Inspector told us it needs a new roof.?

Question

we are going to get some bids. then, i guess, the realtor presents them to the seller? how likely are they to give us an allowance for this?

Answer 1

it is all part o the negotiation of buying a house, see what the price comes back, try to get the whole amount reduced from your offer, might end up splitting the amount, or may have to eat it if the owner will not budge on his/her price

Answer 2

If you had a building inspector who deemed the roof needed to be replaced, then you should request that you receive an allowance or the roof is redone before signing the contract. However the question is have the sellers already discounted the house knowing it needs repair work. If you are buying and won't have the excess funds to buy the roof when you buy, you can have the sellers to rebate you back the funds out of closing for the roof. This will allow the sales price to be higher and generally the appraisal will be close and then you can fix the roof.

Answer 3

if your the buyer then the seller will need to replace the roof, you will not be able to get a loan on a home that has a bad roof. If you as the buyer pays to have a new roof installed then you are putting a roof on a house you don't own yet. What if you replace the roof and the deal does not close, you just gave the seller a new roof.

Answer 4

I am a mortgage lender and i can tell you that if your lender gets a hold of that inspection they will require it done before closing. they have tightened up on this a lot in the last 6 months.

Also, this should be paid by the seller but you can choose to do it yourself. I recommend that you have the seller do it because it is there problem. in today's market you are a commodity as a buyer. there are a lot of properties on the market and not a lot of buyers. take advantage of that when you go to negotiate the issue with the roof.

Good luck!

Answer 5

Well to be clear, I take this question to mean the house you wish to purchase needs a new roof? Did you write a contingent offer based on the outcome of the inspection? If so, then you can ask the seller to resolve the roof issue or walk away. If you did not write your offer subject to inspection contingency, then you can ask, but the seller is not obligated to resolve the issue. Are you not represented by your own Realtor?

Answer 6

It is common. However if you are getting a mortgage, just lower the price or get seller concessions. If put something in the purchase agreement about needing a new roof, the mortgage company will deduct that amount from what they are willing to lend. It may affect the amount of money that you will have to bring to closing.

Answer 7

I would not go with them giving you a break on selling price.
However, I wouldn't put too many demands on how they fix it.

I didn't get the property that I wanted to buy with a bad roof simply by requiring that the work be done by a company of my choice.

Either way, make them fix the roof before you buy the home.

Answer 8

If they want the sale, they'll have the roof replaced before you close or very shortly after closing, paid from seller's proceeds.

Have done this several times, both as buyer and seller. It's very common.

Answer 9

If you are the one selling, most likely you will end up paying for it, unless you are a good negotiator and knock some off the selling price to make it the buyers worth while to fix it.