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So I recently exited out of a real estate transaction that I had been pretty excited to enter into because, get this, the seller was unwilling to negotiate on a request for inspection credits of 0.7% of the offer price! This was on an offer that was already almost 9% over listing! What the heck is going on with real estate nowadays? I’ve heard of this happening to many other buyers lately, as well. What are realtors advising their clients and why? Restart the clock and reset the whole process because someone dares offend you with a credit request? Because your property is just so incredibly valuable right now? Yet it still has multiple inspection deficiencies? This all seems absurd not to mention borderline unethical - if the property is being sold “as-is”, put that in the damn listing!
Last edited by Cubby60611; 03-07-2021 at 06:46 AM..
Why is it any more unreasonable of the seller to give up X dollars than it was for you?
Because that’s the process. That’s always been the process. If there are inspection deficiencies, they get negotiated. Otherwise the property should be listed “as-is”. Why is this period in real estate so remarkable compared to any others??
Why is this period in real estate so remarkable compared to any others??
Because of short supply and high demand. Chances are good that someone else is willing to pay more than you. How long would it have taken for the house to appreciate .7% in that market? You don't have to like them but you have to play the cards you're dealt.
Details might help us give you a better perspective. What was the nature of your request? What was the defect and what was your requested remedy?
The inspection report had about 40 deficiencies, mostly minor, so the request related to three items and three items only: a dying furnace (20yrs old), a dying AC compressor (also 20yrs old), and some required chimney repairs per a chimney inspection. Total estimated cost was roughly $10K, of which I was willing to pick up half of it. So all in, $5K request on a $650K home purchase.
Because of short supply and high demand. Chances are good that someone else is willing to pay more than you. How long would it have taken for the house to appreciate .7% in that market? You don't have to like them but you have to play the cards you're dealt.
Well, one of the cards in that hand should be that a house is disclosed “as-is” if that’s the nature of the deal.
OK so those aren’t small items they’re fairly big ticket items.
Lots of sellers are reluctant to replace working mechanicals simply because they’re old.
You see it as a tiny percentage of the total purchase price. They see it as a big check (a few checks actually) they’re going to have to write. The timing is important here they’re going to have to pay this before they know if you’re going to close or not... If you are asking them to repair or replace these items.
Don’t blame the agents in these situations. Sometimes we are caught between two people who both think they are justified in their decision . We can advise, but the decision is not ours to make.
And in situations where sellers are dealing with high demand and multiple offers… They don’t need to make a lot of repairs if they have another buyer right behind you.
Last edited by Diana Holbrook; 03-07-2021 at 07:52 AM..
Well, one of the cards in that hand should be that a house is disclosed “as-is” if that’s the nature of the deal.
What you don't seem to understand is that in many parts of the country, it's a very strong seller's market. Sellers don't need to do anything, and the house will still sell. Even in my small market area there is less than a month's supply of houses for sale. I looked at the local MLS yesterday. Only 125 houses and condos that are not under contract. In a normal market that number would be approximately to 800-900.
The sellers may already have a back-up offer and it might be for more $. At that price point it seems foolish to me to walk away for an additional $10,000 total.
Why is it any more unreasonable of the seller to give up X dollars than it was for you?
My thoughts exactly. You realize the seller could just as easily saying that the buyer was unwilling to budge on 0.7% of the asking price.
Fact of the matter is that in this market, the seller has the upper hand. They'll find another buyer in no time.
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