House Amendment Accepted
A week ago I wrote about how we made an offer on a house and it was accepted. I am happy to announce after the house inspection, we wanted some additional concessions from the seller, and he accepted.
This is how the negotiation went.
- My husband set a price on the max we were willing to pay for the house. We low balled the seller at $10,000 below listing price.
- In order, to get the contract signed and to not get into a bidding war. Remember the fruit tree house? We did not want to go through that experience again!
- The seller came down $5,900, not $10,000. We accepted and went into the 1 week contingent period.
- We hired a seasoned home inspector and wrote a detailed report on everything that is wrong with the house. The house needs a lot of work. Yikes, his report was scary, but the home inspector did warn us he was going to make it scary, in order to convince the seller to come down on prices.
- So, we want back to the seller and asked for an additional $7,000 off the agreed upon price. Our plan was to, hopefully, get the seller to meet us in the middle. We pulled this off when negotiating for my Honda Civic about 1.5 years ago.
- So, Friday morning we found out the seller had met us halfway. We ended up negotiating the price down another $4,500. We were very excited! Part of our agreement was for the seller to provide a plumbing inspection report since the house recently had foundation work.
The house needs a lot of work still. Some of the projects we have to tackle in the next year include:
- Cleaning!!! Gotta disinfect everything before moving in.
- Exterminate. I hate bugs…
- Paint – We have lots of painting to do!
- Lighting & Switches- The house needs more lighting and switches. So glad, my dad is an electrician, so he’s going to be able to help with that.
- Patio – The patio needs lots of work. Some ideas include tearing the slab of concrete and adding stone.
- Landscaping. The yard needs landscaping. Will not be able to tackle this until the spring.
- Garage insulation, drywall, and texturizing. This is going to be a huge project. Not one I’m looking forward to!
Takeaway from this entire process. Be persistent, don’t settle. Despite being a seller’s market in Dallas, we were able to negotiate on our house. I kept telling myself and my hubby, we are the ones with the power since we wanted to buy the house.