Thursday, March 16, 2017

Real estate haggling

Image: http://www.slate.com/content/dam/slate/articles/podcasts/negotiation/2011/10/111020_PODCAST_negotiate.jpg.CROP.article250-medium.jpg

Realtor reached out to me yesterday, to go over the inspection report that was in, and the water potability test results. At that point, we were still waiting for the water radon test (subsequently came back negative), and the air radon test (not yet in as of this morning).  We went over the report in detail and discussed which items to bring up to the seller's, who had already been made aware of the leaking shower.

Last evening, a response was forwarded to me via e-mail. The seller's have agreed to the following:

-a credit of $4900 (from my contractor's quote) for the master shower
-the furnace will be cleaned/serviced and a repair done ot the exhaust flue that needs to be resealed (carbon monixide risk) by a named company
-a $650 credit for the nonworking dishwasher
-the septic will be cleaned (I follow up with a request to please provide the company name for record keeping purposes)
-a licensed electrician will look at the reported undersized and nonconforming electrical wire going into a breaker on the electrical panel box, and replace if deemed necessary or provide a signed letter stating that it was not needed

Those were all of my "big guns" as I didn't feel it was necessary to list every minor little thing such as the missing electrical switch cover plate. I feel that their response was very fair, I hope that they perceived my requests in the same light.

Between today and tomorrow, I have several tradesmen coming to the home for additional quotes: wood floor company, electrician, plumbing, propane gas company (for range install in kitchen, possibly the tankless hot water in cellar but that may* be put on hold a bit, and a definate further out quote for converting the wood fireplace to a propane fire burner-so that I know how much to expect). A final contactor who is taking a few days off for a medical procedure (he didn't provide, I didn't ask) will be contacting me once he is able to, and setting up a time to go over and give me a quote).

At this point, my loan is in underwriting, I await the air radon test, and my quotes so that I can finalize what I must do and what I wish to do and in what timeline, especially what must be done before we move.

I have been watching the local real estate market since 2012 and know how rare it is to find a (mostly) level Ranch home, especially as more babyboomers, such as myself age. The condo is nice, but the stairs are already killing me. No home will ever be perfect, while I am not looking forward to big repair bills, once I do get the work needed done, I know that it will be right, and will work correctly, efficiently in the long run. I am also excited to make a house my home. It's been a goal that I have been working towards for a long time.

12 comments:

Meg B. said...

Well, it does seem as if the sellers are being fair. How long before you have something definite?

CTMOM said...

I received the aforementioned list of their terms in writing, forwarded from their real estage agent. Just awaiting air radon tests, as remediation is costly. Still projected at this point, to close on the 27th. One of the reasons, supposedly, that they chose my offer was that I could do a 30 day closing. They simply wish to get this through Probate and settle the estate. The owner passed away back at the end of May. I get it. Agree, the seller is being fair and accomodating.

The Line has been Drawn said...

Awesome that the sellers are being so accommodating! No doubt the circumstances (probate) have influenced them. There are times when you just want to be done with things. Hope the remaining needed tests/quotes come back favorably.

Florence said...

I'm so happy for you! You have taken a difficult situation and made the absolute best of it.

CTMOM said...

UPDATE: the air radon test came back OK. Today I have a mold remediation guy coming over to look at the mold under the leaking shower (visible from basement). Tomorrow, the water treatment guy comes to address the manganese in the water (not a biggie but a water system will cost me $2500) Evidence in basement shows that there was a treatment system in the past. I've spoken with my attorney, he will tweak the contracts, I will follow up with him on Mon, via phone to add anything else that may* come up as regards the mold, and we should* be good to go to sign off on contracts on Tues morning, closing still at this point, on for the 27th.

Kathy said...

Congratulations! So glad the sellers are willing to work with you. You will have a lovely home!

meme said...

SO happy for you! I agree with everyone else that it sounds like the sellers are fair people!

Anne in the kitchen said...

So glad the sellers are willing to negotiate with you. I understand taking a home with a few issues and making it work for you, especially if you know the existing market and can find value doing it. We have done it a couple of times and it worked for us.

NAN said...

That sounds great! I'm with you on stairs- I was smart and when I downsized I made sure it was all on one level. Of course now I'd like an apartment with no maintenance but I own my home and 2 bedroom apartments are $$ here now. I'll 69 so maybe in 5 years, I'll bite the bullet and sell. I can only imagine how excited you are!

janie said...

Glad to read that the sellers are working with you. Sounds like things will work out for you.

Best of luck and can't wait to see pictures when the changes are complete.

Enjoy and so happy for you!! Janie

Belinda said...

I agree that their response was very fair.

thyme2save said...

A day to remember when sellers meet your expectations. Hoping you are grated what is needed.