Skip to main content

Negotiate a lower cost or ask for closing credit?

There’s a home in a prime location in the city that was initially $450k but went down to $390k - I offered $370k & they accepted. Turns out the house has problems. The AC is extremely old, the roof is leaking (need to replace the whole roof), and there might be a foundation problem (contractor apparently said it was fine, but there was an evaluation done from my realtor who hired someone they know that I wasn’t initially aware of). Then there’s little things like sinks are broken, floor is worn out, & other cosmetic issues.

The home itself is in a super good location (all the homes around are way over $400k and some million dollar homes in the area).

At a first glance, the house is gorgeous. High and soaring ceilings, and it has a lot of space. For a house in the city, it’s 2.5 sq ft and has a small backyard. The flooring is real wood so I’m thinking of restaining it.

I’m just not sure if it’s worth the repairs. Apparently the seller did not do any maintenance on the home hence why the condition isn’t the best.

I was thinking of trying to get another $20-$30k off or in closing credit, though that might be ambitious. I’m not sure how to navigate. First time home buyer here!

submitted by /u/lovelie-tiramisu
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/z1vcu4/negotiate_a_lower_cost_or_ask_for_closing_credit/
Labels:

Comments

Post a Comment

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...
1 comment
Read more

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...
Post a Comment
Read more