On the home inspection, there were a few big things to fix (waterproof a crawl space (ASAP), replace a roof and roof top deck (soon)) and they cost 5K-7K each.
2006-12-06 11:40:36 · 10 answers · asked by theonlysandman 2 in Business & Finance ➔ Renting & Real Estate
That's the whole idea with doing the inspection! To either renegotiate the price, or walk away from the deal if it's too much.
Keep in mind that the lender is likely to require that the work be done prior to funding the loan. If the owner agrees to lower the price but refuses to get the work done you may need to get a contractor to do the work prior to closing and add that cost to the loan.
2006-12-06 13:31:23 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
the first question to ask yourself, after the inspection is......
Do you still want to buy the house, knowing what you now know? If so then you have a number of options, if not, your contract likely has a method to collapse the contract and move on.
Keeping in mind that you have a contract in place, any change to the current terms and conditions of the contract open the contract and may allow the seller to change their options as well, as they may say no to any and all of your requests, and could demand other considerations.
Having said that, if you have determined that you do want to go forward with the purchase, provided that the seller makes some adjustment to the contract, let say in the form of fixing the problem (either by reducing the price, or by doing the work or a combination of both).
To expect the seller to pay for all the work is often not reasonable, as most homes would have had some degree of wear and tear and reduction in expected life cycle ofr the typical issues (mechanical equipment, roofs, flooring etc.)
So it would be reasonable to propose a compromise, in good faith and good intent, that you can life with, if this is not met and or agreed upon by the seller, you can decide with direction to go.
I have found over the years that most sellers are of good moral and good intention, equally to the intentions and good moral as the buyers, so as long as each party wants to go forward, you will likely come to a workable solution.
In my experience it is often the agents that get their respective ego's in the way of making a possible solution work, just because they want to win some sort of artificial negotiation battle. so don't be surprised that you will experience some friction, but again with the right intention and mind set you can make this work.
One of the key factors to remember, as a strong position for you, that now that these issues are known to the seller (who likely did not know them until the inspection) by law the listing agent and the seller are obligated to disclose these items to any future buyer, and therfore will affect the saleability and potential sale price for the property, if you end up not buying the property.
It may be that at some point you feel the process is getting to complicated or just won't work. Don't worry, this so called once in a life time opportunity and dream home, comes about .... once a month.
There is always another home, and opportunity for you, so don't worry about the outcome, and besure not to get too attached to the outcome either way.
I am sure your agent will have pointed out some or all of the points that have been offered to you in all the answers you are receiving, good agents can make a big difference in how your current and future home buying experience will proceed, and you finding your dream home.
Good Luck
and Happy Home Hunting
2006-12-07 02:37:01 · answer #2 · answered by peterpfann 3 · 0⤊ 0⤋
Yes you can and you should.
House problems like these are majjor financial drains and take away greatly from the sale-ability of the house. You can also request that the seller fix these problems at his expense (and up to code and probably subject to a re-inspection) before the sale goes through.
jWould you pay a seller's asking price for a car that is supposedly in drive-able condition, drive it off the lot, then find out down the street that the tire fell off or the door was hanging by its hinges? No. The car is seriously defective and these problems are not cosmetic--a scratch, a ding, a dent.
You'd take it back and get your money back and any court in the land would support you (unless you actually agreed to buy it at a certain price "as-is") Sane with a house, a major purchase. Don't cheat yourself or let yourself be cheated out of value for your hard earned money.
2006-12-06 11:50:10 · answer #3 · answered by Anonymous · 0⤊ 0⤋
CAN you request it? You can always request anything you want, anytime you want.
SHOULD you? Depends on your contract and whether or not you intend to do any other negotiations.
WILL THE SELLER DO ANYTHING ABOUT IT? That really depends on your contract. Do you have an "out" if he doesn't? Is this normal procedure in this market area?
BTW - Although many market areas use an "Option Period" specifically for inspections, I've never heard of a contract that allows the seller to go with a different buyer just because the first buyer asked for some repairs. The seller can say no to the request, but then it's up to the buyer to decide whether or not to stay in the deal.
2006-12-06 16:51:20 · answer #4 · answered by teran_realtor 7 · 0⤊ 0⤋
As long as you didn't accept the property as/is and you are in your inspection period you can ask that the seller either reduce the sales price, make the necessary repairs by a insured repairman or ask for a credit for X amount of dollars at the time of closing. The Seller will either accept or reject it.
2016-05-23 02:10:28 · answer #5 · answered by Anonymous · 0⤊ 0⤋
I think you should ask for a price reduction. The sellers may or may not oblige you. Sometimes differences like this can be split in the middle. You can always just find another house to buy that does not have such expensive problems. Remember also, that in the meantime the sellers are free to accept another offer on their house.
2006-12-06 12:33:57 · answer #6 · answered by papricka w 5 · 0⤊ 0⤋
Imho, you should just drop the deal right now. At the home inspection (we just went through it) if your RA wrote up the contract correctly, you can walk away from the deal with no strings attached within a few days of the home inspection.
For me, there were two instant deal breakers: leaking roof and not pet friendly. I told them up front that if we found either of these two we would walk away immediately.
2006-12-06 11:50:12 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Yes, absolutley! You can also ask for money towards your closing costs, or you can ask them to do the repairs before the sale is finalized. With the items you just mentioned, I would request $15,000-$20,000 off the price, the repairs to be completed by a certain time frame, or $10,000 cash back at the close of escrow. Good luck!
2006-12-06 11:50:46 · answer #8 · answered by breannaat 1 · 0⤊ 0⤋
Absolutely!!! That would be the smart thing to do! First of all, typically if your are going to apply for financing, any structural damages on the home must be cured before you can close. The appraisal report will indicate the amount to cure and will indicate a "subject to" (to repairs) value. Until that "subject to" is satisfied, only then will they allow closing! Unless of course you are applying for a "rehab" loan. (FHA 203k Rehabilitation).
These repairs you have mentioned are major repairs so I would highly suggest getting it repaired first.
2006-12-06 12:09:25 · answer #9 · answered by ALEGNA 3 · 0⤊ 0⤋
of course you should. house inspection is done for this purpose. having said that it is negotiable and some inspectors have a tendency to exagerate the estimates to cover their ***.... if you know a house contractor ask him his view about the cost and tell him you will give him the job if you buy the house. good luck.. dont be screwed....
2006-12-06 11:45:45 · answer #10 · answered by Miss Debout 2 · 0⤊ 0⤋