Question for the pro's - Posted by TH

Posted by wpage on October 09, 2003 at 09:42:35:

TH If your offer was not contingent on anything then how do you expect to come back later and ask for a reduction in price or to cancel the sale. You made the big mistake of not making the sale contingent on an inspection and/or financing. This could be a good lesson for you and others starting out. Always leave yourself an out!! Having said that I would follow through with the purchase, then find someone on a part time basis that is experienced in electrical and plumbing repairs. There are tons of experienced retired people in your area that are looking for part-time work. You may be surprised at how cheaply you may be able to do the work. Place an ad in your penny saver as follows: Handyman wanted to work with small landlord. Must have experience in small plumbing and electrical repairs. Will pay xx$$ per hour. 555-5555
You will be amazed at the results. Just a note of caution. Get references from these people and/or give them a couple of small jobs at first to see how they will do. good luck wpage

Question for the pro’s - Posted by TH

Posted by TH on October 08, 2003 at 16:36:39:

Found a foreclosure, made an acceptable offer, had title work completed, Title insurance, seller also had title work done and insurance. In the mean time inspections were completed late (after their addendum time frame of 7 days after accepted contract) inspections revealed more electrical and plumbing problems than I had hoped. I have tried to re-negotiate the price lower because of these infractions. The sale was not contingent on anything. Worst case scenario is if I close and take the property anyway, still should come out okay, but felt I should fight for every dime. Can I walk away if I want?