Negotiating Help Needed - Posted by ChuckP
Posted by ChuckP on April 22, 2000 at 17:35:37:
I am having problems closing on one property that I currently have under contract.
3/2 single story with garage. About 80K is owed while comps have the prop at 120K. The property needs about 5-6K in repairs. I am offering to take the house subject to the existing loan and give the seller 3K. He now wants more $$$ saying prop values have gone up 20% in the past few months.
I pointed out, as did the house inspector, that their are a number of physical defects that MUST be taken care of such as the wood ants before ANY conventional sell can occur. I am offering him 3K “as is” or he must treat the house, replace all rotten wood on the outside, and certain appliances must convey and I will go 5K.
I am considering recording a memorandum of agreement to sell since he is sitting on the fence and may back out. Any further suggestions?