Home Buying in Roanoke>Question Details

Bears, Home Buyer in Roanoke, VA

Please give me some help!

Asked by Bears, Roanoke, VA Tue May 6, 2008

Ok, so we made an offer on the house that was 124k, after we hashed it out we settled on 117k with 3200 closing cost paid by seller. Now after the inspection, they got a handyman to fix the chimney(re-mortar) and some drainage issues, garbage disposal, basement heat, etc. and an electrician corrected the reverse polarity. So the FHA appraiser said it is appraised at 124k but the whole exterior needs to be painted, and of course the seller says Heck NO!
Well, they have a back up contract on it now, so I suppose they are figuring we will walk and the other person will suck up the paint. I dont know what to do, I mean, I dont want to pay for the painting, but i want the house. Any suggestions here!

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You have some good previous advice. Because you made such a great initial deal, the seller is hesitant to make it even sweeter for you. My advice would be to move forward to close on this house. If the painting is required to be completed before closing (sounds like that is the case) get a professional estimate for the cost of painting. Your Realtor can help with this. Then agree to raise the sale price of the house by the cost of the painting. (This will work well for you because the appraised amount is already $7,000 over the sales price.) Say the painting bid is $3500. Raise the sales price from 117,000 to $120,500. The seller will have the funds to pay for the painting at closing. You get the house - painted, and still at a good price, and the seller gets the funds he needs. It is a win-win.
This is a much better scenario than butting heads with the seller and ending up with him selling to the back-up buyer.
Good luck to you - I hope your agent can negotiate this for you.
1 vote Thank Flag Link Tue May 6, 2008
This is strangely similar to a question posed yesterday.
0 votes Thank Flag Link Wed May 7, 2008
Thanks guys for all the advice, we made up our minds to go ahead and eat the paint. at least that way I can change color of the crappy brown gutters and downspouts. Thanks a bunch
0 votes Thank Flag Link Wed May 7, 2008
I agree with Matt. The sellers already knocked down the price and are paying the closing fees for you. On top of what they are already doing you also want them to cover the paint job as well. I'm sorry, but you may just be asking for a little too much in return. Think of it this way. When it comes time to sell YOUR house and you have a buyer who wants to present a low offer, wants YOU to cover all the cots and on top of it all wants you to practically refinish the entire house. How would you feel and what would you do in that place?
0 votes Thank Flag Link Tue May 6, 2008
Tough call. One thing working in your favor is that the seller has agreed to sell the property at a price well below appraised value. Your purchase price is 117K, but since the seller is paying $3,200 on you behalf, the seller probably has the view they are selling for $113,800. It's tough to have your cake and eat it too. I might consider what is more important to you, buying the house for $7,000 less than appraisal, or having to do (or have someone do) a little painting. $7,000 can buy a lot of paint :)

With a back-up offer, the seller is in a position of negoatiating power. My hunch is that they feel like they've given all they are willing to give. Pushing the seller to paint the house, in addition to the repairs they have already agreed to make, will likely not get you a desireable result, unless you were to renegotiate at a higher sale price, thus giving the seller the extra funds to have the house painted, and asking the seller to have it painted. This can sometimes be a tricky negotiation. If you are working with a real estate agent, they should be able to help you through it. If not, I would suggest taking the built in equity ($7,000 under appraisal) and getting the house you want.
0 votes Thank Flag Link Tue May 6, 2008
When you provided the seller with your pre-approval letter was it clear that you were acquiring an FHA loan? If so then you realtor should be able to hold their feet to the fire.

Good Luck!
0 votes Thank Flag Link Tue May 6, 2008
The FHA loan requires them to repaint the crackling paint especially considering the lead underneath.
0 votes Thank Flag Link Tue May 6, 2008
Sounds like the seller made some repairs which are required by FHA. But it also sounds as if repainting the exterior was not a part of the original contract. You have a delimma. How badly do you want to the house? Badly enough to repaint it yourself?

Good Luck!
0 votes Thank Flag Link Tue May 6, 2008
Painting is easy, I think you have gotten as much from the Seller as you can, but only you can decide if you really want the house.
0 votes Thank Flag Link Tue May 6, 2008
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