Home Buying in Boca Raton>Question Details

jju877, Home Buyer in Fort Lauderdale, FL

I'm looking in Boca Raton. Inspection came back with several minor repairs (totalling $2200). Is it the norm to use this to negotiate a lower price?

Asked by jju877, Fort Lauderdale, FL Fri Jul 12, 2013

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Agree with most of my colleagues here. Seems as you say these are minor repairs & home inspectors are paid to discover minor as well as major things. In my area only structural, safety & code violations will be addressed primarily. You can certainly try for a reduction but if you really want the house and are in competition, it might be best to tread water lightly. best of luck..
0 votes Thank Flag Link Mon Jul 15, 2013
It depends on the contract but I can add this, the repairs estimated by inspectors are usaully on the high side, so you may only be looking at $1000-$1500 in actual repairs by a handyman. That is VERY low for a used home.
0 votes Thank Flag Link Sun Jul 14, 2013
If you are the only buyer who has expressed interest in this home in Boca Raton, then you may want to ask the seller to cover some of the cost of repairs.

However, in today's astoundingly tight market, if this home is priced anywhere below $400,000, you may want to leave this alone. The estimated price of repairs may be less or it may be a bit more, depending upon the contractor you bring in.

More important is that you have the contract on the house. If you try to find another one like it, you will discover intense competition in the marketplace. If you were a cash buyer, then you ahead of those with mortgages, but there are plenty of cash buyers out there looking.

So you can play ask the seller if he or she would consider paying part of the repair bill, but don't be surprised if the answer is no. Right now, sellers have the advantage in the marketplace.

Marc Jablon
Johnson and Johnson Team Realty
JablonTeam@gmail.com\
561-213-6139
http://www.JablonTeam.com
0 votes Thank Flag Link Sat Jul 13, 2013
hwkeye,

If you have an As-Is contract and had an inspection that was this clean; it is very rare to find an inspection report on anything that totaled such a low number, I would say you found an amazing property and would run to the closing table, not from it. Any seller who was presented a report like this from a buyer trying to negotiate a lower price should laugh and tell them to go ahead and cancel the contract.

Best of luck and if I can offer anything additional please let me know.



Always at Your Service,


Tom Priester e-PRO
"Results Driven Real Estate"

Keller Williams Realty
561 308-0175
tom@tompriester.com
0 votes Thank Flag Link Sat Jul 13, 2013
Much depends on the types of repairs. You said they were minor in nature. The $2200 number is probably a contractor's estimate and would probably cost less to fix. If the contract is AS IS, the burden is on you to accept, reject or go back to the Seller. However, with that said, it sounds like a decent inspection report; so, if you want the house move forward and enjoy.
0 votes Thank Flag Link Fri Jul 12, 2013
Be aware, when you re-open negotiations, the seller has the option to call the back up folks who are offering a 3% higher price. These back up folks are hoping you do something stupid in this extremely low inventory market.
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If I were the listing agent, it becomes easy to 'shop' the baseline your offer established, (without revealing your offered amount) and have folks waiting to get out of the 'still looking' mode.
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How bad do you want the property?
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As Tim pointed out, 'Everyone does it" and as I suggest, they do not always prevail in a sellers market. The seller is very much aware you have invested hunderds already. They just may call your bluff.
0 votes Thank Flag Link Fri Jul 12, 2013
It depends on how bad you want the property. If you know the property is still worth it's asking price, even with the repairs, then go for it.

You're posting a LOT of questions here, don't you have an agent to walk you through this? Your seller pays his commission, what am I missing?
0 votes Thank Flag Link Fri Jul 12, 2013
Every transaction I see anymore has a renegotiation period right after the home inspection where the buyer renegotiates after seeing the home inspection. I hate it, but it happens 100% of the time here and I bet wherever you are too. Or ask the seller to make some or all of the repairs before you close.
0 votes Thank Flag Link Fri Jul 12, 2013
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