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Aug. 10th, 2007 04:35 pm![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
eee1313So we had the home inspection last week on Tuesday, right? And based on that, we gave their lawyer our contingencies. On Wednesday the Scientist contacted our lawyer because the allotted 5 business days to reply were up. He contacted their lawyer, who told him that he hadn't been able to track the owners down. Good sign, right? (Maybe it wasn't Burt after all...)
Here's how things played out with the contingencies. We'll go point-by-point, starting from good to bad.
1. Install carbon monoxide detectors by the bedrooms (per state law). Agreed.
2. Fix the broken window panes in the living room. Agreed.
3. Replace bad outlets near the kitchen sink with GFCI outlets. Agreed.
4. Fix the gas leaks in the laundry room. Agreed.
5. Repair seal around downstairs toilet, repair the condensation from the AC unit outside, and repair subfloor in the crawlspace that has gotten wet from said leaks. Partially agreed. They've agreed to replace the toilet and the seal downstairs (fine, because the lid to the toilet tank was cracked), and repair the AC connector. They have also agreed to have an anti-mold sealant put on the wood to fend off any future mold problems (which is good of them). HOWEVER, they will not agree to repairing the subfloor.
Now, the home inspector told us that the subfloor doesn't need to be replaced, just reinforced. He told us that just getting some 2x4s and tacking them in perpendicularly to the subfloor should be enough to get the job done. The Scientist and I agree that this reinforcement work can be done easily enough once we move in. Okay, fine.
Now on to the BIG issue.
6. The furnace. The issue with the furnace was threefold.
a. The carbon monoxide levels coming off the furnace were higher than they should be, about 100 units below what sets off the detectors, but 100 units higher than what's safe.
b. There was massive rust buildup on it, causing
c. Flames to roll out of the unit when opened.
Legally all that we could ask for at this point was for the furnace to be cleaned to repair these three issues. However, since the furnace is 30 years old, and in such bad shape, the home inspector told us we'd be lucky if it would last another year. So we asked for a credit towards a new furnace.
They have already begun the cleaning and repair, without our agreement on that. Who starts repairs before the buyer agrees to them? WHO??? The Scientist said that these are repairs ANY buyer would request, but they're also repairs that should have been done before the house was put on the market.
But the real kicker is that they've offered us a credit. A credit of $100 towards future repairs. ONE HUNDRED DOLLARS. That is SUCH a slap in the face! We're most likely going to have to replace the unit altogether, and they're offering to cover the cost of what's essentially an estimate? BULLSHIT. That $100 offer has pissed me off. Because in the grand scheme, when you're buying a home for over $200,000, what's a $100 credit? They may has well have offered us a PENNY, because that's about how effective that $100 credit will be. We're both offended by that offer.
Their lawyer mentioned that the sellers have already come down over 4% off the asking price of the house. In this market, that is standard, and our lawyer reminded him of that. He also said that they've only come down $500 past the 4% mark, so they're barely over 4% off the asking price. My parents ate a lot more than 4% when they sold their house earlier this week. They went down almost 10% off of what they could have gotten in the market 4 years ago. So these people are DAMN LUCKY we're not asking for more. Take the cost of our offer, subtract another $2000 for the furnace, and they're down 5%. So, whatever!
They also originally asked us to move the closing date from the end of September to mid-month. We can't do this until they give us the title of the house, as our mortgage company won't sign off on the deal until they have the title itself. So after talking to the lawyer, and then our bank, we discovered that the new closing date they want would mean we'd have to pay a half month's mortgage, as the closing date is before the 15th. So we told them "Fine, we'll move the date up. If you cover the cost of the mortgage for that month." Because we've ALL signed the contract stating exactly when the closing date is. If they want it moved, THEY can pay for that change. Their lawyer replied that no, they'll keep the closing date at the end of the month, thank you.
So the Scientist and I have agreed to think about it over the weekend. We're going to really consider if this is the place we want. Nothing else we've seen for sale in the area offers us as many bedrooms, or a 2-car garage, for the cost. Plus, consider the school district, the neighborhood, the privacy... But then add on $2000 for a new furnace. :\
In the meantime, the Scientist and our lawyer have come up with a plan. We are suspending all negotiations until such time as we can see the HVAC evaluation, post-cleaning. This will buy us time to think about it, and maybe put the fear of God into these people. If they wanted to move the closing date forward, it's probably because they have their eye on another house, and they want to move. The Scientist also told our lawyer to STRESS that we do not have to move, as both of us have leases signed until 2008. If they want this house sold, these people are going to have to work with us, not offer us pittance and expect us to thank them for it. They've already turned down one offer, so right now they're really going to have to ask themselves if they're willing to pass another by and then not be able to move at all.
