Hello group! I recently had a home inspection done on a home we are purchasing and certain issues came up that were unexpected during the inspection. These are not issues that warrant us not wanting to buy the home, but we would like to be compensated for the expenses of repairs and upgrades that will be needed prior to living there, in the area of $5K to $8K. Is it normal to make such a request and are concessions usually made for things like this? Any advice would be greatly appreciated!:confused:

I hope that you had in the contract a contingency on a "satisfactory inspection".

If so, then simply do not "sign off" on this contingency, but instead add that to sign off on it, you'd need
1. them to either credit you back for the amount that you feel it would take to cover the issues, or
2. lower the price by that amount, or
3. them to take care of the issues to your satisfaction.

PS, there are other issues that could come to play (like your appraisal not coming in high enough because of these issues), but if it were me in this situation, I'd do like I described.

This is a situation where you and the seller are back in a negotiating mode. You indicated that the items found on the inspection would not cause you to cancel the purchase, if not repaired. Do you really mean that? In my opinion, matters affecting health, safety, or further damage to the property (such as electrical problems or a bad roof) should be fixed. Cosmetic items are not that important.

Other factors affecting the demands that you make of the seller are: Did you get a great deal on the house, or did you pay top dollar? Are you in a buyer's or seller's market? What are the repective situations of the seller and buyer? Can the seller afford to find another buyer, if you should bail; can you afford to find another house? You should seek input from your Realtor, as to the how reasonable your requests are. Keep in mind that the Realtor has a vested interest to close theis transaction. I hope this helps.

Quote:

---

Originally Posted by Dr D

This is a situation where you and the seller are back in a negotiating mode.

---

Yes, IF you had a contingency built into the contract. If you do not have this contingency, you can of course still try to negotiate, but if they play hardball, they can insist you buy the house regardless and
1. Not refund your deposit (if you gave one) and/or
2. Sue you for breach of contract.

I don't say that to scare you: They're no doubt more interested in selling the house for a fair price asap, than they are in starting a potentially long and expensive lawsuit... just wanted to point this out because if you do not have the contingency of a satisfactory inspection, then your negotiating will need to be handled far more tactfully than so if you do have that contingency.

At least in AZ, the home inspection contingency is built into the standard Real Estate Purchase Contract. This gives the buyer a ten day period to approve the condition of the property. This allows the buyer to immediately cancel the Contract, with full refund of Earnest Money; or provide the seller an opportunity to correct the items disapproved. Since the original post stated that the buyer did not wish to cancel the contract, I assumed that option to be available.

Aah, good point. Here in Ohio that contingency is not a part of the contract unless added by the Buyer, and agreed upon by the Seller.

... hope this is helping, mz2richard. Let us know how it's going.

Quote:

---

Originally Posted by mz2richard

Is it normal to make such a request and are concessions usually made for things like this? Any advice would be greatly appreciated!:confused:

---

Yes it is normal to make such a request. Generally, the seller will lower the Sales price. Sometimes they will offer to make the repairs themselves prior to closing (in which case you should reinspect). Other times, the seller may agree to turn over a check in compensation at closing (get that in writing).

Agreed, it is just part of the buying and selling procedure. After the inspection you ask for either the repairs to be done before closing or the price reduced enough to cover these costs. The seller can merely say no they will not, either pay the price or forget it, or they can say yes, or they can say well not... amount, but we will allow... amount.

So it is all up to you on that. But honestly your real estate agent should be handling all of that for you and answering all of those questions, that is why they are making the money they are for HELPING you.

Hello Group & thank you ever so kindly for all of the posts. Things worked out great and I think it gives us that little extra "push" of reassurance and I thank you all!