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Updated almost 2 years ago,
Rookie real estate agent: how can I negotiate repairs/seller credit during escrow?
Hi Everyone, I’ve got my first buyer and I need advice on how to negotiate repairs or seller credits with the seller. We offered list price for a property after a large price reduction. It is sold “as is”, and we are in escrow now. The inspection report came back today. Some of the safety hazards are that the roof needs replacing (close to 30 years old), pipes and subfloor boards need replacing under the bathroom, and there is termite damage. There are many other issues too, consistent with an aging home, such as 2 AC units from 1995, dishwasher from 1996, etc — many appliances that will likely need to be replaced by buyer soon. Because of the expected expenses, we’d like to address at least the larger expenses: the roof, the plumbing, and the termite. The seller is the heir/trust (original owner passed away) and their original counter was that buyer pays for termite inspection, septic inspection, and home warranty, and I have the sense that the seller doesn’t want to deal with any repairs. I was considering asking for seller credit, but the closing costs are much less than the roof and plumbing costs would be. What are some ways to get the cost of the roof and plumbing from the seller besides asking for the actual repairs (which I assume they don’t want to do)? What are the best practice steps of approaching the selling agent in such a situation to maximize value for my buyer? Thanks in advance.