We submitted an offer on a home we really like, and because there were several offers and per our Realtors® recommendation, we didn’t attempt to negotiate the asking price and actually paid $5,000 more. The kitchen and bathrooms are from the 70’s and disgusting. Our inspector told us that the plumbing is galvanized, that the roof will likely need replacement in the next five years and that the furnace is old. What do you think is a reasonable credit for the seller to give us?
First time buyers in LC
Dear First Time Buyer,
First of all, congratulations on purchasing a home you “really like.” Purchasing a home you like (or better yet, love) is critical as you can no longer count on trading up in a few years.
I represent both buyers and sellers and try to remain impartial, but when you entered escrow you were aware that the kitchen and baths were from the 70’s and “disgusting.” Likely the listing price and the price you paid took into account the outdated kitchen and baths and that’s why the home attracted more than one offer.
I don’t believe it is reasonable for the seller to credit you for something you were already aware of and should have taken into account at the time of your offer.
A couple of questions for you:
1) Is the roof presently leaking? You certainly can ask, but if the roof is not leaking the seller may be reluctant to grant you a credit or a new roof.
2) As the kitchen and baths are from the 70’s, why expect that the plumbing would be copper? Keep in mind that you were not the only offer. Unless the home was advertised as having updated plumbing or copper plumbing, I don’t think you are going to get a big concession from the seller on this one either.
Each real estate transaction is different. If a home has been languishing on the market for months, you likely have more negotiating power.
I am not privy to all of the nuances of your escrow. Seek the council of your Realtor® and I wish you much happiness in your new home.
Phyllis Harb is a Realtor with Prudential California Realty.
She may be contacted at (818) 790-7325 or by email AskPhyllis@RealtorHarb.com.