1) If they are using FHA financing then they have no choice. If the appraiser pointed it out in the report then it has to be fixed. The fact that they removed the inspection and appraisal inspection just means that that you don''t have to pay for any of those items as the seller and that they will close the escrow regardless of the condition and value. The buyer must fix it to get financing.
2) The agent has a fiduciary obligation to you. If you feel this is not the case I recommend that you take it up with the broker.
As for your agent, you chose that person so your best bet is to stand behind them 100% unless you have proof that they have not represented you fairly. Too often the agent is to be blame for circumstances beyond their control and it winds up making the deal harder for everybody and ending with poorer results. Itâ€™s important to understand that not all agents are the same. You typically get what you pay for both in research and in commission.
It is sounding like you have lost faith in your agents and that is not a good thing. It's very important that you have trust that they are looking out for your best interests in the sale of your home. If you seriously doubt that fact..I would consider looking for another broker to represent you.
Foundation problems can be expensive to fix,but it doesn't sound like it's that serious from what you discribe here.
As far as prices go, we normally judge based upon 1.experience in the area and knowing what other similar homes have sold for recently. 2. Real market statistics (which prove the selling prices of similar homes) 3. Broad market knowledge ( homes and business trends) of the area.4. Location (very important) 5. Amenities (what does this house have..that others don't).
I also had one less than a year ago that had two different colors of paint (it was obvious that they hadn't completed the painting job), but the colors were very close. This painting was required to be completed before acceptance.
And the list goes on..............
If this is an older construction, 1977 or older and may have lead based paint the chipping and pealing may be considered a health hazard. Regulations call for the stabelization of lead paing by being repainted to contain or cover the possibly hazardous material.
Only a theory.....
If the buyer is going to just tear down the house, I don't see why they'd be getting FHA financing, because they're probably getting construction financing. If they're not getting FHA financing, this means they have money & are putting up a larger down & they shouldn't be barking about a $5K issue IF the house is going to be torn down anyway.
If your home was in the MLS & it was priced right, I don't know why you weren't getting showings from other brokerages. It's not unusual for 1 broker to be representing both parties. Believe me, everyone involved wants to get it closed. ***You would have been notified on the 1st page of your purchase contract if the same brokerage is involved in the same transactions, even if there are 2 different agents assigned to each party.
I can tell you're frustrated not sure who to believe. If you're still concerned in the morning, I suggest you pick up the phone & call a loan broker & ask them about your case, with the buyer needing more time & why do things need to be fixed if the new owner plans to tear down the house...things like that.
You can always email me directly, if you have any other questions or concerns. After 15yrs in this business, I think I've seen it all.
Realtor Since 1996
Main Street Realtors