Wish List vs Reality: How much is too much to ask for when an offer is signed? In my market of St. Cloud Florida homes, we are experiencing a Seller's Market. Whch means buyers are fiercely competing for homes. When a well kept, well priced one comes on the market, you can be assured there will be many lookers. And there will be offers.
Recently, a contract got kicked, because the buyer simply asked for too much. The offer was $10,000 below asking price. One Concession on the sellers part. The seller accepted the "As-Is" Offer, wishing to settle their loved ones estate.
Things were going fairly smoothly, until it came time for the Apprasial to be ordered. The appraiser had already pulled the comps and was confident that the property was within the correct value range, on his preliminary search. The buyers agent cancelled the appraisers appointment hoping to re-negotiate the terms of the "As-Is" Contract they had signed based on the home inspection which revealed some rotten wood on the exterior which was plainly visable at the time of the showing.
Then came the wish list. Replace rotten wood on the exterior, provide a new garage door, new upgraded siding,and new vinyl trim and they wanted the seller to pay for it all and provided an estimate from their contractor for "our convenience". A Whooping $8500 in renovations on top of the discounted offer price.
The agent calls eagerly awaiting our response. "Let me see if I understand this, you want my sellers to renovate the home to your clients specifications at their expense and then sell it to her for the discounted price ?" "Well, uh, um, when you put it like that, it does not sound very good." Needless to say, the sellers declined her generous list of repairs.
An "As-Is" Purchase Agreement excludes repairs. It is that simple. Do not enter into an "As-Is" Agreement, if you are unwilling to have the repairs made at your own expense. . Consult a Real Estate Attorney if you have questions or concerns PRIOR to signing an agreement is our recommendation.
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