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Posted by Stephen Huckaby on February 8, 2005, 1:03 am
First I'd like to say I'm a upright, honest sort of guy.
I'm buying my first home from someone, the seller/home owner.
When I went to the morgage broker he suggested having a home
inspection before making the contract final - and I would be the
one to pay for the inspection. No problem.
When I told the Seller, he said he had no objections to the
inspection, but he was told by a "friend" who buys and sales
homes, that people often take the Inspection report to the
bargining table and use it as a deal breaker, ie, EITHER FIX ALL
THE PROBLEMS IN THE REPORT or DROP THE PRICE OR WE WALK.
And the seller said when he quoted me a price, he gave me the
firm bottom price. He had it marked up to 'account' for any
negotiation.
I have to tell you this never, never occured to me. I am hoping
that the report will save me from buying a "Money Pit." I
realize the home I am trying to buy is not new and there will be
MINOR problems.
I don't have a friend who is a realestate agent to ask these
questions. Not even a friend of a friend of a friend who saw a
show.......
But, while I know some wear and tear is quite reasonable, what is
not. The easy answer would be "What can you afford." But that
is not a good answer. It the report comes back with a problem of
say Water Damage and $2000 to repair, should I eat the cost
What about $5000 for the Damage or $10 K.
ANY ANY ANY ANY advice whatso ever you can give me re buying
my first home would be greatly appreciated.
If I sound Ignorent, its cuz I is. Please help me.
All apollogies if this is not the right Forum to post this
questions, but I lurked for a while and the people of this group
seemed to be in the know.
Stephen H.
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Posted by m Ransley on February 8, 2005, 12:32 am
Get an inspection, you now think the house is fine and not needing any
repairs now or soon. If you find a big problem now that was unknown
deduct it from the price . If you find out you will soon need major
work, ex roof , heating, electric you can negotiate or walk. You want
to know what you are buying and dont want a money pit. If it needs
work, depending on type of problem, you get estimates and fix it to be
sure it is done right.
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Posted by xrongor on February 8, 2005, 12:54 am
you gotta do what you gotta do. forget what the seller thinks of what you
are doing.
everything is negotiable. the worst that can happen is one party backs out
of the deal.
randy
show/hide quoted text
> First I'd like to say I'm a upright, honest sort of guy.
> I'm buying my first home from someone, the seller/home owner.
> When I went to the morgage broker he suggested having a home
> inspection before making the contract final - and I would be the
> one to pay for the inspection. No problem.
> When I told the Seller, he said he had no objections to the
> inspection, but he was told by a "friend" who buys and sales
> homes, that people often take the Inspection report to the
> bargining table and use it as a deal breaker, ie, EITHER FIX ALL
> THE PROBLEMS IN THE REPORT or DROP THE PRICE OR WE WALK.
> And the seller said when he quoted me a price, he gave me the
> firm bottom price. He had it marked up to 'account' for any
> negotiation.
> I have to tell you this never, never occured to me. I am hoping
> that the report will save me from buying a "Money Pit." I
> realize the home I am trying to buy is not new and there will be
> MINOR problems.
> I don't have a friend who is a realestate agent to ask these
> questions. Not even a friend of a friend of a friend who saw a
> show.......
> But, while I know some wear and tear is quite reasonable, what is
> not. The easy answer would be "What can you afford." But that
> is not a good answer. It the report comes back with a problem of
> say Water Damage and $2000 to repair, should I eat the cost
> What about $5000 for the Damage or $10 K.
> ANY ANY ANY ANY advice whatso ever you can give me re buying
> my first home would be greatly appreciated.
> If I sound Ignorent, its cuz I is. Please help me.
> All apollogies if this is not the right Forum to post this
> questions, but I lurked for a while and the people of this group
> seemed to be in the know.
> Stephen H.
>
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Posted by xrongor on February 8, 2005, 1:03 am
ps.. go to the library. get 5 books on how to buy a house and read them.
you'll get the idea..
randy
show/hide quoted text
> you gotta do what you gotta do. forget what the seller thinks of what you
> are doing.
> everything is negotiable. the worst that can happen is one party backs
> out of the deal.
