All Forum Posts by: Venkat Tarakad

@Venkat Tarakad As for pools adding value not sure who told you that or what area of NJ you are buying. I have had family members in NJ with relatively recent market analysis with pools in South Jersey and one out by flemington because they were thinking of selling and the pools weren't bringing the prices up and that was the case when I lived down there as well. They had the same thought as you, it should bring the price up.  Maybe a NJ realtor can comment but thats where I am coming from.

Anyone looking for a house with a pool should know there are fencing regulations. I would always want one for safety because I know the risk for your family is too great to take without one.  You could see the fence condition on viewing the house and that should have contributed to your offer price. Hidden items not so much but the fence was evident.

Yes, it will cost you alot to build a pool in NJ, depends on what you want more for a plaster pool then an inground liner pool, a lot if you go with fiberglass. Did you ask when did it last work?  How old it is?  If you want a pool I recommend going in to a pool company and talk to them about pools so you can be more informed when you buy.  Also if you move forward with this have more than one person look at it. Some vendors are pricier than others.  Good luck with your transaction.

Quote from @Venkat Tarakad:

The 70K estimate is coming from 3 items.

1.) Fencing around the house (There is no fence around the pool). Fencing in the back is completely broken with vegetation destroying most of it. The owners have practically neglected it and let the vegetation destroy it. Around 300 feet of fencing needs replacement.

2.) Pool plaster and pool patio.

3.) Pool equipment (None are working)

 Not to mention, the water is green and filthy with zero visibility underneath.

I doubt any buyer will buy a house with a fixer upper pool. Pool adds around 150-200K of value to a house post covid.

Just so you are aware for your next offer, pools turn green every time you close them for the winter. The filter running and chemicals are what keeps them clear. (Source: I own an inground pool and have it professionally closed and opened every year). Also, unless you are buying in the luxury multi million dollar price point, pools do not add 150-200k in property value anywhere in the US. More like 10k at best. (Source: my wife is a realtor…and in the top 7 agents in her office of 700+). Best of luck with your home search!

Is this a solid gold pool?  Re-plastering a “destroyed” pool is $5-7k. New pool equipment is $3k for a pump and filter? Let’s say they spent that $10k. You don’t think they could charge more listing the property with all new pool equipment and freshly re-plastered? They might get an extra $5k or more. I guess you could ask for $5k off if the pool really looked perfect when you walked it. You aren’t supposed to “discover” things with your inspection that can’t be seen by anyone walking the property. 

@Venkat Tarakad A seller is not required to respond to Any repair request/concession after contract execution. You can take no response as a no. You have specific deadlines that You must follow to use your inspection contingency. You need to assume the seller is not going to repair….and proceed accordingly…buy as is or terminate the contract.

Quote from @Venkat Tarakad:

Quote from @Dominick Johnson:

Sounds like you need a new real estate agent, they should be helping you navigate this whole situation. You are asking for a $70k credit for the pool, of course the seller is going to do their own inspection before responding. Also, a 5% earnest payment is very high, you risk losing a lot of money if you back out past the inspection period.

The contract clearly says the sale is contingent on a successful pool inspection. If the sellers are not fixing the pool, they are free to get out of the contract. What is not acceptable is dragging their feet and wasting everyone's time. Real Estate agent is out of the picture now. Its all attorneys at this point.

 " successfull  pool inspection "  That is a very subjective term .  Your pool inspector will come out and say the pool needs all this work ( hoping he gets the job )  Now the seller will get a pool inspection that gets the pump working and patches some bad spots .  So now the pool is functional . 

Dont hold your breath thinking the seller is going to spend  70 thousand dollars to upgrade the pool to new condition . The same with the fence , it will get patched . Both items were visible when you the buyer looked at the house 

Sounds like you need a new real estate agent, they should be helping you navigate this whole situation. You are asking for a $70k credit for the pool, of course the seller is going to do their own inspection before responding. Also, a 5% earnest payment is very high, you risk losing a lot of money if you back out past the inspection period.

Quote from @Venkat Tarakad:

The sellers attorney is saying that "there is no mandatory timeline for a response to be provided to Buyers". The contract does not mention any timeline for a response. It only states the closing date. Not sure if this is normal.

Somebody's (Buyer's?) attorney overlooked something, like firm response dates. You might be able to respond that the contract implied a "reasonable time" to respond to the demand for "repair, or terminate contract." and "reasonable time" is influenced by when the closing date is. Has your attorney pointed that out to the seller's attorney?

Your attorney is far more important than your real estate agent.