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Bxgell2
Perfection
Member since 5/05 16438 total posts
Name:
Beth
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Need your opinions
The buyers completed their inspection and the big ticket items were the following:
High Radon levels
A/C air flow is insufficient in 2 bedrooms
Some electrical work needs to be replaced
Older furnace
The buyer chose the negotiation option in the contract for all items discovered during the inspection. Instead of fixing the items, we offered a $4,500.00 credit at closing. The buyer is demanding $6k and won't back down. I think the buyer is being ludicrous in demanding that much.
We have an estimate for the A/C which is about $1,200.00. Radon ventilation usually costs another $1k, and the electrical is probably another $1,500.00.
What do you think? Am I being unreasonable? I thought this was supposed to be a NEGOTIATION, not a demand that the seller cover the costs for all major repairs?
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Posted 5/16/06 8:03 PM  |
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Prudential Douglas Elliman Real Estate
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: Need your opinions
what I would do is get some estimates emailed to you and show them to the buyer.
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| Posted 5/16/06 8:09 PM |
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danielleandscott
My new 71 Super Beetle
Member since 5/05 13476 total posts
Name:
Scott
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Re: Need your opinions
You found Radon in your house? I thought there was no Radon in NY
Scott
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| Posted 5/16/06 8:25 PM |
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Bxgell2
Perfection
Member since 5/05 16438 total posts
Name:
Beth
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Re: Need your opinions
Posted by danielleandscott
You found Radon in your house? I thought there was no Radon in NY
Scott
We live in PA
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| Posted 5/16/06 8:25 PM |
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Suzan
LIF Adolescent
Member since 5/06 754 total posts
Name:
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Re: Need your opinions
If he is demanding 6k, maybe you should have the things fixed since it would cost you alot less.
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| Posted 5/16/06 8:51 PM |
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kms717
St Philomena Protect My Son
Member since 2/06 2747 total posts
Name:
Kelly
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Re: Need your opinions
Posted by SweetestOfPeas
what I would do is get some estimates emailed to you and show them to the buyer.
Good idea
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| Posted 5/16/06 9:31 PM |
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Susan
Loving Mommyhood!
Member since 5/05 2391 total posts
Name:
Susan
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Re: Need your opinions
Oh No!  You already gave that house away at a much lower rate than you could've gotten! If he doesn't accept the lower amount, maybe you can get it done at the cheaper rate like someone else suggested. How annoying!  
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| Posted 5/16/06 9:46 PM |
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MommaG
Yay Spring!
Member since 5/05 5133 total posts
Name:
Gloria
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Re: Need your opinions
I always thought "negotiation" meant that money would be taken off the price as opposed to you fixing what was wrong. I didn't think it meant that they had to accept your estimates for the repairs.
I think if you forward your estimates, they may be more reasonable. If not, then suggest to them that you get those items fixed - it will be more of a hassle for you but cost you less $$$.
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| Posted 5/16/06 10:24 PM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19461 total posts
Name:
L
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Re: Need your opinions
I would call local places and haver them fax over estimates and then provide the faxed estimates to the buyer so that he can see that the total cost will be X. The buyer may want a cushion in case some of the repairs cost more than the estimates. The most I would go over estimate is $250 in total. I can understand why the buyer would want to have the repairs done himself rather than have you have them done though. To me, those are more than minor issues.
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| Posted 5/17/06 9:21 AM |
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anon
where's winter?
Member since 11/05 2209 total posts
Name:
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Re: Need your opinions
Posted by Suzan
If he is demanding 6k, maybe you should have the things fixed since it would cost you alot less.
if you throw out this option sometimes buyers will back down. this is exactly what happened with us. we went in with a high number for a credit, seller came back with what we knew was ridiculously low (not saying that this is the situation in your case). if they would have offered to fix it, we would have said "no way" and just taken the $$$.
ETA: i would also question the older furnace. when we bought our house our attorney stated that the 12 year old water heater wasn't really a good negotiating point because unless it's broken it falls under natural "wear and tear" and should have been taken into account when we made the initial offer.
Message edited 5/17/2006 9:59:00 AM.
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| Posted 5/17/06 9:54 AM |
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patti08
Happy
Member since 5/05 3893 total posts
Name:
Patti
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Re: Need your opinions
How much are you in a rush to sell the house?
If you feel that $4500 is fair, and it sounds to me like it is. Then let them walk away.
If you are under time constraints in the long run is $1500 worth the hassle of waiting for a new buyer? How strong is your current buyers offer? Did they offer a large downpayment? Are they preapproved?
Third try...offer an amicable $5250 and leave it in the buyer's hands. That would be MORE than fair on your part.
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| Posted 5/17/06 10:34 AM |
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paulandles912
My children are a blessing!
Member since 5/05 2598 total posts
Name:
Leslie
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Re: Need your opinions
Posted by danielleandscott
You found Radon in your house? I thought there was no Radon in NY
Scott
Sorry to hijack your post, but yes there is Radon in NY. My girlfriend lost her sister last year to lung cancer due to randon poisoning and she lived in Suffolk.
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| Posted 5/17/06 12:55 PM |
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Bxgell2
Perfection
Member since 5/05 16438 total posts
Name:
Beth
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Re: Need your opinions
Thanks for all your replies! Well, the furnace is older, but we've never had a problem with it and the inspection found no problems either, it just noted that it is older and will have to be replaced down the road. But the buyers are paranoid that it will break down and want to cover their butts by asking for $6k, which is a number they pulled out of the air. So, we stood firm, came back with $4,500.00, or, we gave the buyer the option to arrange for estimates for the furnace, a/c and radon and to negotiate based on the estimates. The buyer opted for the money so we're done! I don't know why he was so concerned about the furnace - we're giving them a 1 year warranty that they can extend if they want, and it will cover the furnace if it breaks down.
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| Posted 5/17/06 5:32 PM |
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