We are in the process of buying a home and the seller accepted our offer which was 5,000 less than the asking price contingent of the home inspection. We had the home inspection and there are lots of different things wrong; Bathtub leaks (puddles) into the basement; electrical wiring is not to code and potentially hazardous but the most concerning and costly of the probs is the roof. Which has improper ventilation, signs of leakage and moisture damage, two layers of shingles, exposed nails and blotched tar. Our realtor told the selling realtor that we need this fixed before we can proceed but he felt we were already getting a deal.. We have five days to proceed with the deal or bog out but we are hoping that the seller would replace this. IF A SELLER WANTS TO SELL THE HOUSE BADLY ENOUGH WOULDN'T BE IN THEIR BEST INTEREST TO HAVE THIS REPLACED? We could request all of the other probs fixed too but my husband and I were and are willing to fix them if they pay to fix the roof.
2006-11-12 14:24:28 · 15 answers · asked by jenner76 2 in Home & Garden ➔ Maintenance & Repairs
Unless its an extremely good deal and you have lots of time to work on the house I would move on and find another house. Alot of little things that seem easy and maybe inexpensive to fix can become bigger problems later and then your stuck. Leaks can have hidden dangers such as mold and rotting wood ect. I would seriously look elsewhere. The owner may not have the money to repair it and will try to sell it as is. Back out now while you have a chance. Sounds bad enough to give up on. Put your money into a better house to start. It sounds like a money pit. Electricians,plumbers ect. are very expensive. The things you have mentioned can't be repaired later for safety reasons. My advise KEEP LOOKING...Good Luck
2006-11-12 15:10:47 · answer #1 · answered by smile4u 5 · 0⤊ 0⤋
Me and my fiance just had the same problem with a house we were trying to buy. The house we were gonna buy had lots a problems too. The next step is for you to read your contract with the realtor that you signed when you put in an offer on the house. Most of the time the contingeny has a certain price on it. For example, our contract said that if the repairs were more than $1000.00 then the seller could either fix the repairs and we would still get the house. Or the seller could refuse to fix the repairs and we could outta the contract. Needless to say our repairs sounded like your and was much more than $1000.00 and the seller was like "no way" so we got outta the contract. Now if the seller says no on fixing the house then you could get outta of the contract and come back with another offer of a much lower price. Hope this helps.
2006-11-12 22:32:08 · answer #2 · answered by DinaJ 2 · 0⤊ 0⤋
Depends on how deep the seller's pockets are and how they've committed the funds from the sale. One thing I'd be VERY leery of is mold. I own a mold prevention, remediation and DIY Mold help company and with a leaky roof, leaking bathtub and all that moisture, the house has mold...no question. Get a good inspector or mold inspector over there to take a look and have a roofing company out to give you an estimate (clue, it will be more than $5K for a new roof). Roofs are expensive buggers to fix and chances are there will be other things that will need replacing...from drywall, to insulation to structure, depending on how long the leaks have been going on and where they've gone.
2006-11-12 23:27:43 · answer #3 · answered by The Soundbroker 3 · 0⤊ 0⤋
Sounds like you guys and the owner/seller need to have a nice "sit down talk", and hash out all these items of repair. A roofing job can be expensive -- just in itself. This is the most likely reason for the hesitation -- $5000.00 could be what the new roof will cost, and the seller probably understands this. Your real problem lies with having to deal through 2 real estate agents , who are working on commission sale -- both want to make as much as possible on the sale -- this can slow things down as they try to hold out for the best price. Talk with them +++Good Luck.
2006-11-12 22:46:00 · answer #4 · answered by Spock 5 · 0⤊ 0⤋
Either require the seller to fix all things in the inspection report or have the seller drop the price down. The first is better for the buyer because the cost of fixing the house will be part of the loan.
2006-11-12 22:28:18 · answer #5 · answered by the shadow knows 3 · 1⤊ 0⤋
I don't know what state you are in, but you should be able to negotiate this into the agreement. For example, they agree to pay half the costs (or all) and deduct it from the contract price OR they agree to fix all problems within the negotiated time frame or you do not have to accept the deal. You have time to get out of it. Look at it this way - if you don't go forward with the contract, they'll have to fix the problems or lower the price to get an someone willing to buy it with all those problems. I'm sure you have negotiating power. Good Luck!
2006-11-12 22:33:48 · answer #6 · answered by itjunkie101 1 · 0⤊ 0⤋
You ask:
IF A SELLER WANTS TO SELL THE HOUSE BADLY ENOUGH WOULDN'T BE IN THEIR BEST INTEREST TO HAVE THIS (the roof) REPLACED?
They should, however, in Real Estate, many deals can be struck.
My suggestion to you is to reduce your bid on the house by the estimated amount of the repairs. The roof may be 5,000.00 alone. The seller will either accept or decline your revised offer. Either way, you need to protect yourself.
2006-11-12 23:16:34 · answer #7 · answered by Len_NJ 3 · 0⤊ 0⤋
You should get a hell of a deal even if they have to pay to have the roof fixed. The roof being damaged could lead to a lot of other problems if it has not already. Would this house still be a deal after you shell out the cash to fix all the problems?
2006-11-12 22:29:58 · answer #8 · answered by Anonymous · 0⤊ 0⤋
You never should have made an offer before the inspection. The inspoector could have found thousands of dollars worth of problems and since the seller accepted the offer they could have tried to sue you if you tried backing out.
But yes, the seller should be responsible for any and all repairs before selling. Of course this can and should raise the asking price of the property.
2006-11-12 22:28:41 · answer #9 · answered by s_h_a_r_k_k_y 4 · 0⤊ 1⤋
I've owned a house for 20yrs. I have learned many things. 1) water leaks can cause rot and mold ,very unhealthy and costly.don't even want to think of price. 2)Updating electric is very important,you over load old circuits , you could burn down your house $1500-4000. 3) Roofing ,just a roof on a average house in upstate n.y. ? $10,000 -15,000 .I hope the house is worth it.
2006-11-12 23:16:38 · answer #10 · answered by whiteglue2u 1 · 1⤊ 0⤋