Selling a house during renovation

[Vince Campbell]

We are renovating a house in a really popular neighborhood in Indianapolis. We have a potential buyer we've been working with for that past couple of weeks.

They sent us an offer with 30 or so specific line items in 3 addendum documents. Our concern is all the items that are subject to buyers approval. We're worried they could only approve expensive items. However, they have given us no indication of that.

Also, they are requesting changes to windows and moving walls that we think would hurt our chances of resale if they back out for whatever reason.

Should we reject the offer and continue with the project? Or is there a way to protect us from them backing out of the deal?

[Chris Seveney]

@Vince Campbell

I would not do anything specific for this buyer, unless they put down a HUGE non refundable deposit, especially for work specific to interior modifications. In the past we would just say no. Also, if they are specifying items, the EXACT item needs to be provided. For example if there is a flooring, they need to state that it will be Bruce 3/4" hardwood and put what the price is. You want to be protected also in case of major price increases due to import/export potential taxes.