I just went under contract for my property. It was listed as a 4 bedroom, and I mistakenly assumed the basement was meeting Egress window code, however when I had the inspection I found out it was not. I am trying to figure out was is the best plan moving forward.
I got this property for what I feel was a pretty good deal. I have a 60 day post occupancy agreement, and I believe my offer was accepted over a higher one because of this. Waiting on the appraisal which should be completed in a few days, it will be interesting to see if they appraise it at a 3 or 4bdrm.
My current plan:
Increase final selling price by 2.5k and ask for 5k back in seller concessions. I am expecting this to cost around 7k for both windows, I want to make it seem like I am working with them and we are sharing the majority of the burden. Again, this was listed as a 4bdrm with no word of it being non-conforming. I am currently getting quotes and hope to include that in out message to the sellers.
What are you thoughts? I do not want this deal to go through, and I would still probably be willing to move forward if they matched my increase in price with an equal increase in seller concessions (so they they have no net loss) . That being said, I want to fight for it. In this market, I understand I am coming from a weak position.
1. Would it be possible to just install an egress in the basement bedroom, and leave the living room unchanged?
2. What are the implication of increasing seller concessions? Is an increase in 2.5k price with 2.5k seller concessions essentially nothing to them?
3. This is in the Denver area, I am expecting around 4k per window? Is this a good estimate? Builder recommendations appreciated!
4. Say I do not install egress windows and rent out the basement bedroom. If something happened, would I be covered under liability protection with my insurance.
5. What would you do in my situation?