Are we asking too much of the seller?
Hello folks,
We are in the midst of closing on our first buy-and-hold deal. In another thread, some of you kindly analyzed the numbers and we're going to get about a 10%-12% cap rate. Official loan documents are being signed, inspection has been done and repair addendum has been agreed upon. Seller is agreeing to some small things (like GFCI outlets and removing debris) and some large things like a brand new roof and foundation repair. After getting my Insurance Agent, who is also my Dad, to look over the inspection report, he noticed several other things that he suggested I ask the seller to take care of before closing.
In my mind, I don't want to be too demanding as a buyer. However, I am in the position of power as the house has been on the market for almost 6 months and its clear the seller wants to get rid of it.
My question is, how common is it in buying RE for the buyer to ask for multiple repairs in more than one addendum? Since I've already submitted my first addendum and he's agreed to so much already, should I just be satisfied with what I'm getting and not press my luck? Is there any strategy to asking for repairs? Is it best to ask for 100% of the repairs we want up front and not come back and ask for more over time?
And a related question for a roofer or contractor is: We are getting a brand new roof put on the house by the seller as well as foundation repairs. How much would it cost to ask for some ventilation to be added to the job? The inspection indicated ventilation issues in the attic and under the house. I'm wondering if these can be taken care of while the roof and foundation are being worked on.
Thank you for your expertise and your suggestions.