richard, Home Owner in New Jersey

I AM IN THE PROCESS OF LOSING A POTENTIAL BUYER BECAUSE OF AN INSPECTION REPORT WITH ISSUES; ROOF AND FURNACE. WHOULD I WRITE A LETTER TO THE BUYER?

Asked by richard, New Jersey Mon Oct 17, 2011

I WANT TO NEGOTIATE AND THE BUYERS ARE SKIDDISH,, WE THE SELLERS ARE IN A DIVORCE SELLING SITUATION AND THERE ARE OTHER ISSUES ALONG WITH THE INSPECTION. PLEASE ADVISE.

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Debby Frank, SFR’s answer
Hi Ginger, I would recommend you get the estimated replacement costs and work out an arrangement whereby you do the repairs or give them a credit at closing to do the repairs themselves. Good luck Ginger.

Debby Frank
Keller Williams Realty
(914) 498-5443
debbyshomes@aol.com
1 vote Thank Flag Link Mon Oct 17, 2011
The condition of the roof and the age of furnace are all common issues when it comes times to sell. A second option never hurt either sometimes inspectors do not convey the information in a proper manor. The roof may not be leaking or may need minimal repairs but still has some life left. How many years will the roof last in current condition or with minimal repairs? The same with the how old is the furnace and what issues does it have. So it comes down to dollars have them give you a new offer and see where it goes. A little cash at close can go a long way the same issues are likely to arise again.
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0 votes Thank Flag Link Thu Jan 10, 2013
If you don't have a realtor, and you are representing yourself..........sure, you can write a letter... or simply call them and offer to negotiate the issues at hand.
Roof and furnace problems are very common, and shouldn't be a deal breaker if you are willing to address them.

It probably would be helpful if you did some due dilligence, and had an idea of what the "fixes" are for the problems that were diagnosed.
Since we dont know what the other "issues" might be, it's difficult to give more specific advice.

If you DO have an agent, then he or she should be on top of this, and our advice should be irrelevant.

You can start by simply asking the buyers what it is they want that would make them comfortable and stay in the deal.

Good luck!
0 votes Thank Flag Link Mon Oct 17, 2011
Ginger,

What you are reporting is exactly the purpose of the inspection....to find out what problems or defects may exist that the homeowner and agent(s) may not be aware of. Most sales should not be lost over something that needs fixing. There is never a "perfect" house. It is more an issue of what the buyer is willing to accept and what the seller is willing to correct or pay for. It sounds like you and the buyer do not have agent representation, which I strongly suggest you get asap. Agents deal with these issues everyday and can usually work them out to the point that all parties are satisfied and keep the sale together at the same time. I don't know what the issues are, but roof and furnace are two of the larger items when repairs are needed. If you have an agent, talk to them about how this should be handled. I don't know that you want to write a letter to the buyers yourself. If you don't have an agent and if you are not willing to starting working with an agent, then I would discuss this with your attorney.

All this being said, you would normally have three choices in this situation: correct the issues to the buyer's satisfaction; get estimates for the repairs (one from each of you) and agree on a repair price and then offer the buyer a credit at closing; and lastly, renegotiate the already agreed upon price to reflect the repairs.

Good luck and I hope you get to the closing table.

Barbara O'Connell
Licensed Real Estate Salesperson NYS
Margot Bennett, Inc.
914-548-1628
0 votes Thank Flag Link Mon Oct 17, 2011
Ginger,

What were the issues with these items? Age? Leaking? Not operating?

Very often the Inspector will give some indication as to what should be done or what can be done. Often the roof may be good but old. The furnace MIG be in need of repair and not replacement. These issues are not necessarily deal killers.

I'm guessing that the buyer might sense your "urgency" in wanting to sell due to your personal situation and may be using the Inspectors comments to leverage their position.

