Negotiating price down after inspection

[Elena Koyun]

Hello,

We are buying our first duplex. After the inspection about to ask for a price reduction. Since this is our first time I was wondering on opinions of others on how much to ask and how to include the cost of labor even though we will be doing most of the fixes ourselves. Here is the list:

Asphalt cracks fix up – coding for driveway

Railing/ spindles for decks x 2 - both decks are about 8x8 feet

Power wash for deck

Stain for Deck x 2

Garage doors x 2 - need to replace both

Air conditioners – 2 - need to install new ones, the current ones are rusty and old

Heating system Furnace x2

Water heater x1 - 40 gal 

Windows  – 2 lower level double hang 2x2 feet; 4 bedroom – double hang 3x3,5 feet; living room - 1 big window 4x4feet - steel

Chimney top cover x2

1 New toilet  

1 New sink with the stopper 

 1 Fan for downstairs bathroom 

2 bathroom fans

1 Stove 

1 Dishwasher 

Bathroom wall fix - about 20"x20"  drywall water damage next to the tub

Garage ceiling fix - old damage, no leaks about  a square foot 

2 Toilet needs to be tightened to the floor. 

2 Filters replacement for kitchen fan

Kitchen cabinet missing 2 doors 

We are about to find all the pricing on all the things that we can buy.. but we do not know how to incorporate labor into this quote. We are also on a 1-day time frame. We appreciate any suggestions! Thank you!

[Don Gouge]

Let me give a seller's perspective on this. When your property first hits the MLS it is at the peak of its value. The first week or two it gets many showings and after that it trickles off. When a buyer makes an offer and it is accepted subject to they now control the property. In my area most contracts are written with an inspection contingency that allows 10 days for the inspection to be completed and up to 5 days afterward for buyers to request repairs. When a property goes under contract it is marked as contingent in the MLS and basically all showings stop. Some people might write a backup offer but that is rare in my area. If seller and buyer can't agree on the repair items the contract is void and house is on the market again but now it is a "deal that fell thru" and that could cast a cloud for some that have been watching the property. The buyer had this power thru a $500 earnest money deposit that they were almost guaranteed to get back anyway. Now seller has expectations too. They think they have sold their house. They might be packing up things and even securing another place to live. Buyer comes back with a long list of demands. Selling agent assures seller that these items won't cost much to fix (sure) and pushes them to agree. Seller never realized that the original contract amount was just a suggestion. Now he is in a bind. He has mentally sold and is ready to move on. His house value has diminished because it will no longer be a fresh listing. It's a wonderful strategy for the buyer. I have worn all the hats of buyer, seller, inspector and contractor. I understand everyone's side. A home inspection is a valuable thing and every buyer should have one. There are many things in a house that are not obvious to the layman and even to the contractor. Despite my over 20 years as a licensed general contractor, I learned many things during my courses to become a home inspector. Home inspections are valuable for finding bad foundations, leaking plumbing, improper and dangerous electrical wiring, non performing HVAC systems as well as determining their age, dangerous porches and decks and railings. You can't make your offer based upon faulty wiring that you haven't tested or a bad foundation but as a buyer I feel you should take the responsibility to consider items that are obvious such as foggy windows, cracked driveway, dirty deck. A inspection report should not read as a Christmas wish list. I welcome an inspection to give my buyer peace of mind and to find a problem I may not have even been aware of. I don't welcome it as a negotiation tool.