This might be kind of long, but I have a lot of thoughts about this situation, and my realtor has not been very much help at all.
For some context on our situation and the driving force of my stress on this: The loan for the new home we are purchasing is contingent on the sale of our current home. My wife is receiving a physicians loan for her residency. We found out in March and she starts in June. I don't have a job lined up in the new city yet, so our loan is dependent on the sale of our current home. We are also currently under contract to purchase a home in the new city. This is in Missouri if that helps as well.
We listed our house at the end of last month on a Friday. By Saturday, we had an offer and took it immediately. Our listing price was $184,900 (I wanted to list at $190k, and the realtor talked me down.) The offer we received was for $190k but with a $5,700 seller's concession. We were okay with that. Then the inspection and appraisal came. First of all, the appraisal put the home at $188k in its current condition. The inspection found a few areas of damage to the siding, soffit, and fascia (there are just a few areas on the entire house, they have water damage due to no flashing being installed on the gutters originally.)
The buyers asked for us to replace all of the siding, soffit, fascia, and flashing on the entire house. The inspection didn't indicate that the rest of the house needed it, only those few areas. Obviously, we don't want to cover the cost of such a huge replacement, especially if the appraisal put the house at $188k and we're already getting less than that out of this house. There were a couple of other minor things they asked us to fix, like one of the windows has a broken lock and there is a board in the crawl space with a large crack in it.
I've talked to so many people about this, and they all agree that it's a ridiculous ask and that we should just say no and not adjust the price at all. Our realtor is constantly saying things like "well, they will probably walk away from the contract if you say no, and that means your home purchase in the new city will likely fall through as well. Are you willing to let that happen over a few thousand dollars?" I guess he doesn't think our house will go under contract again very quickly if we have to go back on the market?
We got quoted for the all of the siding, soffit, fascia, and flashing to be replaced at $9k. Of course, the inspection doesn't say it needs to be all replaced, just those few spots which should certainly cost less than $9k (and I don't feel like I'm exaggerating on how few spots there are. It's a nearly 1500 sqft home, and there are four areas of siding, one area of soffit, and one area of fascia, but all of the flashing on all of the gutters due to not ever being installed when it was built)
So we signed our counter last night, which my realtor doesn't seem to think they will accept, but everyone I've talked to in my family about it says that it's way more than generous considering the current market. Our counter was that we are lowering the price to $188k, keeping their $5700 concession, and adding an additional $1,300 for repairs, and agreeing to fix the window lock and the board in the crawl space.
I know that it's already signed and now we're waiting to hear back, but was this the right decision? This is honestly the most stressed and conflicted I've ever felt about anything in my life because I want to get what I feel like the home is worth, but I also don't want to have to go back on the market and lose out on our home purchase as well.
[link] [comments]
source https://www.reddit.com/r/RealEstate/comments/1cbvj65/need_advice_on_if_were_making_the_right_decision/
Comments
Post a Comment