Offer Accepted but Property Inspection problem

[NassirNathoo]

Hell Team,

My offer was accepted on a property in Barrie. I looked at the property after our bus trip.
Listed price = 239900$
accepted = 226000$
It is 2 Storey and 4 bed.

Problem; inspection done yesterday: Roof problem, window probably, desk uninstable. outside crack on foundation but patched inside.

We are ready to sign mutual release based on these issues.

I have asked the agent to ask if they are willing to fix the roof and the above. They may.

Did you run in this situation and what would you do?

House is 36 years old.

thanks
nassir

 

[AndreiAngelkovski]

Hi Nassir,

I would consider asking your realtor about other similar comparables to determine if your accepted price is already discounted by the issues you`ve mentioned.

Also, how much are you asking the sellers to discount their price? In my opinion, it is not fair to ask for a full price reduction of all those issues. Perhaps you could ask your realtor to negotiate some middle ground.

Just a thought.

 

[Dan_Eisenhauer]

When you ask an owner to fix the problem, often the owner will have cheap shoddy work done, work that you later need to do again.

Ask for an abatement of $XXX and then do the required work to your standard. Many parties to a transaction split the cost of these repairs 50/50, but the amount will be up to the two of you to agree to. If you don`t ask, you don`t receive.

The other side of the coin is also true. The Vendor may simply say, "No." You had better decide on what your Plan B is if that happens.

 

[Thomas Beyer]

unclear is if you already waived the final condition !

If you did not, you can walk away or waive the final condition and ask for a price reduction that pays you for your required work. Estimate the work required, and then ask for 25-30% more than this cost in a price reduction to cover your work/pain/uncertainties.

You send the seller a final condition waiver that states:

The condition in clause _________ of contract dated ______________ MLS # ______________ is hereby waived.

The price is hereby reduced by ______________________ to __________________.

All other terms remain in effect.

If signed by both parties, this is now a final contract.

Signed

Seller __________________________

Purchaser _______________________

 

[NassirNathoo]

Thank you all. Much appreciated.

-Nassir

QUOTE (thomasbeyer2000 @ Nov 14 2008, 11:26 AM) unclear is if you already waived the final condition !

If you did not, you can walk away or waive the final condition and ask for a price reduction that pays you for your required work. Estimate the work required, and then ask for 25-30% more than this cost in a price reduction to cover your work/pain/uncertainties.

You send the seller a final condition waiver that states:

The condition in clause _________ of contract dated ______________ MLS # ______________ is hereby waived.

The price is hereby reduced by ______________________ to __________________.

All other terms remain in effect.

If signed by both parties, this is now a final contract.

Signed

Seller __________________________

Purchaser _______________________

 

[gwasser]

With "Desk Uninstable" I guess you mean "deck unstable"?

Cracked basement, is this a shrinkage crack or structural?

You got 14000K below list price, that is respectable but not sensational. A roofing problem, a foundation problem plus a deck that is unstable sounds very costly to me. There probably are better deals in the market. I suggest you walk away if you can - especially if you have no construction experience.

 

[NassirNathoo]

Hello,
Tried to negotiate and the seller only provided 1k lower. Based on the work required plus time required, i did not go with the property.

Thank you again for your support.
Nassir

QUOTE (gwasser @ Nov 14 2008, 11:50 AM) With "Desk Uninstable" I guess you mean "deck unstable"?

Cracked basement, is this a shrinkage crack or structural?

You got 14000K below list price, that is respectable but not sensational. A roofing problem, a foundation problem plus a deck that is unstable sounds very costly to me. There probably are better deals in the market. I suggest you walk away if you can - especially if you have no construction experience.