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Home buying advice

Old 06-13-2014, 05:58 PM
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Default Home buying advice

Wife and I found a house in the right location, but the owners have not taken care of the place.

We are under contract and did the second inspection today to confirm that repairs were done to our satisfaction.

It is clear that the homeowner did most of the repairs himself. The ones that were "professionally" done aren't worth a $h1t either. The house is in no better shape than before we agreed on a price.

At this point, we are paying a price that reflects a well-maintained home, but it isn't. There is easily $8-10,000 worth of work to bring it up to excellent condition.

Do I renegotiate the contract price? They failed to disclose some things in the original contract, so that is void as far as I am concerned if we walk away.

I am worried that there will be another $10k of stuff that needs to be fixed that I just haven't found yet.

We are near the top of our budget at the current contract price.
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Old 06-13-2014, 06:08 PM
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Just get out. F em plenty of homes, or start over with price u feel comfy with, now that u know what the deal is
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Old 06-13-2014, 07:29 PM
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If you feel it is a pos it probably is. Most likely you probably haven't really spent much time there. So imagine what you'll find when you live in it a couple weeks or a month. My business partner and I are in-fill builders. Most houses we buy we tear down. We also look at a lots of houses for RE agents we do business with. The worst we see is usually houses that have work done by the home owners that think they know what they are doing.
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Old 06-13-2014, 07:42 PM
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Read your contract and pay attention to the "out" clauses, along with the time frames within which to make written objection or demands.

My guess is that the seller's realtor isn't looking out for anything but a paycheck, so don't let your down payment get lost because you didn't do such-and-such according to contract.

I'm with gumpire on this. Non carborundum bastardo
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Old 06-13-2014, 07:43 PM
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Find a different house. Your biggest issue now is explaining why to your wife.
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Old 06-13-2014, 08:01 PM
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Where are you? Is your contract as-is?
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Old 06-14-2014, 12:31 AM
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Walk, unless its a dream home, plenty of homes for sale.
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Old 06-14-2014, 03:23 AM
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If the seller can show repairs are up to code or trade standards you will probably lose your down payment.
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Old 06-14-2014, 04:02 AM
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The house is not a "dream" home. But it is big, we love the layout, and it backs up to our kids' school.

My wife likes it more than I do. But after I get my shed/workshop built on the fenced 1/2 acre...I should be fine.

There are not many houses nearby for sale (that we would be willing to buy).

I only put $1000 on the contract.

My major issue at this point is that I have spent over a month dealing with these idiots and don't have the time to go through this bs again.
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Old 06-14-2014, 04:10 AM
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In a similar situation...lots of bs and wasted time...but you have to take the emotion out of it. And for fun, try and see the deal though the sellers' eyes as best you can.

If you feel your initial offer represented adequate value for the home after the fact the repairs were made/assuming subsequent discovery of deficiencies would be corrected to your satisfaction, reduce the offer.

I agree with you that subsequent discovery/failure to disclose known deficiencies should void the contract-but you're applying logic. Home sales are regulated somewhat by the local/state gooberment.

Always be willing to walk away.
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Old 06-14-2014, 04:35 AM
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Did you have a pro inspect the house?

I'm not doubting your qualifications, but maybe a professional inspector could help this process move along easier for both you and the seller.

If you brought one in and both agreed to abide by his recommendations, that could help smooth things out.
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Old 06-14-2014, 04:35 AM
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Ok I am guessing it's what you want and you had it inspected and maybe it's $300,000?

So you are worried about a 3% extra cost - you are paying the damn agent more than that. you do NOT want to give them another chance to correct stuff.

If they won't drop the house by 5 grand after you show the shoddy work - and you are confident it is only 10,000 extra needed - buy it anyway.
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Old 06-14-2014, 04:51 AM
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Were the repairs made per your demands after ordering an inspection? Did you order an inspection? If not, do so. Saying you want repairs based on your thoughts holds very little water. Saying so based on an inspection you do paid for is a different story.

Do you have an out on the contract? How long have you had the home under contract?

Contrary to popular buyer belief, a used home and a new home are two very different animals. Many buyers expect a "used" home to be in perfect condition throughout, and to show and be sold as if its a new home. That's not how it works with most houses. Houses need maintenance and repairs, that's just how it works.

What sort of repairs are we talking here? A few rotten fascia boards? Or the crawlspace having major structural issues? Are these repairs structural, or are they ideas you think would make the house nicer or better? Because there is a huge difference between the two, and this fact is lost on many buyers.

Last edited by Double tyme; 06-14-2014 at 05:14 AM.
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Old 06-14-2014, 05:14 AM
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Can you post a copy or excerpts from your inspection report?

People (and inspectors) often have widely varying opinions of what constitutes an item worth repairing. Sellers usually get the punch list and are pissed off about it because they've obviously been living there and "everything is fine."

What's the $8-10k of items in your head? Nothing says that the house you buy has to be in excellent condition...
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Old 06-14-2014, 05:36 AM
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I have once had a home I was selling fall out of contract five times. It was a cheap home and buyers Were having trouble qualifying, despite the fact they all had pre qual letters.

Each buyer got an inspection, and each buyer Sent me a punch list. Five times I did this. Not frustrating at all. It was lovely (sarcasm).

I actually like to leave some really easy stuff for the inspector to find; non gfi outlets on kitchen counters, no expansion tank on water heater, etc.
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Old 06-14-2014, 05:37 AM
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You can fix most problems if they are just cosmetic. You can't fix location.

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Old 06-14-2014, 06:10 AM
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One thing I have learned from buying my 'homes' (as in not for investment, rent or flip). Something that will work but has enough issues to make me waver, I walk. Every time I did, I found something far more suitable and was very happy about it. Trying to buy home in NJ, I haggled with the seller because it was overpriced for almost six months, I gave up and walked. The very next day the one I owned for 18 years came on the market for less than I offered two days prior, and it was waterfront... When we decided to go from 2 homes in NJ and a rental in FL to just making home here. We were all set to pull the trigger on one I could make work, but it had some nagging issues with lot size, garage size... Put up a $5000 deposit, waiting on settlement, seller loses the deal he was in on his new place, and wants to back out. Meanwhile we bought all the furniture, etc... We were in Sturgis doing our annual trip, I get an alert from Zillow on a new listing, look it up, no photos but description fits our desires. I look on Google earth, one look and I told Susan; Unless this place is falling down, we're buying it. From South Dakota, I jumped on a plane and flew down for a quick look and wrote the check on the spot, it is perfect. When we leave here it will be feet first.

Life is all about how you handle 'Plan B'
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Old 06-14-2014, 06:16 AM
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rit. how is the contract in PA. do you have a due diligence deposit and a earnest money deposit or just earnest money. How is the inspection and repair negotiations clause of the contract worded. Some states with necessary repairs clauses state that all repairs must be in a good and workmanlike manner. If your home inspector comes back stating that they are not in a good and workmanlike manner then you have a reason to contest the repairs. In your repair request, did you specify that repairs be made by a qualified and licensed contractor? If they agreed to that and did half ass jobs doing it themselves, then you have another out. Are these repairs age and wear and tear items, or structural? Contracts and forms in every state are different so hard to say from NC.


I also agree with rdmallory above "You can fix most problems if they are just cosmetic. You can't fix location."

Curious, how long has this house been on the market before y'all wrote a contract on it?
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Old 06-14-2014, 06:32 AM
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I know the difference between new and existing...

This house needs work, I know how much it will cost, I expect that to be reflected in the final sale price.

The problem is that the current owner has very different living standards
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Old 06-14-2014, 06:33 AM
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House was on market for >year
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