Kelso, WA · Member since 2018 · 11 posts · 0 votes
This will be my first home sale. I listed this beach home 2 bed 2 bath with a loft one block from main entertainment strip in Long Beach Washington for 225k buyer offers 205k I came back at 215k in hopes of a 210k counter but they took it at 215k. Even better with earnest at around 2k. Now they are asking I replace the roof some wiring in the attic they want me to replace the entire door frame and door on the front door mind you the one now is not in bad shape at all. And the other thing is the want me to purchase a warranty on the appliances that are very old as it is I feel like this has gotten a little ridiculous with the requests. Am I right in thinking so and if so how should I address the situation or any strategies I can implement such terms or price or whatever. Thank you very much for your time.
You've fallen victim to a Nibbler [see more about "the nibble" at https://en.wikipedia.org/wiki/...]! And yes, caving to their demands only increases the chances they'll keep nibbling away, because you're showing them it works.
One counter-tactic to the Nibble is Quid-Pro-Quo: Extract a concession, no matter how small, for every concession requested. "I'll give you a warranty, but only if we move closing up a week."
However, the best approach would be to give yourself options by continuing to solicit (backup) offers from other buyers. If you knew you could say "no" to the Nibbler, and they knew someone else was waiting in the wings ready to step in, you wouldn't be so vulnerable to their gambit.
We rarely get into the actual logistics of the repairs. Many buyers are naive and think their inspectors findings are somehow supposed to become my “honey do” list. I typically throw 500-1000 dollars at all of the issues in their entirety. Getting sucked into doing the actual work/ repair just leads to endless nitpicking about the end results. I typically also have a home warranty already planned into my numbers as buyers seem to be placated by them (but also typically naive to the headaches associated with those warranties). In the end, I always work to try and close the deal with a happy buyer as I already have my target number in mind.
Nope I don’t think it’s ridiculous at all. If you agree you agree, if you don’t then oh well.
My scenario:
Asking price: 185k (priced a little below market)
First offer: 185k, seller cover 3.5% towards closing, and 5k for a newer AC unit (this is Florida)
- Then they said they had multiple offers (this is with 24 hrs of hitting the market), and wanted best and highest offer
- I offered 188k cover 3% towards of closing costs (closing costs are $5,700)... 3% x 188k = 5640, so I would only have to bring $60 to the table
They accepted this offer
- Did the home inspection, inspector said the roof only had 5 years left (composite shingle) WITH repairs
- So we had a roofer look at it, they refused to even do repairs to it since it was so worn down it needed to all be replaced (Florida roofers are strictly regulated and justly so because of Hurricanes)
- Requested the sellers put a new roof on the home payed for fully by them before closing
- They accepted
- Why would a buyer NOT ask? All they can do is say no, may as well save myself $10,000 and try.
Take it as you will but I don’t think buyer requests are absurd and you have the right to accept or deny them