re: Home Buying Negotiations between Buyer/Seller

So much bad advice in this thread and not much really reflecting the Louisiana market. The inventory is really low right now, but the market isn’t hot enough to sell a 400k house with a damaged roof to the majority of buyers.

Our house is near $400,000 but required $2,000 worth of repairs to the roof I negotiated that the seller be responsible for. There was a leak and clear deficiencies in how the flashing was laid against the brick. I paid all closing cost. They fixed the roof. This is after I negotiated a 4% reduction from the listing price.

I brought out an inspector and roofer. That both agreed on the necessary repairs.

In DC or other metro areas the market is totally different. Sellers can bang their gavel and claim the next buyer. You’re not even getting that kind of overlook at that price level in hurricane recovery alley Louisiana.

However the roof damage is assessed, if it’s damaged it has to be fixed prior to close if it’s secured with a mortgage and requires insurance. Your policy won’t be binded until a visit is made by the insurance company to assess its condition. The roof will cause it to fail.

Unless you’re a contractor or own a roofing company, I’d never close on a house (if I had cash) without ensuring the roof is structurally sound and repaired to spec. Sellers don’t like it, move on. Total roof replacement is a bit much unless it’s necessary and you’re ok with relisting.

With how low the inventory is right now, I wouldn’t do anything as far as the inspection items go. They are going to ask for all those things bc the worst you can say is no. Most buyers are not currently walking away right now.

I can echo what diamond dog said. Bought and sold a number of houses over the years in different markets as my business moved me around the country. "you need to know when to hold them and when to fold them KR"
2-5 k in price for repair adjustment is a good window. Get your roofer to estimate repairs. Make sure you tell him you are selling and only want repairs.
Once the inspection is done it now is provided to every buyer so you are not going to cover this up.
A qualified buyer is highly valuable. Of The two bidders make sure your agent knows if they are solid or if there may be a question on them qualifying.
You get greedy and you may lose the battle.

Ok. I would maybe fix the window. They can pass on the sale. They didn't wait long for this one. Or they can take a few $$$ off the price.

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House for sale like it is. Take it or leave it. No changes. 2 days to decide. You know about all defects and had an inspection. Next buyer please.

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These are the for sale by owner types who see their house on the market for 265 days. When we were looking and saw FSBO, we just moved on.

Those people are always a pain in the arse to deal with.

Not in a sellers market. They had their own inspection already. Buyers were told about ALL issues with house. In this case they are already offering OVER list. Someone else will buy it and quickly.

Unless it’s safety or code related those buyers can frick right off. They will find another buyer and that realtor just wants a check.

If they do go back on the market sell it with the caveat that absolutely no repairs outside of code/safety will be considered.

I did this for the last house we sold, fixed a window and installed a carbon monoxide detector.

In some locations these days, it is a seller's market with buyers begging and competing against each other to have the seller honor them and allow them to buy the house.

I don't know how the market is in Louisiana though, but I suspect it depends on the location.....

Wrong!

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I don't know how the market is in Louisiana though, but I suspect it depends on the location.....

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There are locations in Lafayette, Baton Rouge, and especially New Orleans where a $300K house with bad roof and other issues will sell in a day, and be bulldozed for the lot.