Getting seller to knock off money at contract?

Hi everyone! Our final bid was accepted on a house in N. Babylon, and we had it inspected yesterday. We were a little uncomfortable with the amount we wound up at, and after discovering yesterday that the house will need a new roof in a couple of years, and that some electrical stuff needs to be done now (as well as a couple of other things...and never mind the aesthetic stuff), we want to try to get them to knock $5K-$10K off the price at contract.

Have any of you had any luck doing something like that?

Re: Getting seller to knock off money at contract?

Do it before contract. When we had our house inspected there were issues with the electrical system and DH tried then and there to get them to come down on the price (they wouldn't). Bring up those issues now.

Re: Getting seller to knock off money at contract?

Make a list of the things that need repair. Tell your attorney. Your attorney should be able to negotiate on your behalf. Keep in mind that some sellers may offer to do the repairs themselves. This may hide flaws in the structure of the roof which should be addressed before you close. It's really your choice about whether you want to ask them to fix it or get money off. Sometimes in a real tight RE market, the sellers don't have to do anything and then you are left with taking the house or not.

Re: Getting seller to knock off money at contract?

hi, do it before contract. Once you sign you accept the house as is unless its something electrical, heating, hot water and other misc stuff but I do believe that if there was problems with the roof they dont have to but if they are FAIR they will negotiate pending other people wont buy it AS IS! They are not under obligation to fix it..we asked this question before we signed the contract to our lawyer..she said that houses are an AS IS purchase..think forclosed houses with damage..people still buy them and I am shocked at the $$$

Message edited 6/26/2005 7:54:06 PM.

Re: Getting seller to knock off money at contract?

We just went through this. We had them knock $5K off before contract plus we had them put another $5K in an escrow account. Our sellers are very nice and no prob doing this.