Home Selling in Fort Worth>Question Details

Penny, Home Seller in Plano, TX

We are selling a home in Texas and the buyer's inspection report turned up a lot that we were not expecting to see.

Asked by Penny, Plano, TX Sat Apr 17, 2010

The buyer supplied quotes along with the inspection, and it adds up to about about $9,000 or $10,000. These quotes do not include a grading issue which could potentially cost $3000 to repair (to protect the repaired foundation) which brings the total to 12000 to 13000. The buyers are asking for a $6000 repair allowance so they can make the repairs themselves, via a price reduction and we are within their option period so if we refuse they may terminate the contract. What will I have to disclose from their report to a new buyer if the current buyer opts out of the contract (if we do not accept their estimate repair cost, or some of the items are not necessary but are upgrades).
What if I do not agree that one of the large ticket items, which they have also not included in their repairs demand, needs to be done but is instead cosmetic? We are still showing the house but have no back-up offers. Would it be helpful to pay for our own seller's inspection for my updated disclosure?

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You have grading issues that the buyer is not asking for. These requests seem at face value - reasonable. Your agent advice is? Sounds like their offer is fair. You can hire your professionals for quotes and confirmation if time allows. When you come to a fork, you can accept, reject or counter. If you think their supplied quotes are cosmetic, that may be so, but you said they may walk. Focus on the solution. What is the overall outcome and how can you best get there?
1 vote Thank Flag Link Sat Apr 17, 2010
Thank you for the advice everyone-- and to clarify, no, they are not asking us to make any repairs, and they are not asking for the drainage issue to be repaired by us. Their quote on the drainage was $3000 and is not included in any of the calculations. I don't know if they did not ask for the inclusion of the drainage issue because we disclosed prior foundation repair on the seller's disclosure??
The majority of what they are pointing to for repair allowance consideration is for electrical work. There were things like tub replacements and improperly working kitchen appliances needing repair which they appear to have ignored.
Our real concern is there is also an estimate for another $3000 for siding replacement, as the siding is allegedly contributing to wood rot. As this estimate was a high ticket item, I am worried about having to disclose it to any other potential buyers(especially since I am not convinced it's causing the wood rot and would instead be cosmetic) . This siding issue is what makes the estimated repairs jump from 10K to 13K; but again-- this was not on the list of what they felt needed to be addressed by us with a repair allowance, we only knew about it because of their inspection and subsequent contractor's quotes.
There . I don't think they want to back out, I am just nervous about the option period and their ability to withdraw and what would happen if they do (even if we do agree to $6000). My agent is telling us to relax about the option period, which is new to us as sellers, and that plenty of homes make it through the option period without buyers backing out. My main question was about updating our disclosure. Thank you again.
0 votes Thank Flag Link Sun Apr 18, 2010
Sounds to me like they stacked the deck on the inspection issues to open back up negotiations on the contract and get the price down further. Granted, I don't have all the facts here, but I have not EVER negotiated $6000 in lieu of repairs on a contract for real property in the state of Texas, and I've been in real estate since 2002. I saw it sounds high, based on my personal experience selling real estate in Collin County. Backup offers aren't common in our area - too many homes from which to choose. I suggest you go back to them with another number that makes you feel like you and the buyer still have a mutual gain from this deal. Don't fear this buyer walking away. A home in demand in our area (generating offers) is a home well-positioned, and will generate other offers. This presumes, however, that you have the time on your side to wait for another buyer to select yoru home.
Best of luck to you.
0 votes Thank Flag Link Sat Apr 17, 2010
So the repairs are going to cost about 13K but they are asking 6K to do the work themselves? Sounds pretty straight forward that the latter is the best avenue. Or are they asking for 6K in addition to the grading work to be done by you?

If they back out and you have a copy of the inspection report, you will be required to disclose the entire report to any potential buyer. I wouldn't advise getting another inspection unless you really disagree with the findings of their inspector. Try negotiating with them. They apparently like the house enough that they didn't get scared off by the amount of repairs and went the extra mile to get quotes for the work.

If they haven't specified that the work is to be done by a licensed person in whatever field, get your own quotes from some handymen. You may get much lower quotes.

What is your agent suggesting?

Web Reference: http://www.sumnerrealty.com
0 votes Thank Flag Link Sat Apr 17, 2010
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