Here is some background information:
The house was for sale for 399k and comes with a pool, and an inlaw suite. The only home available in the area that suits my every need, all other homes I looked at are severely lacking.
The pool is in shambles and the seller said it was an estimated 20k to fix.
I offer 360k cash buy, to cover the pool, some slight renovation costs (it seems they tried to update the home and ran out of money, so it's not in perfect condition) and also the fact that its cash and not a mortgage.They accept the offer pending inspection, and here is what was discovered in the inspection:
There is no working heat on the main floor (it's multi level heating)
The heat in the basement isn't installed and the basement as a whole is only partially finished(it was advertised as a complete finished basement)
The septic tank is cracked and needs repair.
The roof is the original roof, around 27 years old. Apparently it's on its last legs and will need to be replaced within a few years at most. (it's a 2500 sqft roof)
The oil heating tank is a rusted disaster and needs to be replaced ASAP .
The deck in the rear is leaning left and needs to be renovated or replaced due to the inground pool basically caving in on itself due to neglect.
The dishwasher in the inlaw suite isn't working.
These are only the MAJOR issues. The fact that they were asking 399k for this home is mind boggling. It's one of the highest priced homes in the area too. For that price I expect a completely finished, ready to move in, turnkey home. But, I don't want to walk away because it's perfect for every need that I have. So I'm here for advice, because I think I have the power here in terms of negotiation. There's no way that with this inspection in public record that they will ever sell this house at anywhere near what they are asking for it without completely fixing it up. So they have 3 choices in my mind:
1.) They fix EVERYTHING and I won't take a penny off the offer (I'll even take care of the pool cost myself)
2.)They take off at LEAST another 50k (my agent said I can probably ask for even more off the price)
3.) They risk losing a buyer and have the house on the market for even longer (its been on for about 7 months) And the longer they wait, the worse the condition of house gets and the less money they can make, perhaps even have to sell at a loss.
Do you think I have a strong case here? Again I DO NOT want to walk away as I love the potential of the house, but I am not paying what they want it for. So any and all advice other than walk away is welcome.
Thank you for all your input!
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source https://www.reddit.com/r/RealEstate/comments/fb44g3/just_got_my_inspection_report_for_pricing/
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