Buying & Selling Real Estate
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 7 years ago, 04/30/2017
How would you handle this inspection report - My first deal
So I'm under contract on my first deal. I offered full price and knew there would be some issues on inspection. Its a Duplex built in 1971. Its in interesting shape as the building itself looks to be in excellent condition. Both units have been occupied by the same tenants for 20+ years. The lower tenant's apartment is in good shape with no significant issues. The upper unit is occupied by a hoarder. Considering, he is a pretty clean hoarder but just has hundred of books lying around. It appears the kitchen sink, toilet and hot water to the shower and appliances have not been working for some time. These are new issues and were not known. There's some small code issues that I can fix. Here's the main list;
- Roof- Roof is at the end of its useful life 3-5 years at most (5-7K)
- Gutters need to be repaired and/or added ($500)
- Window screens (?)
- GFCI outlets ($150)
- Washer and Dryer not working ($400)
- Safety glass in bathrooms (free - I can do this)
- Replace toilet ($400)
- Fix hot water supply to shower ($500-1000)
- Water heater is original ($500)
- Windows seals as windows are foggy-replace windows (suggested but not required)
- Upper unit needs new flooring and countertops likely.
How would you negotiate this with the sellers? I'm guessing they have been pretty hands off on the property and may not want to fix the issues themselves. I'd be willing to take the property as is if discounted appropriately. Do people sometimes give the sellers the option, like, fix the plumbing or discount X? Anyway, just looking for some advice as I'm meeting with our realtor today. Thanks