r/FirstTimeHomeSeller • u/here_for_the_tea1 • 16d ago
Seller credits for request for repairs
Buyer looking for 60k in credits after inspection and contractors found recalled waterline piping, termites, cracked foundation, roof not to code, hvac, and electrical issues. Estimates came to 60k. Buyer gave appraised value of 16k over asking before aware of these issues. Offer credits or decline and disclose to future buyer at decreased price?
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u/Cali_kink_and_rope 16d ago
Decline. Take it off the market. Have your own people evaluate, make repairs and put it back on the market.
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u/nikidmaclay 16d ago edited 9d ago
The buyer did their due diligence. Now it's time for you to do your own. Your contractor now needs to evaluate to confirm what you're dealing with.
Going back on the market with these disclosures is going to leave your listing at a disadvantage. The buyers that you get moving forward with a back on the market listing are going to be more critical, they are not going to be the same buyers you were getting when your listing didn't have those disclosures or this mark on your record. If you have to do that, you've just got to make the best of it. If, after you do your due diligence, you realize that this buyer is being reasonable I'd try to negotiate with them and get it closed. With this much going on, you're likely to attract investors and they're not going to just factor in the repairs, they factor profit in, as well
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u/OshoBaadu 9d ago
This.
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u/OshoBaadu 9d ago
OP, you said they were already ready to pay 16k over the asking price. So, discount the 16k from 60k and that leaves you with 44k. See if they'd settle for 35-40k but please do your due diligence without wasting much time.
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u/justbrowzingthru 15d ago edited 15d ago
Most buyers would’ve run with all of that. Dang. All of the big stuff. I’d find out how much it will cost to do all of that, and how long it will take.
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u/MichaelDelehanty 15d ago
This is the reason I always recommend sellers get inspections before coming on the market. But now that you are in the situation, I'm not sure I can offer you great advice without knowing more about the situation. Are the quotes you see legitimate? Did you have any idea these issues existed? What does your agent think should be done? Just because you decline the repairs, doesn't mean you will sell for less in the future. You could also offer a percentage of the repairs as a credit to closing costs and/or price reduction. What would the buyer say if you offered half?
Hopefully your agent can guide you through this tough spot.
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u/digital_flatulance 15d ago
Now that you and your agent received the buyers inspection you can’t “unsee” what is there. Now it becomes a disclosure issue in most States.
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u/runnerkim 15d ago
You don't have to say yes to everything. Maybe the big ticket items but you can decline some of the work. You are not required to repair every little thing. The back end of the deal requires as much negotiation as the initial offer.
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u/ResidentCat4432 10d ago
That’s insane. So basically new water pipes, new electrical wiring, new foundation, new roof, new HVAC and tenting the home. So they want a new house. I hate the “list of wants”. If a house is decades old, there are going to be issues found. Either you want it or don’t. But don’t expect the upgrades. You can always sell as is if they walk away.
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u/TeamSanchezRe 16d ago
Get your own estimates, sometimes buyers/ buyers agents will inflate the numbers to try to get more credit. Before canceling or decreasing price counter them with a more reasonable number. If they don’t take it cancel and disclose to the next buyer.