I've felt bad about asking for $10000 at closing for repairs on a house we bought. We watched the house for a few months but didn't make an offer because it was overpriced. The price eventually came down to where it should be. When we made an offer, they said there was some minor problems with the foundation. When we had it inspected, he said there were major problems that would be very costly to fix. He said we could wait a few years before we fix it if we want. I had a few people come out an give me estimates. They all said around $8500. I asked for $10000 because I thought they would counter offer. They accepted. When the seller handed me the check at closing, I could tell she was very unhappy about it. I found out she only had the house for a few years(didn't inspect before buying) and moved out of state. She lost a lot money on it. I still feel terrible about it. I keep telling myself that if I didn't ask for the money, it would be my problem instead of hers.
2007-04-07 02:06:27 · 8 answers · asked by Ryan 3 in Business & Finance ➔ Renting & Real Estate
I think I just need to get over it. I just hate to see them get such a lousy deal on their house when we got such a good deal selling ours. In the end it was their own fault. They should have inspected it when they bought it and they shouldn't have overpriced it. They should have also made the repairs instead of making improvements inside. I was surprised too to get the check from them personally. When we bought our last house in another town, we didn't even meet the people we bought it from. In the end they got about the same they paid for it 3 years ago minus realtor fees(6%-several thousand dollars), the $10000, and the improvements they made.
2007-04-07 09:27:39 · update #1
Ryan, good heavens I wouldn't feel bad. First of all, you have to look out for your best interests in a sale, not the sellers. Noone forced the seller to accept the offer - besides the sellers probably knew that they were going to have that problem with any buyer, not just you. Whether it was you that asked for the repairs or the next buyer that had the home inspected. I am sure it wasn't just her being upset, it was probably a kick in her own rear for not getting it inspected. Don't loose sleep over it, you definately did the right thing!
2007-04-07 03:31:14 · answer #1 · answered by Beantonio 2 · 0⤊ 0⤋
Hmmm...Why were YOU getting the check from her? All moneys should have passed through escrow's hands.
And it's nothing personal, it's just business. Be thankful for a successful closing to where it benefitted you. She was probably just glad as hell to sell the house and have it off her shoulders. There are record number of homes on the market, you may have done her a favor.
2007-04-07 09:12:02 · answer #2 · answered by CJ 3 · 0⤊ 0⤋
asking for money back at closing for repairs is not unusual- you did not hold a gun to her head nor did you twist her arm- get over the feeling its done all the time. I never write a contract without asking for $500-1000 for minor repairs. Enjoy the new home.
2007-04-07 03:51:36 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You did the right thing. Don't lose any sleep over it. That's just good business practice. The seller owed you the money as part of the deal that she accepted.
2007-04-07 02:44:24 · answer #4 · answered by cottagstan 5 · 0⤊ 0⤋
No way dude. Get the work done now, before you blow the money. Who cares how the lady feels...how are you going to feel when they come in to do the work, and they say, oops did we say $8500??? we meant $18,500. Get the work done now.
2007-04-07 04:42:24 · answer #5 · answered by daniel a 2 · 0⤊ 0⤋
i could ask for gasoline money if I have been doing her a desire and going out of my way. yet i does not ask if i could have long previous through myself besides. on the different hand, i could consistently supply gasoline money if driving with a chum grow to be saving me some money. You never understand, she could desire to offer some gasoline money or she could desire to offer to purchase lunch.
2016-12-08 20:40:10 · answer #6 · answered by jowers 4 · 0⤊ 0⤋
Why are you feeling terrible for? you didn't force her to accept your offer.
What you should be concerned about is that the repairs come in under $10,000, otherwise, you got screwed.
2007-04-07 03:00:00 · answer #7 · answered by AJ 7 · 0⤊ 0⤋
no way. that's just buisiness. it was her fault for not inspecting the house well before she bought it and that in now way should effect the price you purchased the house for
2007-04-07 02:12:51 · answer #8 · answered by chicky 2 · 0⤊ 0⤋