers seem to be on the high end, but I'm sure that it depends on what market you're talking about. It also depends on what work you're talking about. In my opinion, remodeling costs should not be included in the "correction of deficiencies" costs. If a buyer were to tell me that they want to deduct $35K to remodel the kitchen, I would reply that that cost has already been deducted from the asking price. If they want a brand new kitchen with all new everything, that will be on them.
Thanks for a realistic assessment of the "house inspection game".
That’s usually the typical tactic I found when selling or buying occurs. Basically get the house off the market then you can beat up the seller. At this point even if the seller says no the house is “tainted” because everyone thinks one thing...WHATS WRONG WITH THE HOUSE!!!!!!!???????. Where it could be a simple disagreement on price/negotiations.
Quote:
Originally Posted by anononcty
It's a game everyone plays including local mini cartels of inspectors, realtors and contractors. Like any game people can cheat or exploit the rules to their advantage. It's the expectations going into the game where everything goes awry.
I like that idea of deducting the amount of work needed off an asking price. There are still problems with the sellers that think everything that can be done on the cheap. I've seen realtors and others say a house needs 75-100K worth a work yet the seller says it could be done for 50K. Just being in the 50K should tell a buyer or seller something. I think a lot of the issues are from an inexperienced buyer and seller, they are naive to house issues and maintenance. But people can't even change a flat tire so home maintenance or the importance or non priority of an issue would elude them.
Th problem is that even if you “priced it right” people are not gonna care and they will still try to get a lower price. It’s just human nature
I mean look at the bubble. Houses in my area were literally selling for 50/60% of their bubble price. I was foaming at the mouth to buy and people would say you’re crazy......nah still too high ain’t worth it. All of the sudden prices started shooting up and they missed the train. Now those same people are the ones who gleefully “can’t wait for housing to tank so they can buy at a huge discount”. Those same people don’t understand that most people will be in the same position if housing tanks as they were back then. Unable to buy due to outside forces. So unless they got cash in hand they're just whistling Dixie.
Everybody has the same disease when it comes to buying and selling. They think because they own it it’s worth more and if they’re buying it’s not worth much
So. The "We don't want to be bothered about criticism of our shacks, or we'll get peevish" crowd has weighted in clearly.
Most repair requests I see are quite reasonable, with issues a seller could avoid with an inspection prior to going on the market.
Yeah, sometimes we have a bit of push and pull, but sellers who want only to sell to buyers with no clue what they are buying are driving that bus.
Everybody has the same disease when it comes to buying and selling. They think because they own it it’s worth more and if they’re buying it’s not worth much
Well, many do...
Of course, our clients are always right, and always fair.
Th problem is that even if you “priced it right” people are not gonna care and they will still try to get a lower price. It’s just human nature
This is true. Buyers will hardly ever recognize a discount that has already been figured in to the price. If you've taken off $3-5,000 because the carpet looks old, they WILL ask for the discount again when they offer.
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