My husband and I are in the process of buying our first home. We have found a house that is great for us in many regards: right size, right neighborhood, right schools, super comfortable, and perfect size for a growing family. And, the price is right. But we're concerned: the house still has its original furnace and central AC (house was built in 1968) and the roof is 17 years old. How worried should be be about this? If they refuse to address it, is it worth walking away over? Any help is welcome.
2007-03-13 09:01:20 · 7 answers · asked by lawyagrl 1 in Business & Finance ➔ Renting & Real Estate
As long as all of the above items pass the "Home owners Inspection", they aren't considered seller fix it items.
Typically only section 1 /pest items fall under the home owners responsibility, however anything is negotiable.
Your Agent needs to do their job and really research the comps. Do the comps. support this purchase price considering the roof, furnace,and A.C. issues...or does the seller need to come down on his price???
As a Real Estate Investor I won't purchase a home that old unless it's at least $30k under fair market value b/c there are always issues/financial set backs that come to light as soon as the house is yours and it's a done deal.
2007-03-13 09:25:10 · answer #1 · answered by Anonymous · 0⤊ 1⤋
Simple simple solution. Have YOUR agent write an addendum stating that the seller will purchase a home warranty on the property. This will cover you for one year and then you need to renew it. So, if the air or furnace goes the home warranty will cover it. Make sure the roof is covered too. Your agent should know and should have done this in his original contract to the sellers. Just remember to renew it ever year so you are covered should anything go wrong.
2007-03-13 21:27:10 · answer #2 · answered by sylviavnpttn 5 · 0⤊ 0⤋
Dont walk away, just ask for a lower price....get ballpark figures from the guy that did your home inspection....
A roof and furnace/ac each take a day to install....if the house is otherwise perfect, just ask for a concession on price.....im sure they will budge on the 1968 furnace...the roof, maybe not, but the furnace yes.
2007-03-13 16:05:24 · answer #3 · answered by Anonymous · 0⤊ 1⤋
All comes down to price. If the price is right you have a cushion to deal with these items yourself. If the roof is not leaking and there are no issues visible or at the home inspection 17 years is not a big deal. I don't recommend them, but you might also consider splitting the cost of a home warranty to cover these items at closing
2007-03-13 16:06:03 · answer #4 · answered by wizjp 7 · 0⤊ 1⤋
I deal with this all the time, it isnt a dealbreaker.
Ask your agent to negotiate either:
For a home warranty for a year (about 300 bux)
or
Ask the seller for new a/c and heat and/or a new roof. If they counter offer, then either split the cost with them by adding 1/2 or all the cost to the price of the home and have them return the funds to you at closing to pay for them.
Good luck!
2007-03-13 16:40:07 · answer #5 · answered by Mark P. 5 · 0⤊ 1⤋
Those things will need fixing eventually just figure out what the house is worth to you, make an offer and keep on looking
2007-03-13 16:06:14 · answer #6 · answered by lorraine 2 · 0⤊ 1⤋
Anything that you or a qualified home inspector has found wrong or in disrepair in the structure should be fully covered in your offer to purchase, and if you haven't specified as such, you may just be stuck with what you get. Don't take verbal promises for good,either. get everything in writing.
2007-03-13 16:07:15 · answer #7 · answered by mrfixit64857 2 · 0⤊ 1⤋