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Bxgell2
Perfection
Member since 5/05 16438 total posts
Name:
Beth
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Another reality check please!
We are in the homestretch- after about a week of negotiations we settled on a price with the buyers that we could live with, and much higher than our realtor wanted us to settle at.
So they did the inspection last week- I should mention we replaced all the major systems and renovated all the rooms in the house. Not surprisingly the inspection didn't reveal much- really, two things: (1) the roof is older, about 10-15 years. The inspection report noted some areas that needed to be repaired, which are mostly cosmetic, and recommended they repair them as they felt needed.
The report also noted some venting/draining issues with the downstairs bathroom that DH built.
So the buyers brought in a roofer, who gave them a quote of $6500 to "repair" the roof (meanwhile we just put on a NEW roof, at the new house, for $10k!).
They came back to negotiate and asked for $4500 to repair the roof, and asked us to hire a licensed plumber, of their choosing, to do all the repairs to the downstairs bathroom which we must pay for.
What do you think? We already made our counteroffer, but I'm curious if we are way off the norm. As an aside, when we bought the house, only 4 years ago, the sellers gave us, I think, $2500 after the inspection revealed a few issues, and that was before we replaced all the systems and renovated all the rooms.
Your thoughts??
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Posted 5/1/11 9:39 PM  |
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Jackie24
~We Did it~
Member since 7/06 6718 total posts
Name:
Jackie
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Re: Another reality check please!
I would try and meet them half way? Congrats on getting more than your realtor expected!
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| Posted 5/1/11 9:56 PM |
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smdl
I love Gary too..on a plate!
Member since 5/06 32461 total posts
Name:
me
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Re: Another reality check please!
Get your own quotes from your own roofer and plumber and negociate from that.
If you get a quote for $2K for the roof repair (only what the inspection reported as needed to be fixed!), then you only give $2K. Or offer to have your own guy fix it.
Message edited 5/2/2011 7:41:51 AM.
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| Posted 5/2/11 7:40 AM |
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jmf423
:)
Member since 5/05 6372 total posts
Name:
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Re: Another reality check please!
I would offer them a lump sum....way less than what they are asking.
We had quite a few issues with our house. We asked for everything to be fixed (knowing it wouldn't happen) and they countered with fixing the plumbing issue that was leaking into the basement and another plumbing issue with the sink but then offerend $ for the other stuff. (and less than half of the estimate)
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| Posted 5/2/11 8:44 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Another reality check please!
where is your lawyer? What does your lawyer say?
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| Posted 5/2/11 9:46 AM |
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Bxgell2
Perfection
Member since 5/05 16438 total posts
Name:
Beth
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Re: Another reality check please!
Posted by Blu-ize
where is your lawyer? What does your lawyer say?
I am our lawyer  I have quite a bit of experience in real estate law, so I handle everything for us.
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| Posted 5/2/11 10:08 AM |
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babymakes3
Almost there!
Member since 7/06 7376 total posts
Name:
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Re: Another reality check please!
I'd maybe settle for the plumber but I wouldn't budge on cosmetic repairs to the roof.
They are buying a older home, not a brand new one from a builder.
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| Posted 5/2/11 10:28 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Another reality check please!
Posted by Bxgell2
Posted by Blu-ize
where is your lawyer? What does your lawyer say?
I am our lawyer I have quite a bit of experience in real estate law, so I handle everything for us.
What's your feeling about the deal?
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| Posted 5/2/11 10:37 AM |
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Bxgell2
Perfection
Member since 5/05 16438 total posts
Name:
Beth
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Re: Another reality check please!
Posted by Blu-ize
Posted by Bxgell2
Posted by Blu-ize
where is your lawyer? What does your lawyer say?
I am our lawyer I have quite a bit of experience in real estate law, so I handle everything for us.
What's your feeling about the deal?
I have pretty strong feelings, but our realtor keeps fighting us that we're being unreasonable, which is making me doubt myself a little.
