Current update on the home purchase

We got inspections done, and after received the inspection reports, our realtor wrote up the inspection proposal and sent it on Friday, while we were on vacation. We gave them to May 6th to respond, considering we figured we had asked them to fix enough stuff that they would need some time to have a contractor take a look at the issues. We were hoping not to hear anything for a while, since that would mean they were considering our requests.

But we heard back today — the owner is offering money to us so we can get stuff fixed. And a highly unrealistic amount of money, at that. We’re going to sit down and go over stuff this evening, and decide whether we want to counter with something else or walk away. But either way, a very disappointing situation.

I think the seller’s realtor is thinking we don’t know much about the downtown housing market, and it attempting to work that a bit. Unfortunately, he’s quite wrong about that. We know what the house is worth and what it’s real prospects are for sale, and what we asked for was more than fair. It would suck to have to walk away, but to some extent he would deserve it.

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4 comments on “Current update on the home purchase
  1. lisa says:

    well, they know you want the house, maybe they just decided to give it a shot.
    this is exactly what a friend of mine went through with a house in the same circumstance. in the end, she got what she needed to be able to buy the house, but it took several rounds.
    i hope it all works out.

  2. Melody says:

    Is the issue that you would rather have them do the repairs than deal with having them done yourself? I understand how it is less hassle if you walk into the house with everything already taken care of, but at least if you control the money, you control the way the job gets done–speaking as someone who had a few things fixed by the seller on her last house (not the one we’re in now) in a less than adequate way.
    Me, I prefer to run with the money and make sure the job gets done to my satisfaction.
    Now if they’re offering a lot less than what it’s going to take to get the job done right, that’s a completely different story.

  3. Vanessa says:

    It sounds like you’re on the right track, although it’ll be disappointing if things don’t work out. By the time we were ready to close, I didn’t care any more. We fought with so many bankers, brokers, and shucksters that I would’ve walked away if one thing had gone wrong at closing.
    I thought about you while reading this article on CNN Money about closing costs. In a nutshell, it’s about how everybody in the real estate business is in bed together and you have to research everything.
    When we bought our house last year, we shopped everything – the mortgage, the closing costs, the inspection. It was a lot of work, but we definitely paid less money. Our realtor hated it. He wanted us to use his mortgage broker. So, we listened to the guy, and then told him take a hike.
    If you haven’t starting shopping this stuff, you might want to do it now. We were deceived by several reputable banks and credit unions on the closing costs. It was only because we harped on justifying costs before we signed anything did we uncover lots of hidden costs.

  4. The issue is that they’re offering a lot less than what it’s going to take to get the repairs fixed. When our realtor talked to theirs, though, it became apparent that they really don’t realize what it’s going to take. They were guestimating, and we had a much stronger idea because we had a roofing inspection along with the regular. We’re getting real estimates on the roof now, and that will help them understand exactly what they’re dealing with. We’re hoping that if we come back with an estimate and a monetary request that they’ll see the light.

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