1. It's negotiable.
2. A second opinion certainly could not hurt.
3. If you failed to read the SPDS before putting in the offer, then the hones will likely be on you. If they failed to provide them until after you put in the offer, then it's negotiable - likely in your favor.
4. If you feel the situation is not worth it, walk away during the 10-day inspection.
An option is to call a local roofing contractor to come out and give you a life-expectancy report on the roof. Then find out what warranties are on the roofing materials used, and find out if the company who did the install warranties their product.
Had a professional roofer examine the roof and he agreed with the inspection. Cost to fix the roof is $12,000. At first I thought there should be a credit of $12,000 off the purchase price, but that's not really helpful. I'm putting 20% down and $12K off only saves $2,400 on the down payment. So, I'm asking the sellers to replace the roof and fix the electrical issues. I'm sure once they are finished laughing at my requests, they'll move on to another buyer.
Buying a home is just an unpleasant experience in my opinion. Unless you have unending amounts of money.
A) if it's a sellers or buyers market in your area
B) Did he accept a low ball offer to begin with or get what he was asking for and
C) How much does he owe on the house? Will he have enough money after the sale to credit for a roof?
Getting an estimate is a smart move for the buyer. Once presented to the seller, this becomes a disclosure issue (in California) and that means that he will be obligated to show it to the next potential buyers if you walk. So basically, this is not a problem that he can ignore or run from...it makes sense for him to deal with it now while he has a motivated buyer rather than later.
If the seller isn't underwater on his loan and will realize a profit from the sale, the least stressful way (in my opinion) for all parties to deal with the cost is to ask for a credit at close of escrow. That way, the new buyers will have money to hire their own contractor in their own time frames, the seller isn't putting out money while still unsure the deal is going to close successfully and the closing isn't delayed, which usually makes all parties happy:)
Mary Jane | http://www.whalleysfourseasonsroofing.ca/
Best of luck!
With a possible large expenditure resulting from an engineer inspection, it is certainly a reasonable position for the potential buyer to ask and to expect some reduction of the verbally accepted price, with regard to the need to have a roof replaced sometime soon. Depending upon the individual situation, it can be handled in a number of ways. This is something to discuss with your realtor and their realtor and owner and possibly your attorney.
This is definately something that needs to be agreed upon by both parties. (Buyer/Seller) There are no "rules" to who "has" to pay. Your inspection period is to be used to investigate the property and decide if it is acceptable to move forward with the terms of the contract, or send an addendum in regards to the findings that cause concern. If you want the seller to pay, you can "request" it, and if they refuse, then it is your option to back out (if it is still within your inspection period or you could lose your deposit...depending on how the contract is written) or pay for it yourself. As you can see, all costs must be agreed upon via contract.
You need to consult an attorney who handles residential real estate matters in NC. This is a contract matter. Remember, I am only giving you my personal opinions.
In many cases, contracts may say that the Buyer has X days to conduct an inspection. If any material defects are found during the inspection, then the Buyer has X days to inform the Seller and Seller has X days to repair the defect or the Buyer can accept the contract & home "as is" or walk away from the contract (with notice to Seller). The Seller can elect to have a contractor who specializes in the area do an inspection, may pay for it or ask you to pay for part of the fee (everything is negotiable). If you really like & want the home, you might agree to pay half of that inspection fee. If the contractor says the roof must be repaired or replaced, then, the negotiation continues. The Seller may pay for it, may ask you to share it, or may say that if you want the home, you need to pay for it. If you are in a state that requires mandatory written property disclosures as OH does, the disclosures are based about known issues or defects. The inspection you paid for was to find any material defects that you & the Seller donâ€™t know about.
Assuming your contract reads that the sales contract is contingent upon the home inspection, then you are in the driver's seat. Each state's contract reads differently; some include a repair limitation amount with options to renegotiate; others do not. Please read your contract carefully and ask the advice of an attorney if you are still unsure of your obligations. Good Luck.
Every thing is negotiable but it will depend on your contract.
In most of the agreements our contingency specifies a dollar amount that the buyer is willing to pay and if it exceeds it he gives the seller opportunity to fix it, renegotiate it or the buyer can walk away.It will depend on your contract.
When I represent buyers we sometimes write zero deductible or maximum$500/ because buyers are reluctant to pay for anything these days .
To answer your question: No, The seller does not have to replace anything. They can choose to negotiate with you to keep the deal moving forward however, You obviously did not buy a new home and cannot expect that everything is going to be new unless you pay for it. I am sure the Realtor negotiated a good deal on the offer for you and you made that offer after seeing the home and knew that it was not a new roof by looking at it. Now you just have to negoitate a satisfactory deal on repairs or move on to something else.
A lot of roofs were replaced in the past year in Charlotte due to hail damage. Most insurance companies paid for this, everything except for the deductible. If there is a lot of damage, you should ask the sellers to check with their homeowners insurance company and it may be covered. This could however delay the closing. Also, I saw one agents comments about not getting insurance for roofs over 15 years old, but I have never heard of that. Good luck!
You may want to consult a real estate attorney.
In my opinion, it appears you are informed of the roof which is all the seller must do is disclose it.
It appears the disclosure of the roof was found in the home inspection.
at the time of the issue you should negotiate it.
So Cal Homes Realty
If the roof is leaking it's a repair....If the roof is close to its life expectancy and not leaking it is an improvement.
You should have a repair contingency agreement that you submitted to the seller requesting repairs and the roof shoudl have been included in it. the seller shoudl have a certain time frame to respond back to you on whether they will do the repairs or not.
if you really want the house (only you can decide) you have to weigh what the seller is willing and not willing to do against owning the home......Good Luck.
In a standard NJ contract, it is often up to the seller, in a situation such as yours, to either make repairs, reduce price, or back out.
In my very first attempt at buying a home(seemingly a lifetime ago) this very situation happened where we realized, after the inspection, that there were issues beyond the scope of what my husband and I could handle. When we tried to back out of the contract, the sellers disputed the seriousness of the issue (in my case it was a cesspool) and denied that a problem even existed. They insisted we pay them $5000 to back out. Apparently, we could have fought it in court but it would have cost even more money and we might have been stuck with a house that we definitely didn't want at this point. So, long story short, we ended up paying the hardest $5000 of our life.
That was a painful lesson to learn, but we did learn. In our next contract, we made sure that rather than the ball being in the seller's court, it was in ours.
So, look at your contract and see what options you have. Negotiations, for this reason often continue after an accepted offer and you need to decide how much this house is worth to you.