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in this extreme sellers' market, buyers are careful about how much they ask for after the home inspection.... the minor things are not on the list....if there's a major problem, they will negotiate it with the seller but they are careful not to step over the line!! there are always other buyers waiting in line with a check...
Sandy Padula and Norm...
Locust Valley, NY
San Jose, CA
We aren't seeing that in our marketplace. Most of the buyers are happy to get a home.
No they are just happy to get the home especially after loosing a few contracts.
The price of repairs is capped. Repairs are not an open checkbook.
Most of the buyers here are happy they got the house.
Michael, I have mostly found that the higher the offer the more entitled the buyers when asking for repairs, but with this multiple offer market some buyers realize if they get too pushy the seller could put the house back on the market as others are waiting in line.
Haven't seen this happen as yet. Buyers see that they are often in multiple offer situations now and they have to suck it up and give up a lot of contingencies if they really want the home.
While our prices have increased they are not exorbinate yet. Inventories are down though. So our buyers are actually being more forgiving in hopes of securing the home. The moment a home comes into the inventory there is a scramble if decent at all. Ironically this is not pusing prices thru the roof. Mainly keeping inventory low and a moderate rise in prices. Mark
Nope, in our market the buyers are only asking for repairs that affect the safety, health or foundation of the home. This is a sellers market here.
The custom in our area is the seller does most of the repairs anyway. It isn't because the prices are high it is because the trends are that way.
No sir not in ours. Of course you get the occasional one but for the most part no.
Hi Michael - some do and as most answers here - it depends. In California, our purchase agreement is written with an "as is" clause as part of it. It doesn't mean a buyer can't ask for repairs to be made, credits requested or a price reduction but the seller is not contractually required to do any beyond a few state or local mandates(also can be negotiated).
So the inspection/investigation time period becomes another point of negotiation after a price and terms have been established. A lot of it depends on the individual scenario of a transaction...each has a different nuance. Being reasonable in an approach goes a long way rather than a laundry list of nit-picky kinds of items.
I try to include this topic as a part of early buyer education to try to avoid this happening, cautioning them that inspection is not a time to renegotiate price. Having said that, control of our clients is not assured of course and when a party feels they have overpaid, it certainly raises the risk that they will be tempted to be more demanding at time of inspection.
No, since we as their agents cite the issues needing repair early on with the seller's agent. If there is no commitment to fix the issues, then if a contract is written, those repairs are listed in the repair addendum.
They are but not for your reason. Repairs in our contract have a cap and we have a form that the buyer fills out for repairs requested. Every buyer seems to want all repairs regardless of cost done, and often if the inspector even makes recommendations that are not repairs that is included too.
Michael - I just think more people these days want a home that is move-in ready instead of having to repair little things here and there. Not sure it has anything to do with the price.
New York City and Long Island are of the demanding because of the diversity of clients here in my opinion.
People are wanting more fixed in order to get the lone or because they have no idea how to fix the minor stuff.
Sellers are, in this market.
We have a very strong Seller's market, and even when there are lots of items that SHOULD be on the inspection objection form, they try to keep it to the very important items. Seller could go to the next buyer.....
I find the repairs that I have personally experienced go hand in hand with the price of the home. If a home is being sold for the top of its price range, the buyer will ask for more repairs to be done. However, buyers who are paying middle of the price range for the home ask for less in terms of repairs.
What is new about that? Buyers ALWAYS think they pay to much, sellers believe they sold to low.
AND since both agreed, that is the definition of MARKET VALUE.
The root cause of the 'demanding' varies based on the buyer profile. The emerging economy evolved from the relationship one we are currently exploiting has a different value set that will result in this buyer delaying their decision until 'all is right' It is not that they can not buy, it is that they WILL NOT BUY at this time or under these conditions.
Yes they are more demanding than the buyers a few years ago in the seller's market.
Yes I am seeing that however many sellers are not acceoting long lists of items that a buyer is using tio get a better deal on the property. Some of who just said no, they would not do or credit anything. A true list should be items the buyer could not see or know before they made their offer.