Well I am trying to purchase a home. I'm a first time home buyer so this is new for me. The home listed for $129,900 and I said I will give him $125,000 and he agreed plus he would give me $4,375 back at closing. We had concerns from the inspection report and placed them on the purchase contract and the seller again agreed to take care of them.
Now here is where it gets good, the bank appraisal came back at $106,000.
Now he agreed to put the AC unit in like the first time when we both thought the $125,000 sale price would fly.
Now he says he won't fix anything but the AC unit and paint the cooling duct and we would be responsible for the safety of it meaning if someone stole it after installation.
Now where is the common sense in this because first why would I pay from $3000-$5000 to get it fixed, replaced etc. and how do I insure something I don't own like uh the house?
From my understanding he is liable until the actual purchase and keys are in my hands. What do you think because he's saying it like take it or leave it?
I look at it like this, fix it and sell it and lets move on, if not me then someone else who will complain about a badly damaged garage.
He still loses for six months at $106,000 and still is responsible for the taxes on the house.
What should me and my family do because we also said we would be gone on the 21st of this month help? LOL
Sincerely,
Laville
=====ANSWERS=====
Hello Laville,
I would like to take just a moment and thank you for stopping by my website. I love to meet new people here in my blog and share my knowledge to help them.
This is especially so with first time home buyers. You need a place where you can get unbiased answers from somebody that is not earning a commission for the sale.
With that said, it sounds like you have taken the proper steps by having the home inspection done to determine any defective items with the house.
Looks like you may have discovered several things with the AC unit being the big one.
Now that you know what the bank appraises the home for, this helps you know the real value of it.
Your correct in thinking the seller should just get on with it, but that is where the problem begins. Chances are he does not have enough equity in the property to make the repairs you listed during your negotiations.
If he is selling at a loss, he will not be very motivated to give you seller concessions.
If his attitude is take it our leave it, well that is what you have to consider.
The real question is the condition of the home. Is it in such condition that you can move into it?
Can you get the seller to fix the AC and you take it "as is" for the rest of your request?
You may need to walk away from the deal and start looking elsewhere.
Do you have real estate agents involved in this? If so, they should have been able to help you with the offer price before this would have happened.
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