Posted by Killer Joe on August 04, 2005 at 10:59:38:
A lot depends on your comfort level regarding repairs. If you can get the price lowered to the point that the repairs will actually cost less than the amount of the price reduction, you would be ‘techincally’ ahead of the game at that point. This will be tempered by the actual time and hassle undertaken on your part to get the repairs done. If for instance, you came out $2000 ahead, yet it took you 100 hours of your time, it would not be worth the hassle. If your time amounted to 10 hours, it would be worth the hassle.
If you were happy with the price before the discovery and the seller will pay for the repairs, this is the no-hassle way to go if you don’t want to do the repairs. This, of course, is dependent on the seller being willing to add the extra effort to get the jobs done. Many sellers will not want to do that, they just want to move on.
Work out the numbers for both situations and restructure your offer to meet your goals and the sellers. Their willingness to work this out will be the overriding consideration as far as you getting the property on your terms. They may have the option of waiting for the next offer, and that offer may be more generous from their perspective. HTH