Skip to main content

Asking for repairs you were aware of prior to making offer - where's the line?

Alright, I'm going to be honest. My husband and I started looking for homes (first time home buyers) and found one that was ridiculously perfect for us in the neighborhood we wanted to live in and got a little attached. They provided multiple inspections up front (WE GOT OUR OWN, not -that- stupid) and issues were there but it didn't seem like anything major.

This house has been chilling on the market for a while (4 months) sellers are now living out of state. We put in an offer that included sewer line repair, covering our closing costs, and a bit off the top for the other issues (electric panel, water heater). Because we put in a very modest down (3%) I included a letter to woo them/convince them we were serious.

Shit got weird fast. Agent said sellers were getting a counteroffer together but it wouldn't be ready until the next day. FOUR offers came in, one cash for list, one 10K above asking with almost no contingencies beyond the standard inspection/appraisal. Other two tried to low-ball. Even our agent was like "wtf" but verified the offers were real.

Our letter apparently worked because they gave us a counteroffer that tacked on the closing costs we were asking to have covered onto the sales price (putting us at a hair below list). They agreed to pay for the sewer line repair after closing via escrow (they live out of state and can't really be there to deal with it).

To put the maybe bidding war into perspective this isn't an expensive town to buy a home in but a bunch of big film companies have set up shop here in the past year. Home prices have been squirrelly and there's a crush of California money coming in. If we're gonna get bang for our buck now's the time, it's about to get shitty.

We got the inspections, nothing huge and new but a couple things:

  • the electric bid they got came in under ours by 2K.
  • superficial termite damage and dry rot (treated, deemed A+ by our termite inspector) however they did not deal with the debris in the crawlspace. There are form boards that need to go. They had termite damage but there was none on the beams, since sealed.

I'm spooked by the cash offer so dont want to ask for too much but feel it's reasonable to ask for the overhead on the electric bid (done by someone I work with regularly and trust). I don't really know what I should ask for getting the form boards dealt with. I'm also wishing I had asked for a termite bond. The damage was very superficial (I come from Florida where termites are just something to be dealt with) but I'd still like the peace of mind.

In the end we love the home, it feels totally solid, and is a bit of a weird gem. Built by a locally renowned builder in 1961 and kept mostly original, classy mid-century AF. Brand new roof, less than six months, with warranty, new windows, 4 year old furnace with ducting. Owners were well-heeled CFOs (should have the damn sense not to be negligent), childless, and have lived here for 30 years. They had a structural done by a good friend of mine, he said he thought of making an offer. The worst things about it are the ancient appliances (90s, fridge is new) and it's in a funky neighborhood but one we love and have lived in for 8 years.

We can afford it. As of today our mortgage would be less than 12% of our income. We don't have a ton of cash right now but managed to save our down in less than 4 months, we ain't hurting. I'm just worried about rocking the boat but also feel like I was a bit cavalier in accepting the counteroffer so fast. It's also 25K under initial ask.

Thanks for slogging through my wall of text. I'm just freaking out because this is huge.

submitted by /u/rkfrito
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/ex1z2e/asking_for_repairs_you_were_aware_of_prior_to/

Comments

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...

How to Avoid Property Scams in Delhi?

Here’s What You Should Know! Commercial Real Estate (Non-Residential) Buying a property in Delhi can be tricky, especially with all the stories about scams and shady deals. If you're in the market, here are some tips to keep yourself safe:Double-check the documents: Always verify ownership and approvals. Don’t just take someone’s word for it—look at the actual papers. Do your homework on prices: Compare similar properties to avoid overpaying. A little research can save you from a bad deal. Work with trustworthy people: Whether it's a seller or an agent, go for someone who's transparent about pricing and the process. If they’re dodging questions, that’s a red flag. Ask for reviews or references: If someone you’re dealing with has a good track record, they won’t hesitate to share testimonials or connect you with previous clients. I’ve noticed that some property services have started focusing on things like verified listings and clear communication, which makes the whole proc...