Unexpected

By Robin Shapiro

When buyers make an offer on an “old” home, they understand that to a “great extent,” the house needs work. This is common in Rockaway because many homes were originally built decades ago. Their offer is supposed to reflect this. Once the offer is accepted, the buyer then has a certified inspector visit the house. This inspection can uncover SERIOUS UNEXPECTED defects. At this point, some buyers rescind their offer. Other buyers attempt to negotiate a fair price reduction.

Possible surprise defects can include: unworkable kitchen appliances, damaged foundation, asbestos, lead pipes, water seepage in the basement, cracked support beams and/or floor joists, substandard electric panel (fire hazard), lack of insulation, and need of a new roof.  Further, a house is usually expected to have a functional boiler/heating system, water heater, and bathrooms. An old buried unutilized fuel tank can also be a problem.

A negotiated price reduction often depends on the law of supply and demand. How anxious is the seller to sell? How enthusiastic is the buyer? Are there other listings available, which represent better value for the buyer? Every deal is different. I’m great at closing the deal! Call me. Love, Robin.