All Forum Posts by: Natalie Landry

@Andrew Johnson We offered listing price because it is a bit of a hot market here in the neighborhood we are looking in. Very few homes that are 4 bedrooms have gone on the market and we are looking for an rental property. I'm willing to walk away. I think there is still space for negotiation at this point though. Thank you! 

@Joe Splitrock We haven't tried asking for less than full replacement cost yet. It is definitely a direction we are considering. Thank you!

@Joe Splitrock Lots of good things here to consider. Just for your curiosity...the Air and Heating contractor we hired to look at the heating unit said parts of it had been disconnected as if someone tried to work on it but did not follow through with a fix. Our Realtor is working hard to make the point about the next buyer now needing to know about the problem. Will need to think about the appraisal option. It is not an FHA loan.

@Michaela G. We did get a quote from an Air and Heating contractor, so the numbers were easy to run. We will have to go for something other than Conventional financing but that may be ok. It is an investment property for us. Our first one, so we are learning as we go and trying not to make any huge mistakes. Thank you!

@Michael Rutkowski Yes, the Seller did fill one out and stated that the seller was not aware of any defects/malfunctions in the central heating system.

@Charlie MacPherson I will look into that. The Seller did sign and give us a Residential Property Condition Disclosure where it was stated that the Seller was not aware of an defects/malfunctions in the central heating. Thank you!

Thanks everyone! Very valuable input. Much appreciated.

Looking for advice. We signed a P&S agreement for a 4-bedroom, 2-bath with the contingency to conduct a home inspection. The inspection revealed that the heating/cooling system (heat pump) needed to be replaced because it was not working at all. The Disclosure signed by the Seller did not say anything about this and the Listing did not say anything about this. The house was built in 1971 with heat strips in the ceiling as a means of heating the house, with separate thermostats in each room. Several of these no longer work. This system was upgraded in 1992 with the central heating/cooling system that is now 25-years old and no longer works. We submitted a Repair/Replacement list to the Seller within the allowed time frame asking for a replacement of the heating unit and he said he has decided he wants to sell it as-is and will not be fixing anything. We have applied for conventional financing and are through the steps up to the appraisal. We are concerned we will not get approved if the home does not have an operable heating system for the entire home. Is a rehab loan our only avenue??? Any advice is welcome. Thank you.