Skip to main content

[CT] Need Advice - FTHB - Offer Accepted With As Is Rider And Nervous About Solar PPA

My wife and I have been searching for a home to buy for a few months and finally found a decent ranch we really like. Inventory has been scarce, we saw at least a dozen homes/town-homes - put in 2 offers - 1 we got out bid and 2 an offer was already accepted.

We put in an offer which was over asking on a house and it was accepted, it checks off many of our boxes, is within our range, good location, etc.

The one regret I am already having is that I did not read/understand the solar PPA fast enough before putting in and signing offer. It is a brand new contract - under 2 years and the length is 25 years. Annual increase 2.9% starting at around $170. No money down on installation so over the 25 years will cost a little under 40k. Problem is roof is turning 15 years old...

Based on the shared electric bills seller has shared for the past 11 months, they have not payed a dime which from my understanding is the panels overproduced and did their job? My concern is that the roof will eventually need to be replaced, which then there would be an additional cost to either pay off panels to be removed or pay to have removed and reinstalled. Is 10,000 a reasonable estimate for remove/reinstall, on top of roof replacement price of course.

If we would consistently not have an electric bill even through crazy weather conditions, should I even worry about this? Would it be wise or risky to renegotiate offer price? Should I ask for a sellers concession to help make up for the cost? Should I wait for inspections to finish first?

We saw the house two days in a row, put in an offer and it was accepted. All of this within 72 hours. Scheduling inspections. Any advice or food for thought I would appreciate, good or bad.

submitted by /u/M4NUPBRO
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/1r9p4xi/ct_need_advice_fthb_offer_accepted_with_as_is/
Labels:

Comments

Post a Comment

Popular posts from this blog

North Carolina – “One to Buy; Two to Sell”

I realize I will likely have to contact a real estate attorney but also hoping to hear insights and experiences from others! I have a house in NC that I bought by myself in 2009, and paid off, in full, in 2022. I got married in 2023. My spouse and I have not lived in the house as our "marital residence". We have maintained separate residences even after we got married. (That a separate topic!). I am now selling this house. Realtors have told us that my husband has to sign the deed at time of transfer but I am not convinced since the house has not been our marital residence. The realtors like to use the phrase "one to buy; two to sell", which seems like a broad-stroke statement which is not applicable under all circumstances. And of course, the realtors don’t realize the details of my specific circumstances: I purchased and paid for the house in full prior to marriage Only my name is on the deed And most importantly, we have never lived in the house as a marit...
Post a Comment
Read more

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

Co-signing as non-primary resident - effect on size of required downpayment & first time home buyer status?

Contemplating co-signing on a house with my mom and splitting the mortgage payment. I currently have a significantly higher income and much better credit than her. I'm looking at potential home costs and related downpayments but have difficulty using some of the online estimators. From my perspective, this would be somewhat of an investment purchase (I intend to stay in my current location in a different state and contribute to the mortgage), however, for my mom, this would be a primary residence. For purposes of the downpayment size and the type of mortgage arrangement, would it be an investment property or a primary residence? Many thanks for any help. submitted by /u/piercalicious [link] [comments] source https://www.reddit.com/r/RealEstate/comments/km4hvl/cosigning_as_nonprimary_resident_effect_on_size/
Post a Comment
Read more