Renegotiate because of Roof

[Michael Roetzel]

Hi All,

I'm in the process of buying a property. The purchase price is $45,000, and I estimated, with that bid in mind, $6,000 for repairs. The inspection has come back, and my $6,000 estimate was pretty good, that's right about where I am with repairs, EXCEPT for the roof. I thought it was in good shape, inspector estimates it has 1-5 years of life left, and may develop leaks soon. I'm working on getting a roofer out to take a better look, but would you renegotiate the purchase price at this point? 

[Mike Cumbie]

Hi @Michael Roetzel

Too many unknowns. If the house is under contract for 45 and worth 60 when done. Most likely. If the house is under contract for 45 and going to be worth 110..... Then I would just keep quiet and push to close. Let your numbers be your guide.