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Looks like the house sale won't close!
#1
Sad 
We were to close next week.  We've been in the house for 6+ years. Three years ago, we had to replace an exterior burst pipe, but otherwise, no plumbing problems.  The house is 57 years old and on the original plumbing. Well, the potential buyers decided that, even though everything works, they want us to replumb the entire house at our expense ($5K+), before the house closes-within 7 days!  "Are they effin' nuts?" was our response.  The realtor says that they complained about the old plumbing to the bank and now the bank won't give them the mortgage until the plumbing is completely replaced prior to the closing.

No bloody way, so the sale is off unless they figure out a way to deal with the bank-fast. We already waited 45 days.  I've never heard that a bank wants to repipe a house when everything is completely functional.  Our guess is that the buyers thought we are so desperate to sell, that we would be intimidated and cave in to their demands.  Pushy New Yorkers! But they probably don't know that Hubby and I are also New Yorkers and will push back harder. 

They blew almost $1K on the home inspection and the appraisal.  Their own darn fault for being greedy.  At least the appraisal was good-exactly our asking price. And #4 son moved out today, taking almost all of the furniture, so the house looks much bigger empty.  We're sleeping on mattresses on the floor in the guest house so the big house stays pristine.  It shouldn't take too long to find another buyer as the market in our neighborhood is pretty hot.

Back to the drawing board. At least this will give Hubby more time to finish his van.  I'll put in the electric and then be on my way again.  C'est la vie. 
Ted
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#2
5k to replumb a finished house sounds cheap actually. But that aside, what a ridiculous request at the closing bell. It never ceases to amaze me at what buyers request when making an offer on a house or during negotiations. When selling my old house, my Dad's house and my grandmother's house I got some pretty interesting requests. I wouldn't even counter offer those types of buyers, wasn't interested in dealing with them and that seems to be an effective tactic, because they are quite taken back when no counter offer comes back, simply a "your offer was denied and they aren't interested in any further negotiations with you." The serious ones will resubmit a "real" offer, the tire kickers disappear to go bother someone else.
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  • heron (11-24-2017)
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#3
That is ridiculous.
Thats like telling someone to buy new tires before youll purchase the vehicle.
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  • heron (11-24-2017)
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#4
Anna wants to sell off our rentals so I'm sure we'll be going thru the same issue. They can't complain much since I've remodeled all of them except this last one that is waiting for us to go home. I'll be glad to get out of the rental game.
  [Image: 414097000.jpg]
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  • heron (11-24-2017)
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#5
as is where is,seller to do no repairs

the market is pretty good right now so you should get another offer soon

up here it's,"bank wont do the loan unless you remove the wood stove" so you see the country houses with the wood stove moved to the shed
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  • heron (11-24-2017)
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#6
The house only has one bathroom and the kitchen is adjacent to it, so it's all in one spot. But I can see the plumbing contractor, knowing we're under the gun, suddenly declaring that they need more money for whatever reason. Maybe they lowballed it, knowing the above. And the sellers wanted to use their plumbing contractor.

And the craziest thing was that, after the home inspection, we gave them a concession of $3K for miscellaneous repairs, including the plumbing. Then they wanted more and figured they would get the bank to do their dirty work of demanding it.

I'm pretty fatalistic, so I'm sure things will work out with the ultimate buyer of the house. I'm not dealing with it anyway, I just came back to help my son move out and pack up the remains of our possessions. And, now, since it looks like the sale might be delayed, I'll do Hubby's solar and electric install at the house. I was going to do it while out on BLM land.
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#7
Good plan .
Stay Tuned
rvpopeye



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#8
That's awful Ted. Makes me nervous hearing stories like this. I'll walk away from my place if I have to, but I'll get my freedom.
I hope things work out and you find another buyer.
One Stinkin Badge!
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  • heron (11-24-2017)
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#9
Good for you, Ted! That's beyond absurd.
One gloriously stinkin' badge. 
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#10
Like Mo said, I'm wanting to sell off our rentals, The U.S rental market is nothing like the one back home in Australia. In Australia, the landlords are covered by rules, regulations, and laws but in the U.S the renters are the ones covered by laws and the landlords get nothing. Besides most of the renters in America either don't pay their rent and or trash the place. Like our last tenants did and most of the landlord groups that I'm involved with whom are having major issues with tenants. (I know I'm generalizing here but so far this has been my experience) And also I'm getting too old for this kind of BS plus the reason we brought them for in the first place no longer exists. Our property manager is also pathetic she's had two of the homes up for sale and or rental for the last four months and couldn't do either. (too busy having a social life and posting on FB and not enough time doing what she's been paid to do.) so we advised her to remove them from the market and that we'll deal with them when we get back. So for the moment, there is no income being generated. Such is life I guess.
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