Home owners. I have a question!

[gittyup]

Why won't their insurance cover it?

Why would an insurance company pay for a worn roof. Did I miss something here. I think we are talking about a roof that is bad due to aging not from a fire or other catastrophe...

 

[Yo Ma Ma]

It's all negotiation, what is acceptable to both parties. Sounds like you are close to a mutual deal. I would have to wonder why a 10yr old roof is 80% gone/needs replacing? The roof on the house we live in has to be much older than that, looks terrible right now but is still quite effective at keeping out the rain. We will be selling soon and I doubt I'd "pay" to have it replaced, I would however adjust my selling price to allow for that work.

 

[Rio Rebel]

visgf,

What you said is logical, but not really true. The difference in the amount a realtor makes between offers/counteroffers is usually insignificant. For example, let's say you're the buyer's realtor. You're going to make about 3.5% of the sale (half the commission, we'll say 7%), but you're likely going to be giving a huge chunk of that to your agency. If you work for an agency, you'll be lucky to be taking 1.5% of the total sale. So:

Sale price (example): $100,000
1.5% : $1500

Counteroffer: $95,000
1.5% : $1350

So for a $5000 difference in offers, you're only making $150. Sure it would be nice, but what's going to be your first prerogative? Closing the deal.

The first goal of the realtor is CLOSE THE DEAL. Everything they say and do is toward that goal.

 

[BeHeMOTH]

Thanks, for the advice guys/gals I'm going to stick to it and let them counter my offer, and then take it from there.

Just alittle FYI the roof desn't leak but the shingles are worn and brittle. Being the second roof and the fact they've only lived there 3 years and the roof was esitmated at 10+ years it seems that nothing was done on their part so as it stands today the have the offer I should hear something tonight or tomorrow.

 

[Aceman]

How are you financing the house? If under a VA Loan, it needs to be inspected and the VA will not grant the loan until that roof is fixed. Same with FHA loans I believe. If that owner wants to sell the home, they'll pay for fixing it. If they don't want to fix it or bargain down the price, move on. I smart realtor would be convincing the seller of this as the seller probably has equity in the house that would cover that repair. Also, if the market is slow where you are at and that house sits for another couple months, the owner is just flushing his money by making payments on a house he's going to sell. Most sellers, unless prideful or stupid will give in to repairs.

 

[cavingjan]

Something else to consider: The roof is one of the most important things about the house. (In the majority of the country) If there is a problem with the roof, it will filter down to the rest sooner or later. But on another note, how much do you trust your inspector? I was lucky enough to find an agent and inspector after someone else here at work bought a house and he was happy with the deal from both parties so I used the same people.

 

[BuckMaster]

Just buy some thick plastic and spread it across the roof. Then lay bricks on top of the plastic so the plastic doesnt blow away. That should work; then take the extra left over money and throw a KEG PARTY for your friends! Make sure to have stripers too!!!

 

[OZEE]

1. Make sure you've got your lawyer involved ... it might make things easier later...

2. If the problem is "only shingles", I wouldn't get too bent out of shape about it. Shingles isn't a big project to do yourself! However, if the sheeting underneath is rotted, then you've got to assume other water damage in the structure. It's probably gonna have to pass an inspection for the loan anyway -- if there's a problem other than shingles, the inspector will note it (have him look specifically). If there's a structural problem, let the inspector be the bad-guy.

Good luck

 

[vi edit]

Have you considered a second appraisal by another firm/appraiser?

Personaly, the whole deal just sounds majorly fishy to me. You have to pick up ALL appliance costs - stove, fridge, dish washer, washer, and dryer. There's $5,000 if you go with better than average appliances. You'll have to fill up the wholes and landscape where they dug up the bushes. There's another $500 or so. You have to pay for the roof, so tack on another $2000. Closing costs are around $2500-$3000 depending on if you got nailed with an origination or underwriting fee. You're looking at $11,000 BEFORE you even figure in the price of the house!

How fast are properties moving in the area? Are they already selling below the appraisal amount? Have new carpets been put in recently? What shape is the basement in? Does it leak at all? Notice any cracks in the foundation?

I'm not the one buying the house, but already a lot of red flags are going up in my mind. I'd have a second appraiser come in and go over this place with a fine tooth comb to make sure that you have an idea of what will have to be fixed before moving in, and what will have to be fixed shortly after moving in. I'm not you, it's not my money, and I haven't seen the house, but I'm very wary of things already.

 

[Static911]

those realtors are like vultures

when we built a new house and was planning to sell our house (we were asking $700,000 in a mid-$500,000 level neighborhood) (semicustom, added second story, custom wood floors, granite kithen top, custom wood railings, total of SIX ROOMS in the house to live in!)

we started wit one, but eventually, my parents wanted to keep the house for guests such as pastors. Even when we moved out, we still kept getting offers from realtors who wanted to sell the house. It got to the point, our ORIGINAL REALTOR was like threatening us of legal action or something like that cuz we were "talking" to other realtors! WE THOUGHT she was a good-decent morale person, but guess not

static911