One thing that is coming out of this "new" market we're all experiencing is a new wave of empowerment from buyers. In so many ways this is a good thing as it's brought balance back into the housing economy. In the past so many buyers acted out of a slight fear that negotiating on a house would leave them without any housing options. As a result of this new reality we are seeing the quality of sold houses increase. All of that being said, how much "negotiating" is too much?
For example: You walk into a house and see a cracked window, an old boiler, and a kitchen that needs upgrades. As you're walking through the seller's agent identifies these "known issues" to you(in the form of a written seller's disclosure). You then make an offer on that house with your offer price taking into account what you've seen.
Is it now appropriate to ask for full repair/replacement of these items, at the seller's expense, post-inspection?
Many buyers today are absolutely asking for these things.
One thing we know when we price homes is there is a cost premium asked for (and paid) for brand new construction. So, is it appropriate for the buyer to assume that once they've made their offer on a re-sale the sellers will upgrade their property to "new construction" levels?
As a buyers agent I would always ask, but in reality I know as a sellers agent, as long as the issues have been disclosed the Home Inspection Contingency is intended only for "unknown" issues. The renegotiation done post-inspection is supposed to identify anything that both parties discovered during the inspection only.
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For example: You walk into a house and see a cracked window, an old boiler, and a kitchen that needs upgrades. As you're walking through the seller's agent identifies these "known issues" to you(in the form of a written seller's disclosure). You then make an offer on that house with your offer price taking into account what you've seen.
Is it now appropriate to ask for full repair/replacement of these items, at the seller's expense, post-inspection?
Many buyers today are absolutely asking for these things.
One thing we know when we price homes is there is a cost premium asked for (and paid) for brand new construction. So, is it appropriate for the buyer to assume that once they've made their offer on a re-sale the sellers will upgrade their property to "new construction" levels?
As a buyers agent I would always ask, but in reality I know as a sellers agent, as long as the issues have been disclosed the Home Inspection Contingency is intended only for "unknown" issues. The renegotiation done post-inspection is supposed to identify anything that both parties discovered during the inspection only.
Email this post to a friend.
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