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First purchase agreement

Posted on 12/20/13 at 9:16 pm
Posted by LSUstudent2006
Member since Jun 2005
757 posts
Posted on 12/20/13 at 9:16 pm
So I've agreed with a seller on a purchase agreement on my first house. It was listed at $165k, offered $155k, countered at $160k and then we settled at $158k with a 1 year warranty.

1425 sq. ft. ($110/ft)
3 bed/ 2 bath- 30 year old house near Highland and Siegen.

It's exciting to get over the first big hurdle I guess but part of me is terrified. So someone who knows better, please, tell me how I did
Posted by eng08
Member since Jan 2013
5997 posts
Posted on 12/20/13 at 9:25 pm to
Get a good inspector.
Posted by jg8623
Baton Rouge
Member since Aug 2010
13531 posts
Posted on 12/20/13 at 10:40 pm to
quote:

Get a good inspector.


This x10000

My cousin/roommate may have to end up pursuing a lawsuit due to inspector/seller making a huge mistake. Only problem is the seller is blaming the inspector and the inspector is blaming the seller or someone else. Huge clusterfrick and could cost him a pretty penny if it doesn't get settled
Posted by Mr.Perfect
Louisiana
Member since Mar 2013
17438 posts
Posted on 12/21/13 at 12:30 am to
Congrats

Posted by lnomm34
Louisiana
Member since Oct 2009
12593 posts
Posted on 12/21/13 at 5:50 am to
Are they paying closing costs?

Another thing, with regard to the inspection, make sure you're there with the inspector during the inspection.

I should have been more incvolces with mine. I hired one that was credentialed and I paid a lot for the inspection thinking I would get quality work. In the end, he missed the fact that the drain plumbing in the house needed to be redone. He identified a leak in the drain plumbing, but didn't make note that the plumbing was very poorly done and old.

I ended up doing most of the work myself, but it entailed completely gutting the floor and parts of the walls out of a downstairs bathroom and tearing parts of the floor out of the upstairs bathroom. Cost me around five grand, easily.

This post was edited on 12/21/13 at 6:01 am
Posted by zeebo
Hammond
Member since Jan 2008
5193 posts
Posted on 12/21/13 at 6:12 am to
you did very well.
Posted by Lsut81
Member since Jun 2005
80056 posts
Posted on 12/21/13 at 6:28 am to
quote:

So someone who knows better, please, tell me how I did


Hard to tell without knowing specifics of neighborhood, age of house, etc...

Did you ask for closing costs to be paid?
Posted by LSUstudent2006
Member since Jun 2005
757 posts
Posted on 12/21/13 at 9:18 am to
No I'm paying the closing costs which I know won't be cheap. My realtor recommended that because we didn't think they would come down much on the price. In hindsight I probably should've asked.

Inspection should be on Monday. I plan on being there and asking a lot of questions
Posted by lnomm34
Louisiana
Member since Oct 2009
12593 posts
Posted on 12/21/13 at 11:49 am to
Was your agent only the buyers agent? Or was he/she representing the seller as well?
Posted by LSUstudent2006
Member since Jun 2005
757 posts
Posted on 12/21/13 at 1:00 pm to
Just the buyer
Posted by Fat Man
Gotta Luv Cov ... ington
Member since Jan 2006
7057 posts
Posted on 12/21/13 at 6:49 pm to
Always be prepared to walk away from the deal.

The inspector will find lots of stuff, you'll ask the Seller to fix. Seller may or may not agree. If you're psychologically prepped to walk away, your negotiating position will be stronger.
Posted by Paul Allen
Montauk, NY
Member since Nov 2007
75082 posts
Posted on 12/21/13 at 6:52 pm to
Caveat emptor
Posted by bryso
Member since Dec 2006
27130 posts
Posted on 12/22/13 at 11:56 pm to
160k house at highland and seigen is not a good idea.
Posted by LSUstudent2006
Member since Jun 2005
757 posts
Posted on 12/23/13 at 6:56 am to
Why not?
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