Inspection Problem
I have a sale pending on a house. The house is 2700 square feet 5 bedrooms 3 baths, and going for 114000. It is about a hundred yards from campus, and as I went to school there last year I know that I can get 1500 a month for it. The problem is the foundation needs about 15000 dollars worth of work put into it and a new roof. I have had termite inspection, and general inspection and both were familiar with the area and was suprised how cheap the house was going for. Now I am at the point where my inexperience comes in, I don't know how to get them to fix up the place or lower the price of the house. I am up for any ideas. Thanks for the help in advance.
If the seller didn't note the roof or the foundation on his "seller's disclosure" report they are in fact saying that they were unaware of that problem.
Talk to the seller and show him your inspection report. Ask him to lower the price based on that. If he says something like, the price is already indicative of those defects then proceed to ask why he failed to mention them on the sellers disclosure? Intentionally lying on one of those is a criminal offense. Don't go crazy on the guy. Always maintain a polite, professional demeanor. If you start screaming at the guy that he's a lying cheating, sob, "i'm going to sue you, have you thrown in jail with buba,..." etc. he probably won't become any more "agreeable" All the inspection clause allows you to do is walk away and get back any earnest money you put down. He doesn't HAVE to lower his price.
If he does agree to adjust be aware that you might not get the discount for the full amount of the repairs - you can always try to negotiate for half.
Depending on how bad the foundation problem is you might be able to pass code and rent the house without fixing the foundation. Then after you've had a chance to save up some money you could fix it up over a summer when students are generally not around.
Hope this helps.
Roger
I was thinking about doing a purchase option. Would that be benefitial if they don't want to budge on the price because I think that the campus is going to start buying the land around the house so it will rent for more and so i was wandering how I would go about starting those talks.