Ok, ok, I am struggling here! 8 hours sleep in the past 2 nights doesn't leave too many brain cells left for blogging. And today is my second day, so I have to get this in.
Well, I have noticed recenlty that roofs are back in style again. Along with air conditioners. My last 3 transactions have gone like this:
1) My buyer, submitted an offer on a moderately priced home (under $65,000) just over 10% UNDER list price. The seller accepted the offer. Disclosure: roof age is unknown, roof is very obviously old, will need a new roof. We discussed it when we looked at the house and submitted the offer. Home inspector says, the roof is old will need to be replaced - yes we know. The buyer now wants another $2000 off the contract price. Seller says no way. The buyer is actually OK, they like the house, they'll go forward. But the friends keep saying, but it needs a new roof - doesn't the seller know it needs a new roof? Yes, and so did the buyer and the seller doesn't have to lower her price again just because the buyer wants her to.
2) My listing. Disclosure - roof is 1 layer, roof is old, obvious to the naked eye it needs to be re-roofed or replaced. We are priced to reflect roof and some other items. Buyer comes in a little under list price which is under $130,000 and asks for everything not nailed down (ok, I exagerate a bit here) but, all the appliances and some personal property - seller says OK. Home inspection comes along - buyer wants $7500 credit for the roof. I know how much a roof can change in 3 days but, come on! Seller says no - buyer walks.
3) My listing, written in the MLS and on the disclosure - the A/C does not work. The seller will not repair. Home inspection results - the buyer wants the A/C evaluated by an HVAC person! Seller declines and we site the disclosure. The buyer says OK. They negotiated on price because of the roof, which the seller diclosed been repaired - and amazingly, did not mention it again - thank you very much!
What is the point of the disclosure provided to, and signed by the buyer prior to the accepted offer if they are only going to come along after the inspection and ask for money for the disclosed item!!
Maybe we need to do a better job of explaining what the purpose of a property condition disclosure is for so when the buyer reads it they know why they are reading it and if the pimples are already reflected in the listing price or if they need to be addressed right at the time of - heaven forbid - the actual purchase offer itself!