After inspection of my property/home we found that that are over $20,000. in updates we need to do.?

Question

What is too much to ask for allowence twords the updateing that needs to be done.
He is already paying $8000 in closing.
He has already agreed to fix a/c unit in home, Because it is broken. He said either he would give us a allowence tword it or would have it fixed.
My husband is a plumber and is very handy, I know most of the work he can do himself, or knows someone who can.
The relectrical work if we hired someone to do it all would cost about 10- 15,000. but we could do about half the work ourselves and maybe spend 2 or $3,000 for the whole job.
The roof needs to be replaced. It will cost about $8,000.

what is to much to ask for from the seller to help update the home? as of now the wiring is a fire hazard, but most of the homes in the neighborhood have the same type of wiring and roofs( which the shingles were stapled in but there are no leaks as of now.

Im paying $240,000 for the home, and all the homes with the same issues are going for the same prices.
The home is in great shape and is perfect for us, We really dont want to back out.

Im paying $240,000 for the home, and all the homes with the same issues are going for the same prices.
The home is in great shape and is perfect for us, We really dont want to back out.

Answer 1

I say find another house .. but I thing 10,000 to 14,000 would not be too much to start with and then he will come back with how much he is willing to pay and that will give you a range. Just negotiate until it is right for both parties ..

Good Luck!

Answer 2

If the seller or the broker is telling you the other houses in the area are the same, don't believe it. Talk to the neighbors, look at the tax info in the town hall check out the local housing inspector and board of health inspector or whoever inspects these homes. The electricity sounds like it should be difficult to get a certificate of occupancy for the house, and the roof may not meet code. Both situations would make the house uninsurable or, if insured, would lead the insurer to deny payment if either condition caused a loss.

I you can afford the loss of $240,000 and start all over again, go ahead, but that's what you risk.

Answer 3

I am a Realtor and I agree with the first poster, it is best to find another home. The only exception would be if you were getting a great deal on the house that would compensate for the work needing done... Those inspections will scare the jeebies out of you until you look closer and find some things aren't a big deal. Electrical, structural, plumbing are major issues. Missing GFCI outlets, no big deal.

Now what you have to watch out for is.... will the house appraise for the loan amount (if you are getting financing). A bad roof will affect its appraised value.

I had a client that didn't take my advise when I told him to move on.... 20 days after closing, his insurance company cancelled due to the roof.

If the other homes with the same condition are going for the same price, a lot of folks aren't being smart. Just because the new owners don't have a problem with an inferior home doesn't mean you have to accept it.

Answer 4

Are these updates or things required to make a house pass a home inspection? Obviously the A/C unit repair wasn't needed to pass a home inspection. The roof and electrical work will be a different issue, your lender probably would red flag these issues and not fund a loan for a house with a bad roof and wiring.

Everything is negotiable. Obviously the home owner is open to negotiate since he was going to give you an allowance toward repairing the A/C.

Answer 5

Do you mean updates or repairs? Well, in any case, your question "was what is too much to ask," right?
Nothing is too much. You can ask whatever you want and the seller can agree to all your demands or to some of your demands, or to none of them.
Ask, negotiate and come to a mutual agreement, but all negotiations must be in writing. That's it.

Answer 6

There are other homes and perhaps the seller will come off there price when you back out. Perhaps you can meet the seller 1/2 way if you really love this home.

Best to you.

Answer 7

The proper number is the actual retail price of the repairs. If you do some of the work yourselves, you are earning the difference between cost and retail, which is appropriate. You need to construct a schedule of all needed work, and cost it out, add it up, and see if the seller will bite. If not, it is probably time to look elsewhere.

Answer 8

depends on a few things... is it "the house" you "must have"?

did you get a good price (below market) to start?

what are you willing to pay?

maybe splitting the difference is a compromise you are willing to make... if so... start by asking for the $20K and negotiate...

good luck...