My parents are moving. They are going into a retirement community and are downsizing. It's a time filled with emotions, for all of us. My mom is 76 and my dad is 80, so this move was inevitable, and might be a little overdue. Their current house is an early 1960's split level, in a nice neighborhood and very good school district. We moved here in 1976, so to say we needed to get rid of stuff is an understatement! We cleared out a lot (filled a dumpster) just to get it on the market. The realtor advised us on asking price, and we ended up asking a little more than he thought we should. It was on the market for 2 weeks and 2 days, and we got 3 offers! The one we "accepted" was for $10k OVER our asking price, but with my parents paying $10K towards the closing costs. So, we were feeling good about everything!
Then came the home inspection! It is very demoralizing to read the 32 page report. My parents have a lot of house pride. My mom loves to garden and keeps the house clean and neat. My dad has not been actively keeping up with the house in the past several years due to his physical condition, but has been paying for upkeep. We think the house is in good condition, and the report is nit picking every tiny defect, or possible defect. Example: a tree is too close to the house, and that could possibly cause damage - Isn't that what home insurance is for?
Maybe we're naive, but the list of items the sellers want inspected, repaired or replaced is, in my opinion, ridiculous. If they want a new home, they should look at new construction. But this older home is a bargain compared to new construction in this area (not many new homes in the school district). They even asked for150 gallons of heating oil, to make sure they don't run out?!?
My opinion is that the home is 50 years old, and will have some things that will need to be addressed, but that is to be expected in a 50 year old home. When I bought my home (14 yrs ago), we had a home inspection, but the purpose for it, in my mind, was to know what the potential pitfalls were with the home. We did not go back to the sellers and demand repairs, or money off. We bought the house as is, but with our eyes opened!
Our realtor seems to think it's a "given" that we fix what they asked for. I'm confused as to which side he's on. It doesn't feel like he's on our side. My parents need the money from the sale of the home to pay their way into the retirement community. They'll have to make up the balance out of their savings. The buyers have the rest of their lives to fix the place up.
I say - the house is "as is", we disclosed everything we knew about, and did not hide anything. But, the realtor ominously warns we could "lose" this buyer, and we'll never get a bid that's better.
Has anyone out there bought or sold a house in the past couple years? Is it normal for someone to offer the asking price, then to come in with ridiculous requests? Maybe we should have taken the lower bid? Are we just being naive?
Sorry for the break in jewelry posts :-) I could use some advise on this issue though.