Home Selling in 44106>Question Details

Barcap1, Home Seller in 44106

I'm under agreement and pending the inspection (OH, Cuyahoga County). Buyer wants us to lower the price for repairs. Is that legal?

Asked by Barcap1, 44106 Wed Mar 2, 2011

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It's legal to renegotiate the contract after an inspection depending on the amount and severity of repairs. It's a contingency in the offer. Size up the situation and decide if coming down on price is fair or if perhaps you can make some of the repairs they're requesting yourself to save money. A lot depends on the final net amount you'll be receiving. Is it fair? Low? High? You'll have to weigh up the entire situation and details.

Hopefully both of you can come to a meeting of the minds and make it work. You don't have to accept any of their terms, but working with them to at least come to a fair agreement regarding repairs, etc., is probably in your best interest. Also think about losing them at this point. How much you'd lose in mortgage payments while the home goes back on the market and possibly getting a lower offer down the road which may cost you even more. Once the home is inspected and you have information about serious repairs needed, you should disclose them to any future, potential buyer. So if the repairs are necessary, you will have to make them or negotiate them in the future anyway.

Best of luck to you. I hope you have a good agent who is skilled in negotiating.

Cecilia Sherrard
RE/MAX Ohio
440-781-8737
Web Reference: http://www.YouShouldOwn.com
1 vote Thank Flag Link Wed Mar 2, 2011
It is legal for a buyer to request a price reduction or to attempt to renegotiate the terms of the agreement if something has been uncovered during an inspection.

I'm not sure if you are working with an agent on this, but the inspection portion of the agreement should clearly state how the process should be handled after each inspection is completed. If you are, refer to the agreement.

Your agent will be able to advise you of the options and the potential outcomes that could occur as a result of your decision, but in this market, it's imperative that you find a way to come to terms if you really need to sell.

You will need to consider how long you've been trying to sell, how long homes are sitting on the market in your area, and your own personal decision to sell when renegotiating the terms of what the buyer is asking for. Sometimes it's best to show flexibility and work with the buyer to come to terms on their request then to wait for another offer to come in, so take all of these things into consideration and best of luck.

Heather Srodek
Keller Williams Greater Cleveland West
Heather@SrodekGroup.com
216.544.7171
http://www.SrodekGroup.com
1 vote Thank Flag Link Wed Mar 2, 2011
It is legal, but you're not obligated to acept. At this point, if you're interested, negotiate new terms. This may include a reduction in price or you completing the repairs. If you don't like it just say no and see if the buyer takes it anyway, but if he doesn't it appears that you have no recourse because of the inspection contingency.
0 votes Thank Flag Link Wed Mar 2, 2011
Yes, it's legal and done in Ohio all of the time.
0 votes Thank Flag Link Wed Mar 2, 2011
That was a good question, and all three are great answers! I thought it was legal, mand am glad I was correct...

Good luck with your closing.

All the best,
Kieran
0 votes Thank Flag Link Wed Mar 2, 2011
Yes, it is legal. If the home sale is contingent on the results of the inspection then they have the right to either accept the home as-is, request repairs from the seller (or ask for compensation) or release from the contract.

I would hope they are not making an issue of something minor or something that was in plain sight. I would need more details to advise you further. You do have the right to counter their request.

Have you spoken to your listing agent about this? What did he/she say?

Feel free to contact me with further details to discuss...


Dominic Picione
Keller Williams
440-390-9510
0 votes Thank Flag Link Wed Mar 2, 2011
Yes it is legal. Buyer can accept the property and do the repairs himself, ask you to make the necessary repairs, or ask for a credit (lower price) for the estimated cost of the repars. Question for you is do you want to risk losing the buyer. Other inspections will more than likely have the same results.
0 votes Thank Flag Link Wed Mar 2, 2011
I'm not sure about Ohio's state law on that. But, in Florida not only is it legal - it's common practice!!!
0 votes Thank Flag Link Wed Mar 2, 2011
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