your conditions.The best buyer option (and really only likely in a buyer’s market) is for the seller to be liable for all the repairs. Some contracts may include cost limits or split liabilities. However, if you bought the house “as-is” and your inspection was only for informational purposes, you will now have to calculate the repair costs and plan how you fix your house. Some of the common problems that should be considered include roofing repairs, replacing the pipes, fixing any leaks, and the requirement of new wiring in any 30- to 50-year-old houses. WHEN TO BACK OFF The professionals say you should cancel the deal if you cannot buy the house you want, on the conditions that you want, and for the money that you have. In a buyer’s market, the seller will negotiate a settlement on minor repairs disclosed by an inspection long before the thought of walking away even hits you. However, some repairs are just not worth it. If the problem that the house owner refuses to fix or pay for is dangerous and you cannot fix it, back off. If there is “knob and tube” wiring from the 1950s in the basement that the owner will not remove and rewire, and won’t adjust the price accordingly so that you canmake the change immediately upon assuming ownership, then it may be time to give up on the house. You do not want to endanger your family, and not even that otherwise perfect Victorian house is worth it. If the problem is something you need to fix soon, but it is too expensive for you, back off. If the issue is likely to cause a chain of other problems and it is hard to estimate howmuch it will cost, back off. Consider the pros and cons carefully and listen to your real estate team’s advice. They are usually more experienced and will be able to explain the advantages and disadvantages of sticking it out or backing off to you better than anyone else. Also, listen to your own gut. If the doubts and uncertainties are too anxiety-provoking, it may be better to turn the house down and start over.
Powered by FlippingBook