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05-31-2010 04:57 PM
we had a decent inspection but the buyer was asking for a ridiculous amount in concessions as a result of some repairs needed on our 100 year old house. we had already agreed to a discount on the purchase price as well as 6k towards closing costs. We sent a response today indicating that the buyer needed to make a decision and we're preparing to go back on the market. How screwed are we? I have to say, of all the pitfalls of selling our house, this was not one of the scenarios we discussed - it's been really quite emotional. What can we do to put ourselves in a strong position for getting additional interest and another offer? Will buyers typically be put off by this scenario?
05-31-2010 06:04 PM
It's almost impossible to know how buyers will react to inspections and the need for repairs. Some buyers don't really seem to care unless there is a major item (like the roof, serious problems with plumbing, electricle, etc) while others will want everything under the sun repaired. (I've seen buyers ask for a craked light switch plate to be replaced. THese can be bought at Home Depot for less than 50 cents...)
It really is quite dependent on the buyer, and even the buyer's agent.
YOu would think people would understand that a 100 year old home isn't going to be in perfect condition. But in some markets, buyers have the upper hand and can ask for almost anything.
Talk to your agent and see what they think. They should have a good feeling for what the typical buyer asks for in repairs.
Even with discounting the price and offering closing costs, there are some things -- the big ticket items -- that are going to be difficult to get past unless you offer to repaid them.
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05-31-2010 07:39 PM
I've gone through this as a buyer and a seller. It's can be quite emotional on both sides. By this time there's investment on both sides.
As a seller I have the number I really want and the lowest number I would accept. The lowest number is the result after concessions and costs. We've had buyers who've asked for everything and in that case it was under $200. Then there was the buyer who asked for a hose bib to replaced and ignored the less than 3 years useful life on the roof. That buyer was a plumber.
As a buyer I would likely ask for repairs to see what happens. Being told no or being told yes to some can be a surprise or a wake up call. A lot of the buyers reaction will relate to how their agent handled the entire situation. If the agent told them "of course the seller always pays" or "they are paying your closing costs and came down in price so temper your expectation accordingly" will elicit different reactions. Then there is the way your agent presents it back to their agent.
I went to an inspection with a young relative who discovered all sorts of things wrong with the home and freaked out. They asked for everything and then were surprised that the seller got ticked off when they asked for an extension later. The things that were wrong were minor.
06-02-2010 10:42 AM
That sounds pretty tough.
If the numbers are now at a point where you really believe you can do better , its time to pull the plug.
(its a big but)
Leave the door open , provide a way the buyers can still come back to you and keep their pride. and still feel good about the purchase.
You are SELLING your home so like any salesperson you should never ever close a door. If you re list, find a way of presenting it so that they can make a new offer.
This way you are in effect moving on and making one last attempt to complete the sale.
06-03-2010 01:22 PM
You may want to consider having a pre-listing inspection done. You can provide a copy of it to serious buyers upfront while you are still negotiating. This way, if anything turns up during their inspection that is already on the one that you provided to them, they should not try to re-negotiate because it was already disclosed.
06-04-2010 11:23 AM
I was going to suggest the same thing Tom did. Fix the things that were found in the inspection, at least the major ones, then have a pre-inspection done prior to listing your house again - that way you and the buyer will both feel comfortable. Of course, the buyer should still get their own inspection. And, if it's possible and legal, find out what kind of financial position people who are making offers on your home are in. Because, lets face it, someone coming in with next to nothing down and little cash reserves has no business buying a 100-year-old house.