Price Reduction Request after Offer
Made offer on a house - offer accepted. Now I'm in the 10-day inspection period (per the contract), and inspection and contractors find "mildew" - indicating potential mold exists - throughout the home. Plumbing, electrical and HVAC all need completely replaced...this part we had a good idea of, but the excess costs including the mold are escalating beyond what we budgeted for since this is a 3,000 sf house. So we asked for a price reduction on our 9th day with a 24 hour response. The seller wants 3 days to look into it (this was verbal from their realtor, not in writing), get contractors, etc. If mold exists, and seller did not disclose, only put N/A in contract, their Realtor says I signed a contract that says "as is". If that's the case, then what's the 10-day inspection period in the contract for? We are just 19 days away from closing...that will put us at 16 days from closing. The profit potential is good, but it's a very old house, too, and even the contractor says to allow a larger cushion for more potential we find along the way. I'm asking for a $15K price reduction. I'm also thinking of wholesaling as my exit. I fix and flip and do buy/holds - I've never done a wholesale.
Questions:
- Can seller ask for more than 24 hours to respond - not in writing?
- If we decide to walk should I wait until their response or move on?
- Since this is a "major defect" found during inspection, am I due the EMD back?
- Is this sufficient time remaining to do a wholesale?
- Suggestions?