You have said nothing about the size of the home, how many BRs there are, or baths. In Getzville, NY you could be talking a very good bargain at 138K. It may have been priced that way BECAUSE the furnace was 40 yrs old and because of the cracks are in the basement. It could be that this house could or would be priced at 250-350K IF everything you mentioned was perfect.
Who is your agent? You should (and I hope that you did) have your own agent to advise you in this matter. If you have been negotiating with the Seller's agent you have to know that their first feduciary duty is to the clent they signed a contract with, their seller. A buyer's agent ( your own representation)could do a comparative market analysis and let you know if you're getting a bargain or if perhaps you are not. I work in Getzville and all over western NY so if you do not have your own buyer agent, please feel free to call me and I will give you some quick figures. If you DO have a buyer agent use them - they should be helping you with this decision and doing the negotiating for you.
Patti V. Draper, Associate Broker, SRES, Direct : 716-258-0270
M.J. Peterson Real Estate, Amherst, NY 14228 Office - 689-7800
Your Realtor will advise you of the time frame in which you can rescind your offer.
Getzville is a wonderful place to live.
Denice M Taylor
Affordable Dreams Real Estate
Getzville, New York
Are you truly certain that you want to forget the home entirely and just walk away. You, yourself said that you like the style of the home and the other amenities. There is no perfect home for anyone, and in just about all cases, when a purchaser moves into a home--they will have to paint, change flooring, and change all the ancient or unwanted designs the previous owner left behind.
You should truly discuss this further with your Agent...However, do not feel as though you are being forced. The option is your, and your Agent is just there to assist.
I hope this answered your question! If you have any further questions, please feel free to contact me by the ways below.
Wishing you all the best,
De Vonte Williamson
Licensed Real Estate Salesperson
Proudly Serving Long Island
Coldwell Banker Residential
It sounds like you have already utilized the expertise of a qualified home inspector and you are strongly encouraged to consult with your attorney before making any decision(s). This forum is not the place for opinions of value as they are just that, opinions, and bear no relevance to your transaction.
You should also consult with you realtor regarding walking away following the results of the inspection. Time is of the essence. If you choose to walk away, expecting to renegotiate again a few weeks later is unrealistic. Yes, you will most definitely alienate the seller.
Ask the seller for the credit and if they decline, your alternatives are to move forward as agreed or begin a new search for your next home. Items such as paint, wallpaper and minor drywall repairs are cosmetic in nature and most likely have already been factored into the selling price. The other items require more careful consideration.
If you'd care to discuss this further, please feel free to call me at any time.
Licensed Mortgage Professional
R & R FUNDING, INC.