Home Buying in Centennial>Question Details

Dlb, Other/Just Looking in Centennial, CO

Need help with wording request for sellers to pay for many inspection items.

Asked by Dlb, Centennial, CO Mon Dec 8, 2008

I am working with a "transaction broker" so I need to do a lot of the decision making on what to ask for on my own. On a 1.4 million dollar offer (price per sq. foot very high compared to others in neighborhood). The inspector told us that over next 5 years (at most, could be sooner) we need to budget 15K for repairs, replacement. So, I put almost all the items that need to be fixed now on sellers list (also 15K). Does this seem reasonable, given the sale price? Is it right that I share the list of things the inspector said to budget for over next 5 years, so they can see where we are "meeting them halfway?" And, is it wrong to put in our request for inspection item request a gentle reminder that at 1.4 million, given we are paying almost 20 per sq. ft. more than the next comparable house, that 15K isn't that much? Is there any nice way of me saying that when you pay 1.4 million for a house (esp given comps) that you expect everything to be fixed (or paid for in this situation?)

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May I ask why you're paying $20.00 per square foot higher then the comps, in this market? I agree with Lynn, you really should have had a Buyer's agent representing you with this very large investment. You're already under contract to buy the home, if you feel you're not getting a fair deal at this point, you may want to seek legal advice. If this is the home you want whether it's a "good deal or not", either ask for the repairs to be done by the Seller or ask for the dollar amount that it would cost to have each item repaired by a professional contractor and then you have the work done your way after closing. Inspection resolution is not intended as a place to renegotiate the price of the home, but may be a way of getting out of the contract if you're having second thoughts. Have you had it appraised? Sorry, but that $20.00 per square foot above asking price just worries me. Good Luck to you and I do hope everything works out for you. Sandy
2 votes Thank Flag Link Mon Dec 8, 2008
The opportunity for a Buyer to complete an inspection is valuable. The intent however, is not to make a laundry list of future repairs, but to be made aware of current health, safety and deferred maintainence items. I believe that any home regardless of price will require 'something' during your future ownership.

"Paying almost 20 per sq. ft. more than the next comparable" is a decision that you made because you love the home and at the time the offer was written you felt that price was not an issue despite the fact that you will have to retain ownership of this property for a potentially long time waiting for the market to 'catch up'.

I believe that rather than making a messy list of things the Sellers have not done and potentially souring the deal, it may be in your best interest to reduce the price in lieu of those items and perhaps in so doing providing the comparables may encourage them to agree to a reduction in price.

In this case, working with a Buyer's agent could potentially have saved you from paying too much for a home.

Good Luck!
1 vote Thank Flag Link Tue Dec 9, 2008
Another perfect example of why buyers need an agent! Why would you choose to invest $1.4 million and not have proper representation? It's not too late to get a full service agent involved....
Web Reference: http://www.cindihagley.com
1 vote Thank Flag Link Mon Dec 8, 2008
Cindi Hagley, Real Estate Pro in San Ramon, CA
MVP'08
Contact
SUGGESTION: you need a buyers agent to assist you. HOWEVER take the inspectors report cut and paste in a word document forward the seller for request of repairs. All matters are subject to both buyer and seller agreeing. Repairs and receipts must be provided at closing you do a walk thru 24 - 48 hours prior to closing. Is your lender going approve a loan perhaps an overvalued home. Keep in mind appraiser needs to review the property on lenders behalf it may not pass appraisal.
Web Reference: http://www.lynn911.com
1 vote Thank Flag Link Mon Dec 8, 2008
THis is a great piece of evidence to show that Brokers do more than just open the door and provide a contract. We LIVE transactions 365 days a year and can offer so much insight based off of our years of work, I find it sad that buyers and sellers alike dont value what we do until they find themselves at a crossroads or a mess.
0 votes Thank Flag Link Tue Dec 9, 2008
Dlb,

Circumstances such as these can cause sellers to become very nervous and less cooperative. As my customer, my suggestion from the very beginning would have been to build any "condition concerns" into your offer price and leave the rest of the contract clean. Special addendums have the potential for becoming BIG problems.

You are purchasing this home now. Although your concern for future repairs is a valid one, it is doubtful anyone is going to want to compensate you for improvements needed five years from now. It is plain unreasonable.


good luck
0 votes Thank Flag Link Tue Dec 9, 2008
That is a question that you may have to answer yourself. You have the right to Ask the seller to fix the Items you want fixed. The Inspection belongs to you and you may share it with the Seller to justify what you want repaired or addressed. I hope this helps.
0 votes Thank Flag Link Mon Dec 8, 2008
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