First W/S Deal - And Discovered It Needs $15K in Sewer and Structural Repairs
I have a first deal under contract, and on the sewer scope it show cracks at the City Tap (city is not responsible for taps) and the first person to view the property noticed that there is some blocking put in place under the floor joists to level it out and that another floor joist was cut almost all the way through when gas furnace venting was later installed.
Replacing the sewer line costs 10k and I am estimating 5K to put some piers under the flooring as the structural company can't come out for two weeks and the inspection deadline date is in three days.
It is an inherited property without debt, and I have more showings scheduled before I can go to renegotiate with the seller. The price to my buyers is 175K. How can I mention this on my showings when I don't know the outcome with the seller about these issues?
I haven't done a renegotiation with a seller and also seek guidance on how to re-approach them on it. Maybe the contract should be rewritten if the renegotiation goes well? What a learning process this has been.