Los Angeles, CA · Member since 2019 · 10 posts · 0 votes
Hello,
Im in the process of purchasing a small multi family in Los Angeles, CA. I’m expecting to receive an inspection report later tonight but based on my conversation with the inspector there are a few concerns including water leaks in a couple of the units.
In the purchase agreement, one of the sellers terms was that the property “ is sold as is, and as disclosure condition. No repairs will be performed.”
My question is, am I able to request repairs despite the terms and what strategic options do I have here if any? I'm getting it for market value using FHA.
Real Estate Agent · West Hills, CA · Member since 2016 · 43 posts · 26 votes
6y
Sounds like they wont perform any repairs but you can always ask for a credit towards the repairs so you can take care of the issues yourself. Worst thing that can happen is they say no.
You could make an offer at a price you are willing to pay with the repair requests and a simultaneous offer without the requests for a price that you would be willing to pay (less), without the repairs. You just need to be comfortable with both scenarios.
Real Estate Agent · West Hills, CA · Member since 2016 · 43 posts · 26 votes
6y
Sounds like they wont perform any repairs but you can always ask for a credit towards the repairs so you can take care of the issues yourself. Worst thing that can happen is they say no.
Investor · Las Vegas, NV · Member since 2013 · 8k+ posts · 10k+ votes
6y
As a seller how would you feel if you advertised a property and said no repairs. Someone makes an offer and you accept it and then they ask for repairs?
You can always ask and as long as it’s a bad enough deal they haven’t gotten any more offers maybe they’ll deal with you instead of looking at backup offers.
Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
6y
What is your agent telling you? This is certainly a question for him or her.
That said, everything is negotiable, what you can or cant get is up to your (or your agent's) negotiating skills and how it is presented. Lots of listings state seller will not do any repairs, however, if you uncover hidden items not present during standard initial walk through, you can certainly re-trade the price to cover the added costs. If seller does not agree, you can walk.
Real Estate Agent · Inglewood, CA · Member since 2015 · 294 posts · 150 votes
6y
Don't ask for repairs, ask for credit towards closing cost. Most sellers will fix those leaky pipes with bubblegum and you will be tasked with verifying the repair. Its better and will be better received to get a quote to repair, ask for closing credit and repair it yourself. Most sellers are not going to fall out of escrow for a slight decrease in their net. I have never seen an FHA deal die due to a leaky pipe, this is small and fixable. Just knowing where water is coming from is a blessing in disguise. I have had mystery water where the bigger problem is figuring out what is the source of the water lol. BTW, make sure you get a closing credit and not a price decrease as the price increase cannot help you fix the pipe, the closing credit is usually better received and results in decreased acquisition cost. What is your agent suggesting?