Admin

At what point have you asked for too much?

By
Real Estate Agent with Century 21 Commonwealth
One thing that is coming out of this "new" market we're all experiencing is a new wave of empowerment from buyers. In so many ways this is a good thing as it's brought balance back into the housing economy. In the past so many buyers acted out of a slight fear that negotiating on a house would leave them without any housing options. As a result of this new reality we are seeing the quality of sold houses increase. All of that being said, how much "negotiating" is too much? For example: You walk into a house and see a cracked window, an old boiler, and a kitchen that needs upgrades. As you're walking through the seller's agent identifies these "known issues" to you(in the form of a written seller's disclosure). You then make an offer on that house with your offer price taking into account what you've seen. Is it now appropriate to ask for full repair/replacement of these items, at the seller's expense, post-inspection? Many buyers today are absolutely asking for these things. One thing we know when we price homes is there is a cost premium asked for (and paid) for brand new construction. So, is it appropriate for the buyer to assume that once they've made their offer on a re-sale the sellers will upgrade their property to "new construction" levels? As a buyers agent I would always ask, but in reality I know as a sellers agent, as long as the issues have been disclosed the Home Inspection Contingency is intended only for "unknown" issues. The renegotiation done post-inspection is supposed to identify anything that both parties discovered during the inspection only.
Show All Comments Sort:
William Haddad
Capital Mortgage Solutions - Noblesville, IN
Carmel, Fishers, Noblesville

Very good point Greg! Most agents will do exactly what you described and sellers are catching up to it.

Jul 06, 2008 03:19 AM