Hi! This is my second rental property but its entirely different from the first one since this is a duplex in north jersey and an old house. The house is made of brick and 120 y/o. The house has been sitting in the market for over a year. Its started at 750K to 629K. I negotiated it down to $615k knowing that there wont be any major repair. I had the inspection done and it shows lots of major repairs eg roof need replacement, electrical issue, some broken windows, foundation cracks needs some filling, pavement/driveway cracks. I tried to negotiate to that seller for more than a week. The seller is very cheap and wanted to only give $1,000 credits. I asked for $20,000 credits. I terminated the contract and the day after, the seller reach out and agreed to give $15,000 credits. I’m asking if that credit is going to be enough to cover most of the repairs related to the location of the house which is in north jersey? Also, I read that its advisable to do sewer scope inspection since the house is old. I’m not sure if its going to be worth it. But I’ve seen houses that are much worse and older. I agreed to the 15,000 since that was my counter offer before terminating the contract. Is it still possible to renegotiate the repairs amount if I will get an estimate from The roofer, masonary and window installation company? Anyone can give me a ball park how much is it going to cost? Thanks in advance.
realestate #northjersey
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source https://www.reddit.com/r/RealEstate/comments/14lzsqt/seeking_advice_on_how_to_negotiate_prior_to/
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