> randy
>> First I'd like to say I'm a upright, honest sort of guy.
>> I'm buying my first home from someone, the seller/home owner.
>> When I went to the morgage broker he suggested having a home
>> inspection before making the contract final - and I would be the
>> one to pay for the inspection. No problem.
>> When I told the Seller, he said he had no objections to the
>> inspection, but he was told by a "friend" who buys and sales
>> homes, that people often take the Inspection report to the
>> bargining table and use it as a deal breaker, ie, EITHER FIX ALL
>> THE PROBLEMS IN THE REPORT or DROP THE PRICE OR WE WALK.
>> And the seller said when he quoted me a price, he gave me the
>> firm bottom price. He had it marked up to 'account' for any
>> negotiation.
>> I have to tell you this never, never occured to me. I am hoping
>> that the report will save me from buying a "Money Pit." I
>> realize the home I am trying to buy is not new and there will be
>> MINOR problems.
>> I don't have a friend who is a realestate agent to ask these
>> questions. Not even a friend of a friend of a friend who saw a
>> show.......
>> But, while I know some wear and tear is quite reasonable, what is
>> not. The easy answer would be "What can you afford." But that
>> is not a good answer. It the report comes back with a problem of
>> say Water Damage and $2000 to repair, should I eat the cost
>> What about $5000 for the Damage or $10 K.
>> ANY ANY ANY ANY advice whatso ever you can give me re buying
>> my first home would be greatly appreciated.
>> If I sound Ignorent, its cuz I is. Please help me.
>> All apollogies if this is not the right Forum to post this
>> questions, but I lurked for a while and the people of this group
>> seemed to be in the know.
>> Stephen H.
>
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Posted by Joshua Putnam on February 8, 2005, 2:24 am
The seller has just made it simpler for you to decide what to do.
Get the inspection. If it turns up minor things you can deal with, go
ahead with the deal. If it turns up something you don't want to pay
for, tell the seller the deal is off because it doesn't meet your
inspection contingency.
Ordinarily, at that point, the seller negotiates a price allowance for
the repairs. But if this seller says he won't negotiate, you don't have
to worry about that, just tell him the house failed inspection and you
aren't buying it.
(This assumes that your offer includes a contingency for inspection --
if the house doesn't pass and you can't reach an agreement with the
seller, the deal is off, you get back your earnest money, the house goes
back on the market.)
--
josh@phred.org is Joshua Putnam
show/hide quoted text
<http://www.phred.org/~josh/>
Updated Bicycle Touring Books List:
show/hide quoted text
<http://www.phred.org/~josh/bike/tourbooks.html>
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> I'm buying my first home from someone, the seller/home owner.
> When I went to the morgage broker he suggested having a home
> inspection before making the contract final - and I would be the
> one to pay for the inspection. No problem.
> When I told the Seller, he said he had no objections to the
> inspection, but he was told by a "friend" who buys and sales
> homes, that people often take the Inspection report to the
> bargining table and use it as a deal breaker, ie, EITHER FIX ALL
> THE PROBLEMS IN THE REPORT or DROP THE PRICE OR WE WALK.
> And the seller said when he quoted me a price, he gave me the
> firm bottom price. He had it marked up to 'account' for any
> negotiation.
> I have to tell you this never, never occured to me. I am hoping
> that the report will save me from buying a "Money Pit." I
> realize the home I am trying to buy is not new and there will be
> MINOR problems.
> I don't have a friend who is a realestate agent to ask these
> questions. Not even a friend of a friend of a friend who saw a
> show.......
> But, while I know some wear and tear is quite reasonable, what is
> not. The easy answer would be "What can you afford." But that
> is not a good answer. It the report comes back with a problem of
> say Water Damage and $2000 to repair, should I eat the cost
> What about $5000 for the Damage or $10 K.
> ANY ANY ANY ANY advice whatso ever you can give me re buying
> my first home would be greatly appreciated.
> If I sound Ignorent, its cuz I is. Please help me.
> All apollogies if this is not the right Forum to post this
> questions, but I lurked for a while and the people of this group
> seemed to be in the know.
> Stephen H.
>