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Posted by PJx on February 8, 2005, 9:26 am
On Mon, 07 Feb 2005 22:03:35 -0500, Stephen Huckaby
>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.
I don't understand the problem. Are you buying his home so he will
be friends with you? I hope not. You are making a business deal
that needs to be done professionally. That requires the inspection
and the inspection often leads to negotiation with the seller on the
repairs. The seller always has the option of backing out of the
deal until he signs the escrow contract papers, so there is not really
a problem, here - providing you get the inspection.
Remember that you will be making an offer which he must accept for
there to be a valid contract. His offer to sell is really just an
invitation for bids(offers to buy).
>
>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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