As Is Can’t negotiate further?

Buying & Selling Real Estate
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As Is Can’t negotiate further?

Cory LucasPro Member
Rental Property Investor · Brighton, IL · Member since 2019 · 431 posts · 139 votes

Got an offer accepted on a property, home inspection showed some pretty big concerns, but my realtor says I can’t negotiate further since the seller is selling AS IS?

Is this right? If so any other thoughts/options versus just backing out?

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Allen Williams
Realtor · Jacksonville, FL · Member since 2019 · 95 posts · 87 votes
5y

@Account Closed As a Realtor I would say always always you are the customer and even if the other party denies your request that should be what happens, not your Realtor stopping you from making a move. I would encourage you to just state you want to send an amendment to the price (or repair addendum showing what want fixed, usually price reduction is easiest with amendment for AS-IS properties), attach a copy of a quote from a GC/sub so the other party knows it is legit, and then move forward if the numbers still work, or back out if the deal is dead. Hopefully the other party will help with covering some of the unforseen issues, not everyone is unreasonable. But I would do all that first instead of walking away because you already paid for an inspection. I hope this helps!

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  • Cory LucasPro Member
    OP
    Rental Property Investor · Brighton, IL · Member since 2019 · 431 posts · 139 votes
    5y

    @Russell Brazil I appreciate the feedback, didn’t really think much of just walking the property. I had no idea the one contractor would come and walk the roof, which obviously being a good contractor they should. Hadn’t used them before, nonetheless I should have cleared all of this with my agent. I see what you’re saying there, thanks for the feedback, lesson learned on my part

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  • Brie SchmidtBusiness Member
    Moderator
    Real Estate Broker · Chicago, IL · Member since 2013 · 6k+ posts · 5k+ votes
    5y
    Originally posted by @Account Closed:

    @Brie Schmidt no definitely things that could not be seen with the naked eye. Crawlspace completely covered in water, couldn’t see past the opening without crawling inside as there was plastic hanging down, structural supports not properly installed, ductwork not attached to the HVAC system literally laying in the water, the roof is literally not even attached at one of the joists where it should be attached to the house, and wiring chewed through in the attic of the garage

    I feel those are items worth negotiating on right?

    And thank you for taking the time and weighing in

     Absolutely.  Those are walk away items.  

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  • John MorganPro Member
    Rental Property Investor · Grand Prairie, TX · Member since 2018 · 2k+ posts · 2k+ votes
    5y

    @Cory Lucas

    I’ve taken at least 6 SFHs “as is.” I assume the worst and just deal with it. However, one I bought was pretty jacked up. So I told them I need 4k off my offer of 52k. The seller accepted. I’m in the process of doing a cash out refi on it now. Should appraise for 165k so I should get all my cash out and it’ll still cash flow good.

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  • Cate Ledezma
    Real Estate Agent · OK · Member since 2019 · 5 posts · 4 votes
    5y

    @Cory Lucas what other things did you specify in your offer?

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  • Cory LucasPro Member
    OP
    Rental Property Investor · Brighton, IL · Member since 2019 · 431 posts · 139 votes
    5y

    Nothing else really specified aside from price, something specific you're referring to? 

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  • David Machado
    Member since 2019 · 8 posts · 4 votes
    5y

    @Cory Lucas

    Your realtor is lazy and should be fighting for you every step of the way. I just had an accepted deal on a duplex and the sellers agent said the rented side was $300.00 a month. After asking for the rental agreement it turns out the lease is at $250. I asked for a $2,000 discount.Seller countered with $1,000 and I rejected it and they accepted my price reduction.

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  • Cory LucasPro Member
    OP
    Rental Property Investor · Brighton, IL · Member since 2019 · 431 posts · 139 votes
    5y

    @David Machado good stuff! Thanks for the feedback

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