Lala54, Both Buyer and Seller in Houston, TX

When should a seller walk away from a buyer?

Asked by Lala54, Houston, TX Thu Oct 25, 2007

Received offer of $5k over asking price, plus window treatments, 3 refrigerators, and 2 month old washer/dryer as part of the deal. We agreed. Selling our home thru a relocation co. Buyer didn't feel comfortable with the paperwork they were required to sign . Buyer made quick offer because they were going out of town, they decided to deal with this upon their return. A few days later buyers dropped their offer of $5k over list to the list price plus all of the appliances they had asked for previously, and $4k towards any termite treatment/repairs, and up to $5k max for repairs. We agreed. Inspections completed. No termites Yeah! A camera was run through the clean out traps of kitchen and bathrooms to check for sewer drain leaks or cracks in cast iron sewer piping.. Buyer claims there's standing water in a section of the cast iron plumbing. Now they want $4k more towards what they claim will be a $7k repair. Should I have my own inspection, or walk away from these buyers?

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3
Dena Parker…, , Tennessee
Thu Oct 25, 2007
Are you selling FSBO? And are they dealing with an agent? If not FSBO, your agent should be able to help advise you. They can negotiate on your behalf and this is the part where you are knee deep in the negotiation process and they can also act as a shield of protection for you. I see that you've accepted several of their offers. I'm a little confused on a few of the steps though. After you accepted their offer, they then then changed their offer? Or was the first offer not in writing? I'm just trying to understand the situation better. Has any of this ever been in writing? There may be a clause in your contract that allows them to walk away if they are not satisfied with the inspection. However, it doesn't sound like you have counter-offered at all in this process. Since they've made this request, I would counteroffer before I walked away. And that counter-offer is totally up to you. Do you have a copy of the inspection report? What I would do in your shoes is bring someone out who specializes in the issues brought up in the inspection report and get an estimate to repair the damages, someone that you choose. Then if you want to come off of your price, you have an estimate of what it would cost to use as a gauge. You don't need a full inspection on your own if that's the only issue, but you should have someone come out and give you an estimate so you are clear on the true range of costs.
Web Reference:  http://homenashvilletn.com
1 vote
Diane Glander, Agent, Spring Lake, NJ
Fri Oct 26, 2007
There are so many other questions to be asking? Is this your first offer? How long have you been on the market? What are houses selling for in your comparables and how long does it take for them to sell? You need to figure out just how good a deal you are getting from these buyers.
Who is helping you? Do you have a Realtor or an attorney? If you are doing this on your own, try not to get too emotionally involved. Think with your head, not your heart. Keep focused on your end goal and work toward it.
If you were my client, I would have recommend that you have the plumbing checked on your own. Get another estimate. Then negotiate. If you gave in on the price reduction and from what you've written you agreed to 5K for repairs, and they are asking for 4K towards the plumbing, you may not have a choice.
Web Reference:  http://www.dianeglander.com
0 votes
Michael Doyle, Agent, Brooklyn Park, MN
Thu Oct 25, 2007
Hi Lala,
What does your Realtor or relocation company think you should do? It sounds like their offer is still close to asking price so you may want to proceed. Without knowing how your home is priced compared to the competition and your market activity is it's tough to give whorthwhile advice.
Michael
0 votes
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