I love negotiating.
Filter: homebuying
Here's how things played out with the contingencies. We'll go point-by-point, starting from good to bad.
1. Install carbon monoxide detectors by the bedrooms (per state law). Agreed.
2. Fix the broken window panes in the living room. Agreed.
3. Replace bad outlets near the kitchen sink with GFCI outlets. Agreed.
4. Fix the gas leaks in the laundry room. Agreed.
5. Repair seal around downstairs toilet, repair the condensation from the AC unit outside, and repair subfloor in the crawlspace that has gotten wet from said leaks. Partially agreed. They've agreed to replace the toilet and the seal downstairs (fine, because the lid to the toilet tank was cracked), and repair the AC connector. They have also agreed to have an anti-mold sealant put on the wood to fend off any future mold problems (which is good of them). HOWEVER, they will not agree to repairing the subfloor.
Now, the home inspector told us that the subfloor doesn't need to be replaced, just reinforced. He told us that just getting some 2x4s and tacking them in perpendicularly to the subfloor should be enough to get the job done. The Scientist and I agree that this reinforcement work can be done easily enough once we move in. Okay, fine.
Now on to the BIG issue.
6. The furnace. The issue with the furnace was threefold.
a. The carbon monoxide levels coming off the furnace were higher than they should be, about 100 units below what sets off the detectors, but 100 units higher than what's safe.
b. There was massive rust buildup on it, causing
c. Flames to roll out of the unit when opened.
Legally all that we could ask for at this point was for the furnace to be cleaned to repair these three issues. However, since the furnace is 30 years old, and in such bad shape, the home inspector told us we'd be lucky if it would last another year. So we asked for a credit towards a new furnace.
They have already begun the cleaning and repair, without our agreement on that. Who starts repairs before the buyer agrees to them? WHO??? The Scientist said that these are repairs ANY buyer would request, but they're also repairs that should have been done before the house was put on the market.
But the real kicker is that they've offered us a credit. A credit of $100 towards future repairs. ONE HUNDRED DOLLARS. That is SUCH a slap in the face! We're most likely going to have to replace the unit altogether, and they're offering to cover the cost of what's essentially an estimate? BULLSHIT. That $100 offer has pissed me off. Because in the grand scheme, when you're buying a home for over $200,000, what's a $100 credit? They may has well have offered us a PENNY, because that's about how effective that $100 credit will be. We're both offended by that offer.
Their lawyer mentioned that the sellers have already come down over 4% off the asking price of the house. In this market, that is standard, and our lawyer reminded him of that. He also said that they've only come down $500 past the 4% mark, so they're barely over 4% off the asking price. My parents ate a lot more than 4% when they sold their house earlier this week. They went down almost 10% off of what they could have gotten in the market 4 years ago. So these people are DAMN LUCKY we're not asking for more. Take the cost of our offer, subtract another $2000 for the furnace, and they're down 5%. So, whatever!
They also originally asked us to move the closing date from the end of September to mid-month. We can't do this until they give us the title of the house, as our mortgage company won't sign off on the deal until they have the title itself. So after talking to the lawyer, and then our bank, we discovered that the new closing date they want would mean we'd have to pay a half month's mortgage, as the closing date is before the 15th. So we told them "Fine, we'll move the date up. If you cover the cost of the mortgage for that month." Because we've ALL signed the contract stating exactly when the closing date is. If they want it moved, THEY can pay for that change. Their lawyer replied that no, they'll keep the closing date at the end of the month, thank you.
So the Scientist and I have agreed to think about it over the weekend. We're going to really consider if this is the place we want. Nothing else we've seen for sale in the area offers us as many bedrooms, or a 2-car garage, for the cost. Plus, consider the school district, the neighborhood, the privacy... But then add on $2000 for a new furnace. :\
In the meantime, the Scientist and our lawyer have come up with a plan. We are suspending all negotiations until such time as we can see the HVAC evaluation, post-cleaning. This will buy us time to think about it, and maybe put the fear of God into these people. If they wanted to move the closing date forward, it's probably because they have their eye on another house, and they want to move. The Scientist also told our lawyer to STRESS that we do not have to move, as both of us have leases signed until 2008. If they want this house sold, these people are going to have to work with us, not offer us pittance and expect us to thank them for it. They've already turned down one offer, so right now they're really going to have to ask themselves if they're willing to pass another by and then not be able to move at all.
I love negotiating.
Filter: homebuying
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no subject
Date: 2007-08-11 03:02 am (UTC)This all just reinforces my feeling that I DO NOT want to purchase property on my own. I would go crazy dealing with all of this. Call me old fashioned, but I want to go through this sort of thing with a husband or fiance (like you). That way I am not the only one responsible...and pulling my hair out.