All Forum Posts by: Kris Rufino
Kris Rufino has started 1 posts and replied 9 times.
@Carlos Ptriawan Can they just back out of the deal at this point? Wouldn't there be some sort of repercussion if they decide to breach contract like that?
This is good to note. I believe the DOM is 8 days. So you're saying take what we got and leave it be.
Quote from @Andrew Syrios:
Quote from @Russell Brazil:
What's the price point? $400k? $2 million?
Without knowing that it's impossible to say if $17k is reasonable or laughable.
Also depends on why he's asking for such a big discount. If the entire sill plate and floor joists have been eaten out by termites, such a discount would be reasonable even on a $400k house. If it's because there's hail damage or the HVAC is old or whatever, then laughable
@Andrew Syrios What about needing to add a clean out and old corroded copper pipes? They're definitely working right now, but wondering if it's something that we should stick our ground on.The plumber we had come out estimated 4.8k for the pipe changes and stated it should be redone within the next few years. They came back to our requests stating they'd pay for electrical issues which is 2.6k and dismissed the rest saying that they have interest and that the appraisal came back higher (they did not get the appraisal from us so I'm guessing they're assuming). The other thing I'm wondering is if this is something that we should let them stew on or if we should respond promptly.
Quote from @Russell Brazil:
Quote from @Kris Rufino:
@Stuart Udis I was wondering if disclosing this to the broker could have adverse effects on the appraisal itself. We were also thinking of getting a HELOC with the equity to use for basement renovations after closing.
It's our first property and aren't quite aware of the nuance. What is the typical amount someone might ask for so that it wouldn't seem unreasonable?
Quote from @Russell Brazil:
What's the price point? $400k? $2 million?
Without knowing that it's impossible to say if $17k is reasonable or laughable.
@Russell Brazil the price point is 425k so 4% of the total price.
@Stuart Udis I was wondering if disclosing this to the broker could have adverse effects on the appraisal itself. We were also thinking of getting a HELOC with the equity to use for basement renovations after closing.
@Stuart Udis this helps! Thanks for your prompt response as this is a bit time sensitive.
Quote from @Stuart Udis:
Kris,
I can understand your hesitation with respect to the appraisal report. The appraisal is usually issued for the benefit of the lender so you can play hardball and share that the lender will not release a copy of the report until after settlement (which does happen in some instances depending on the lender and their policies). In the interim I would recommend sending the appraisal report to the seller. Whenever I have a buyer who receives an inspection report with adverse findings, I advise the buyer to send the report to the seller. I also make sure the broker, if one is part of the transaction is copied and make it known in the email that defects exist and spell them out in a neat and organized fashion. This provides you the greatest leverage in negotiating because the seller should disclose the defects to any new buyer and knowing this they are more inclined to come around to the terms you are seeking.
I just want to verify whether you meant to say appraisal or inspection on this particular part of your post.
"In the interim I would recommend sending the appraisal report to the seller."
Hi all,
We are currently in the DD period and have asked the seller for concessions that we thought were most important to us during our inspections. The seller is now asking for the inspection report and appraisal.
We’re more than happy to send them the inspection but are very apprehensive to give them the appraisal as it came back 30k above their asking price. The amount of concessions we’re asking don’t include the entirety of the things that were on the inspection report, we’re asking for about 17k in concessions.
What would you guys recommend doing in this case? We don’t want them thinking we’re trying to not be cooperative, but the appraisal is somewhat subjective and could come back lower with the next appraiser. Also, we aren’t sure if this is fair to ask as we are the ones who are paying for all of these inspections and the appraisal.
I suppose the other way to ask this would be if you were representing the seller, would this be good reason to believe the seller should either lower the amount significantly or forgo altogether?