We have a contract on our house for $25,000 less than our asking price. We found the home of our dreams and were eager not to lose it so we took the low offer. Now they are making many demands and even though the inspection came back with very minor repairs they are demanding that every single thing be done or they will back out. My opinion is that if they will really back out over a clogged drain then they were planning on backing out anyway. Better now than later. My husband thinks we should give in to everything but I think we should refuse the majority and assume they won't really walk away. What do you think!?
2007-11-19 04:17:25 · 8 answers · asked by Luv2Answer 7 in Business & Finance ➔ Renting & Real Estate
They not only received a discount off the price but they included my personal belongings in the offer and I let them have them.
2007-11-19 08:18:09 · update #1
I'd hold my ground. They've already fallen in love with the house. They've already told everyone they know about how perfect it is for them to buy and have. Let them sweat.
2007-11-19 04:25:37 · answer #1 · answered by Anonymous · 1⤊ 1⤋
You've already given them a $25000 concession. Opening a drain is one thing, but sometimes buyers think every chip in the paint should be touched up.
Don't do anymore than you want to do. Things that were out in the open, like chipped paint, do not need to be repaired.
The only caveat would be if you're going to get stuck if they back out. Then you have to weigh the trouble of getting stuck with two mortgages or not being able to get your new home, against the annoyance of having to fix a bunch of little things that shouldn't even be in discussion.
What does your real estate agent say? He or she probably has a good handle on this sort of thing.
2007-11-19 04:42:37 · answer #2 · answered by Debdeb 7 · 1⤊ 0⤋
Buyers want to buy a perfect house. They will ask the seller to fix everything that came up at home inspection and have the right to do so. Sometimes the buyer's lawyers will play hard ball and ask for everything to be fixed, sometimes they will let it slide.
They may back out, they may not. You have to come to an agreeable negotiation between you and the buyer. I don't think they are planning to back out of a contract over a clogged drain, they just don't want to have to pay to fix your mistakes and problems.
2007-11-19 04:39:18 · answer #3 · answered by SMY 2 · 0⤊ 1⤋
This happens.
If the items on the inspection are small enough then fix them. As a buyer, I would want the drain unclogged, etc.
I hope that you have a large deposit and that you had short deadlines for the inspection and financing contingency.
I would make sure that all the "demands" are in writing and presented only one time. Pick the ones you want (and if really minor like you say) and fix them.
2007-11-19 04:29:21 · answer #4 · answered by Anonymous · 1⤊ 0⤋
The buyer sounds like they are only asking that everything be in proper working order and a clogged drain certainly is not.
Sellers often have personal attachment issues that get in the way of the purchase process because they feel the house is worth more than the property is selling for and are on edge as result of a lower priced contract. I will admit there are buyers that try to jerk the chain of the sellers and are looking for a way out of a contract, but these buyers don't sound like they are asking for too much. But if you ultimately want to test the waters and try to kill your sale, all you have to do is say no to one of their requests because that is all they need to kill the contract if in fact that is their goal. If you don't want to kill the contract do agree to everything. It is all a matter of how much you want that new house.
2007-11-19 04:26:26 · answer #5 · answered by linkus86 7 · 4⤊ 2⤋
I think they’re testing you. Would you have taken them seriously if they said “It’d be really, really super if you’d fix these things, but it’s ok it you don’t?” Of course not! They got your attention by threatening to walk away. That doesn’t mean they really will.
Now you have to ask yourself if you’re willing to risk losing the deal over a few hundred bucks worth the work and go back on the market and wait around for another offer.
2007-11-19 04:28:40 · answer #6 · answered by Anonymous · 0⤊ 1⤋
It depends on how bad you want the house. They are playing games with you to see if youll budge. Sometimes you have to compromise in order to get what you want. The market sucks now I'd sell.
2007-11-19 04:36:02 · answer #7 · answered by Angelina N 6 · 1⤊ 0⤋
I think you should put your pride in the closet and fix their minor complaints. Do you want to sell the house or don't you ? If the complaints are minor and inexpensive, have it over and done with and get them handled ASAP.
2007-11-19 07:01:18 · answer #8 · answered by acermill 7 · 1⤊ 1⤋