Thanks a lot for your response. Yes, in addition to the water problem there are other problems due to the fact that the seller’s relative did lot of “How-to” work on the house. Which actually is also a result for the water problem. And also once I move in there is atleast a 5K work to be done on the bath rooms and getting appliances.
The other concern is that the seller is also a Realtor and so I am afraid he could play lot of nasty tricks to get this house sold. I am afraid he is doing a patch work in fixing the issues which might surface later.
Inspite of all this, the big reason I am interested in this property is it has a in-law set up with a tenant in it. It could be a great investment for me with rent.
So, I think I will wait for 2 or 3 days more and then throw a price along with the contingencies to fix the problems by a licensed contractor or give cash back on the work estimate so I could get it done myself.
I saw a single family house in a small town which is a Cape built in 1963. It has good updates but most of them done by the Seller’s relative. I made an offer and the seller agreed to it. But in the inspection it had water leak marks and a little active water penetration in the basement and crawlspace and few other issues.
So, I cancelled the offer and the seller cancelled the contract. Later the seller told my agent that he can get those issues resolved if I like it. But I also have a feeling I gave him a higher offer price earlier. And I also want a licensed contractor do the work rather than his relative.
Question: So, now can I make a lower price offer again on the house. Would the seller accept it and also accept to get the issues fixed by a licensed contractor? How should this offer be made and on what terms?
Someone who have experience in this kind of trasactions please give some advise.
Posted by Zack W on December 01, 2004 at 21:19:05:
Siv,
Your in a little bit of a dilemma due to the fact the seller has already seen your offer, agreed to it and probably figured out how they will spend the money. So to come back in with a lower offer and still have them to the repairs might not work, BUT, then it again it might.
You need to get to the root of your problem. Is the only issue the water problem? If so, simply make your offer with the contingency that you will get an estimate for the required work, then at closing they can credit that money to you and you can hire your own guy to do the work. Now on the other hand if you made your offer too high initially plus have the water problem issue then the only thing left to do is either find another deal or make a lower offer.
Run your numbers, get an estimate, make an offer and see what happens. The worst they can say is no, right?