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First purchase agreement
Posted on 12/20/13 at 9:16 pm
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
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 on 12/20/13 at 9:25 pm to LSUstudent2006
Get a good inspector.
Posted on 12/20/13 at 10:40 pm to eng08
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 on 12/21/13 at 5:50 am to LSUstudent2006
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.
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 on 12/21/13 at 6:28 am to LSUstudent2006
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 on 12/21/13 at 9:18 am to lnomm34
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
Inspection should be on Monday. I plan on being there and asking a lot of questions
Posted on 12/21/13 at 11:49 am to LSUstudent2006
Was your agent only the buyers agent? Or was he/she representing the seller as well?
Posted on 12/21/13 at 6:49 pm to LSUstudent2006
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.
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 on 12/22/13 at 11:56 pm to LSUstudent2006
160k house at highland and seigen is not a good idea.
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