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New Home - Inspector Found some SERIOUS issues.
(Gren) wrote:
we have a signed sales contract.. We, as the buyers don't have to
contact contractors for estimates.. it's up to the seller.
Not really. It's up to you to present a list of "inspection items" to
the seller, and ask for some sort of remedy such as having them fixed,
escrowing money after closing to pay for repairs, or reducing the
sales price.
The seller is free to tell you to take a flying leap, and walk away
from your contract at this point.
We've considering amending the sales contract to accomodate the repair costs
for the seller.. for example.. if it costs the seller 10k and we paid
154k, either the seller can pay out of pocket, or we can pay some and
lower our bid amount.
This would be one of the options I mentioned above. As stated, the
seller doesn't have to accept it. Make sure you get your inspection
notice turned in according to the terms of the contract. If you miss
the dates, your earnest money could be at risk if you walk away from
the deal.
We thought to ask the seller to bring it up to 100 amp,
and then I'll pay out of pocket for the electrician, while he's there,
to bring it from 100 to 200 amp.
Bad idea to pay for upgrades/repairs before you actually own the
house! Plenty of deals can fall apart before or even during closing,
at which point you've wasted money and given a gift to the seller.
Better idea would be to ask the seller to put $$$ in an escrowed
repair account, and then you take care of the upgrade after you close
on the house using the escrowed money.
Like was earlier mentioned, if this falls through, the seller is just
going to run into another buyer with similar demands.
As others have said, not necessarily. Here in Denver, there are some
older houses where the lot has more value than the house. Folks are
buying the home and then scraping it off and putting up a brand new
house.
We can look at
it this way, the seller is being 'penalized' for living 40 years in
the house and NOT addressing these issues.
You haven't mentioned the price of comparable homes in the area. Is
this house priced lower, or priced at the same level as other recent
sales? Has the owner already taken all this into account when he set
the price of the house? (You can't say for sure, but based on pricing
in the area you should have an idea)
The fact we have to prime and repaint every room in the
house, because of smoke stained walls.
Paint is cheap  Standard advice to buyers is to look beyond the
paint, furnishings and decor, and look at the house itself. It's
simple and quick to repaint, so it shouldn't be an issue for you.
11. The exterior garage is falling apart, we'll have to demolish and
rebuild. etc, etc.
Different folks may have differing opinions on what "falling apart"
is, and how usable the current structure is, or if it's even
important. In other words, what may be important to you may be
irrelevant to the next person who looks at the house.
Just some things to consider IMHO. Good luck on the deal!
email to (remove the "notreal-")
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