I think their request for $4500 for the roof is absurd. The inspection report noted that they are mostly cosmetic and should be repaired on an as-needed basis. Yes, it's an older roof, and they will have to replace it at some point down the road, but at the moment, there are no issues, no leaks, no problems at all with it. That's simply par for the course in buying an older home that some of the systems/areas will need to be replaced at some point.
For the basement bathroom, I realize that it's an issue, and should be fixed, but we have neither the time, nor the desire to fix it, nor will I concede to using a contractor of their choosing, given the variances in estimates out there. So, we offered $2k off the purchase price of the house, which I think is more than generous.
But when we told that to our realtor, she almost blew her lid off. Her sense of desperation to get her commission out of this sale is palpable - WE aren't desperate, and I don't want HER desperation to impact how we proceed.
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| Posted 5/2/11 10:51 AM |
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KittyGags
LIF Adult
Member since 7/09 5614 total posts
Name:
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Re: Another reality check please!
I'd get another estimate (theirs is likely inflated) and go from there.
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| Posted 5/2/11 11:22 AM |
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Re: Another reality check please!
If the repair for the roof is only for cosmetic purposes I definitely wouldn't give hem anything. If there is leaking issues then I would meet halfway with them. The roof has at least another 10-15 years before it needs to replaced anyway. Those buyers may move before then.
Maybe bring in a pluming inspector or a plumber of your choice and look at the drains.
As far as cosmetic repairs inside the home, I wouldn't give them a dime, unless there is a hole. Then I would patch the hole properly and call it a day.
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| Posted 5/2/11 11:23 AM |
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NoStressMom
My Heart and Soul
Member since 5/05 11122 total posts
Name:
D
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Re: Another reality check please!
Posted by JerseyMamaOf3
If the repair for the roof is only for cosmetic purposes I definitely wouldn't give hem anything. If there is leaking issues then I would meet halfway with them. The roof has at least another 10-15 years before it needs to replaced anyway. Those buyers may move before then.
Maybe bring in a pluming inspector or a plumber of your choice and look at the drains.
As far as cosmetic repairs inside the home, I wouldn't give them a dime, unless there is a hole. Then I would patch the hole properly and call it a day.
I agree
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| Posted 5/2/11 12:37 PM |
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Bxgell2
Perfection
Member since 5/05 16438 total posts
Name:
Beth
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Re: Another reality check please!
Posted by NoStressBride
Posted by JerseyMamaOf3
If the repair for the roof is only for cosmetic purposes I definitely wouldn't give hem anything. If there is leaking issues then I would meet halfway with them. The roof has at least another 10-15 years before it needs to replaced anyway. Those buyers may move before then.
Maybe bring in a pluming inspector or a plumber of your choice and look at the drains.
As far as cosmetic repairs inside the home, I wouldn't give them a dime, unless there is a hole. Then I would patch the hole properly and call it a day.
I agree
That's basically what we did - we have never had an issue with the roof, and it is mostly cosmetic, so we didn't offer a dime for it. Instead of bothering with estimates for the downstairs bathroom, we just offered them a lump sum of $2k off the purchase price.
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| Posted 5/2/11 12:38 PM |
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Re: Another reality check please!
Usually, if something needs to be repaired (e.g., a draining issue with your bathroom), the seller has the option of fixing it instead of giving the buyer $ for the repair. If I were you, I'd get a plumber in there to fix it and certify that it's fixed, and then that's done. Any plumbing issue ought to be addressed.
As far as the roof -- generally, sellers only need to address it if it's leaking. If the roof is ok and doing it's job, the seller generally doesn't need to give the buyer anything (even if it's old and doesn't look great). That's normal wear and tear on a house -- things in the house eventually need to be replaced, depending on where they are in their life cycle. If the roof is older and has cosmetic flaws, that should have been visibly apparent to your buyers and they could have adjusted their offer accordingly.
All that being said, if these buyers have offered more than you thought you could get (or were told you could get) for your house, you might want to be a bit more "giving" than usual on these issues (esp. since there are only two) to keep the deal. Maybe you could negotiate to pay some of the requested $4500 for the roof, even though you don't technically have to. It may be a small price to pay to get top dollar for your house!
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| Posted 5/2/11 1:36 PM |
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