Can you give us some details? ANYTHING can be negotiated...
0 votes Thank Flag Link Mon Oct 17, 2011
Hi Ginger,

If you would like to call me please feel free I live 5 minutes from you and will discuss your options if you wish, easier on the phone than online

Debbie
747-222-6537
0 votes Thank Flag Link Mon Oct 17, 2011
It sounds as if you do not have Realtor representation. If you were being represented by a Realtor, that person would be able to address all of these issues and handle the negotiations

Although all of us on trulia voices would love to be able to assist: the best advice is to hire a realtor now
Web Reference: http://gladstonegroup.com
0 votes Thank Flag Link Mon Oct 17, 2011
Please don't write in all caps. Difficult to read, and considered shouting.
0 votes Thank Flag Link Mon Oct 17, 2011
Ginger, the bottom line is, you are going to either repair or compensate the buyer to do the repairs. Keep in mind too, if your buyer is obtaining finances for the property (mortgage) it is important the house appraise for the selling price. Your Realtor is the person who can best advise on this.

Debby Frank
Keller Williams Realty
(914) 498-5443
http://www.debbyshomes@aol.com
0 votes Thank Flag Link Mon Oct 17, 2011
Ginger,
It is very unfortunate you have encountered these issues in an already very stressful situation. These complications are not uncommon in real estate transactions. Throughout this process your agent has been gathering information helpful in revealing the buyers position. Your agent was present during the showings and has engaged in conversation with the buyers agent and the buyer. Your agent also knows great detail regarding homes that are directly competing with your home. This data is crucial when dealing with a 'skiddish' buyer. If your home is truly unique, that is in your favor when tied to the motivation factors observed.

As you already know, you will need to correct the roof and furnace if they relate to safety or active leaks or residual water damage.. These issues will resurface with the next buyer and the one after that, iif left unresolved

You would be well advised to prepare your Plan B should this buyer not find common ground to go forward.

Be aware, if these issues are significant, the lender may require the repair before closing. Offering to reduce price or prepay for the repairs may not be options at all. It is a shame you are not able to determine this until AFTER you and the buyer reach an agreement, if any.

I would however, communicate to the buyer that the roof and furnace issues are going to be corrected. You would welcome their participation in selecting roofing material or other aesthetic elements. Depending on the extent of furnace failure...they can be allowed the option of choosing a higher energy efficiency model.

Before doing so, make sure the path chosen has a defined conclusion. Lacking this you may find yourself footing the bill for ancillary testing that adds no value and the buyer gets happy feet anyway.

As others have advised, consult the professionals representing you and follow the advise most beneficial to you.

'And there are other issues' is an important add on to your comments.
I wish you the greatest success in getting your home sold.
0 votes Thank Flag Link Mon Oct 17, 2011
Since none of us are directly involved in the transaction, an accurate answer can't really be given; therefore what is your agent, and or, attorney advising, either party can offer better counsel, consider a consultation....one can consider lowering the price or making the repairs; not sure what other issues are involved, but do keep in mind if safety related, repairs may be necessary as your potential buyer's lender may not otherwise lend...
0 votes Thank Flag Link Mon Oct 17, 2011
Are the buyers asking you to do anything? Are they asking for a credit for the repairs or want you to do the repairs? You should speak to the agent or (if no agent involved and you are selling on your own) speak to the buyer and ask what would make them move forward on the home. There is no need to lose a buyer over a roof and furnace issue if you are in the financial position to either replace/repair both or give the buyer a credit at closing for the cost of repairs.
Web Reference: http://www.MikeTrinch.com
0 votes Thank Flag Link Mon Oct 17, 2011
I've learned any issues can be worked out if both parties are willing. You can offer to repair, replace, or give a credit. Otherwise maybe reduce the purchase price. If there are agents involved have them discuss this with you and the buyer. I don't know what the other issues are or the extent of the ones you mentioned but to some they could be absolute deal breakers.

Chris
0 votes Thank Flag Link Mon Oct 17, 2011
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