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What really got me was the 10k ask for the kitchen.
I'm betting this nonsense about the kitchen was really a trial balloon sent up by the buyers to find out whether the sellers would lower the price of the house because they are spooked about finding another buyer in the post-quarantine real estate doldrums market.
"I think it's a good idea to put the statement in the contract that "This is a contingent contract and the property will remain on the market until all issues involving the condition of the house have been resolved and accepted in writing by the buyer. Once the buyer has accepted the house and agreed in writing to remove the contingencies, this will be a binding contract on both parties."
I love this. If somebody shows up with a cash offer, The original buyer can drop the contingencies if they want to proceed.
Absolutely! Although I didn't state it in my quote above, you could easily state in the contract that "Seller must notify buyer in writing prior to acceptance of any other contract on this property, and buyer, if he desires to do so, shall have 24 hours to remove the contingencies from this contract and make it a binding contract."
Absolutely! Although I didn't state it in my quote above, you could easily state in the contract that "Seller must notify buyer in writing prior to acceptance of any other contract on this property, and buyer, if he desires to do so, shall have 24 hours to remove the contingencies from this contract and make it a binding contract."
So...
Buyer has home inspection and the inspector points out the crumbling piers under the house, and recommends a structural engineer.
An offer comes in.
Engineer cannot get there for 4 days.
"...buyers who have little actual money in the deal (far less than the "thousands" you keep referring to)..."
Usually untrue. Almost never true in my market, and in many others.
Home inspection, $400--$800.
Additional items that may be required when the seller refuses to disclose:
HVAC assessment, $125--$350.
Wood destroying insect inspection (termites, etc,) $90.
Well test, $100+
Septic system test, $400+
Survey, $550+
Engineer's assessment of home inspection issues, $450+.
Appraisal, $450+.
Mold assessment by a pro, $400+.
Attorney fees, $800-$1200, some of which will not be forgiven.
Due Diligence fee to seller, nonrefundable, $500--$7500, with the average in the range of $2000.
EMD, $1000--$5000, and much more in some markets. And very often the refund is contested by entitled sellers who aren't aware or aren't forthcoming regarding any aspects of property condition.
Once again you are making assumptions out the wazoo. No one said anything about the seller refusing to disclose. You ASSumed it... as is your typical approach.
You're also assuming a heck of a lot of expenses that likely wouldn't be required at all in most situations. Or, would only be required AFTER the initial inspection. Plus there are costs in there that are certainly not required in all markets or situations, but at least you're consistent in your continual assumptions that the seller is a crook and the house is about ready to collapse at any minute.
Chas, we've been through your loathing of the inspection process before... I'm not sure you're ever going to be happy as long as there are home inspections that allow the buyer to negotiate at all.
That said... if you are selling, you are in complete control over what price you accept and what, if any, repairs you're willing to make. Complete control.
You're welcome to tell buyers in the marketing language and in handouts and in big painted signs on the property that you're selling as is if you want. If they ask for repairs, tell them NO. That's your right.
You're welcome to require all inspections prior to signing the contract so you can let everyone do all their running around before making the offer. Do that. Refuse to sign contracts that have an inspection contingency.
Go for it. See if you get any buyers willing to do it your way. Maybe you can, if the place looks worth all that. How many homes like yours are there, out there?
AC not cold enough..improper circuit shut off at condensing unit
Latch on oven door for self cleaning broken
GFCI outlets not working properly
Doorbell not working properly.
Outdoor slickers without proper antisuction device
Any problems with fuse box, breaker box
Missing screens, especially on sliders
Water damage from upstairs shower and tub
Floor drain in basement not functioning properly
Washing machine not balanced
Cracks or chips in windows
Broken seals and moisture in dual pane windows
Too many layers of shingles
No spark arrestor on chimney
Cracks in fireplace firebrick
Garage door springs cracked or broken
Buckled floors
Moisture on exterior of refrigerator
Missing drawers on refrigerator
Damage to carpet under potted plants
Water damage on edge of tub
Wouldn't most, if not all, of these things be revealed by the house inspection? The inspections I've had done would tell me nearly all of that at a cost of around $400 and could be done usually in less than one week. Hardly an unreasonable expense on the part of a buyer if he is genuinely interested in having a binding contract on a half million dollar home... or a $200k home for that matter.
Once again you are making assumptions out the wazoo. No one said anything about the seller refusing to disclose. You ASSumed it... as is your typical approach.
You're also assuming a heck of a lot of expenses that likely wouldn't be required at all in most situations. Or, would only be required AFTER the initial inspection. Plus there are costs in there that are certainly not required in all markets or situations, but at least you're consistent in your continual assumptions that the seller is a crook and the house is about ready to collapse at any minute.
You declined to discuss any disclosures that could upset your scheme, multiple times. I could only figure it was a conscious omission.
Now, you are willing to call it careless negligence? That isn't the high road either.
And, now, under duress, you would allow further inspections while still shopping the house to other people before you would allow the buyer a contract.
Just read the stuff you write. Written properly, you wouldn't have to change or back up when pressed on sordid details.
Your entire scheme is based on letting sellers screw buyers over.
Not all sellers think that way, but you have laid out a vague map for the ones who would.
So...
Buyer has home inspection and the inspector points out the crumbling piers under the house, and recommends a structural engineer.
An offer comes in.
Engineer cannot get there for 4 days.
Grab the money and run!
Nice scheme.
Who is going to grab WHAT money? If buyer never removes the contingencies, he gets his earnest money deposit back. There you go ASSUMING again... or perhaps I should say STILL.
Who is going to grab WHAT money? If buyer never removes the contingencies, he gets his earnest money deposit back. There you go ASSUMING again... or perhaps I should say STILL.
Your desire to screw buyers out of inspection fees if they don't crumble under duress?
You have documented that thoroughly and stubbornly.
No assumption needed.
Just read what you write.
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