Buyer Objections (by Jeff [CO]) Feb 25, 2021 10:46 PM|
Buyer Objections (by Txlord [TX]) Feb 25, 2021 11:07 PM
Buyer Objections (by LisaFL [FL]) Feb 25, 2021 11:18 PM
Buyer Objections (by Dave [MO]) Feb 25, 2021 11:35 PM
Buyer Objections (by Robert J [CA]) Feb 26, 2021 3:58 AM
Buyer Objections (by RB [MI]) Feb 26, 2021 8:02 AM
Buyer Objections (by NE [PA]) Feb 26, 2021 8:29 AM
Buyer Objections (by DJ [VA]) Feb 26, 2021 8:32 AM
Buyer Objections (by Ken [NY]) Feb 26, 2021 8:37 AM
Buyer Objections (by Rich [PA]) Feb 26, 2021 9:50 AM
Buyer Objections (by Tim [CO]) Feb 26, 2021 11:37 AM
Buyer Objections (by Jeff [CO]) Feb 26, 2021 4:53 PM
Buyer Objections (by Nicole [PA]) Feb 27, 2021 12:08 AM
Buyer Objections (by Ken [NY]) Feb 27, 2021 10:28 AM
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Buyer Objections (by Jeff [CO]) Posted on: Feb 25, 2021 10:46 PM
One of my buildings being sold is an 11-unit one from the 1930s. It is is stellar condition, but the sewer line needs to be replaced ($9600), there is some minor roof work needed ($1600), and some of the windows need re-caulking, etc. ($6700).
I agreed to give them credit at closing for the roof work. but I want the selected vendors to do the sewer line and windows work. I want the title company to given them a check in the sewer company's name at closing, but I am arranging the window work with a vendor and am paying them directly.
I don't think the windows are that bad - never noticed a problem or had a complaint.
The buyer objects and wants to choose their own vendors. (Their agent recommended the sewer company) and they want credit at closing. They keep pushing away at it. They even want an extra $3000 for the window work. I don't get it.
I don't like the idea of credits. I want the money to be used for what it is intended for. I think they are just trying to squeeze more cash out of me. Any thoughts?
Buyer Objections (by Txlord [TX]) Posted on: Feb 25, 2021 11:07 PM
You have sold it, so let it go. Take your money and give them the agreed credit to choose who they want --72.180.xxx.xxx
Buyer Objections (by LisaFL [FL]) Posted on: Feb 25, 2021 11:18 PM
Why not get your own estimates and agree to the lowest quote amount to be given as a credit. You could always negotiate the amounts as well if you disagree being as itís sold as-is. You donít need to do anything. It all depends on how quickly you want to sell and how badly they want to buy it. Itís a sellerís market. Donít sell yourself short. --216.186.xxx.xx
Buyer Objections (by Dave [MO]) Posted on: Feb 25, 2021 11:35 PM
I have found buyers are paying a premium and we all post how hot the market is right now. What I have also became aware of is buyers/investors are also want buildings in top condition too. Picky, maybe?
I sold a house a in January that I received a check from the insurance company for the roof (hail damage) I wrote the buyer a check for the claim amount. Instead of closing in 30 days we closed in 10 days. So, negotiate when they ask for more.
For me I want to be done, things can change in 30 days.
Got one under contract today, approved buyer is my tenant and wanted to have hardwood floors refinished, I took off $1500 from price but no other inspections house sold as is. Has occupied the home for about 3 years.
Buyer Objections (by Robert J [CA]) Posted on: Feb 26, 2021 3:58 AM
I've sold lots of apartment properties, homes and some retail. The buyers and their agents most always play games. Once they have an inspector issue a report, then I have to disclose this information to any other buyer.
So this buyer thinks by asking for "credits" I have no choices but to play his games. So in one case I said, "I'm a licensed contractor and will happily do the requested work. Instead of spending $60,000, I could do the work myself for $10,000, and I told him so. So instead of getting $60K in upgrades, he took the $10K credit instead. Goes to show the B S is out there! --47.155.xx.xxx
Buyer Objections (by RB [MI]) Posted on: Feb 26, 2021 8:02 AM
I'd shut the deal down, (watch'em cry)
get the work done, (asap)
and then re market at a higher price. (10% +)
Buyer Objections (by NE [PA]) Posted on: Feb 26, 2021 8:29 AM
Explain the $6,700 for window caulking? --70.44.xxx.xx
Buyer Objections (by DJ [VA]) Posted on: Feb 26, 2021 8:32 AM
The way I see it, you have 2 choices.
1) Do the work yourself before closing using your time, money, & vendors.
2) Give $ credit to the buyer. Then they own it , and will decide what to do when with their money - and who will do it.
Like you said, some of it is minor / not that bad. These inspections are used to lower the price - AKA get credits, not necessarily because the work needs to be done now. You won't own it any more, so don't worry about it any more. --68.229.xxx.xxx
Buyer Objections (by Ken [NY]) Posted on: Feb 26, 2021 8:37 AM
The goal is to sell the house so why argue with them about who does the work? just give them the credit and move on unless you are trying to get the work done cheaper.Chances are good they wont actually get the work done,there is another site and even a couple people here who say get the contract signed then use the inspection to get a few grand more off the price which i consider dirty but it happens regularly to me when i sell houses --72.231.xxx.xxx
Buyer Objections (by Rich [PA]) Posted on: Feb 26, 2021 9:50 AM
I would give the prospective buyers one of two options:
1) You pay for the work to be done and then reset the selling price.
2) Give them a credit for 1/2 of the estimated cost of the work. They are benefiting going forward for the upgrades so should be responsible for their share of the costs. If they chose to do the work themselves or do not do the work at all; that is on them and you do not feel you were taken advantage of.
Walking away from the deal and you doing the upgrades may work to your benefit . Most nice properties are flying off the shelves these days and very good prices. --108.39.xxx.xxx
Buyer Objections (by Tim [CO]) Posted on: Feb 26, 2021 11:37 AM
A ďstellarĒ 1930ís building needs 18k in repairing deferred maintenance, not surprising at all. Iíd offer maybe 1/3 of their ask and move on. Any buyer will prob try the same tactic n a multi unit sale. --71.211.xxx.xx
Buyer Objections (by Jeff [CO]) Posted on: Feb 26, 2021 4:53 PM
Apparently some of the windows are casement windows, they all have cranks, and a lot of the weatherproofing stuff is in bad shape - nothing that is readily visible in just looking at the building.
I think I am too generous. I said if they didn't want the cheapest vendor to do the work, they could name their own vendor and I would have the title company cut a check to that company for the lower amount.
I wish I had told them to kick rocks.
Buyer Objections (by Nicole [PA]) Posted on: Feb 27, 2021 12:08 AM
I'm not looking at this the same way you are.
He's asking for $17,900 in concessions and gave the you the breakdown of how they came to that figure. You either agree or offer another amount. Whatever they do or don't do is their business. Should they decide to wait xx amount of time to fix whatever, that's their business.
OR, you can fix everything yourself and they pay you the originally agreed upon sum.
Not sure why your thinking is you get to decide how they spend what in effect will be "their" money which is what it is once you agree upon the figure. --72.70.xxx.xxx
Buyer Objections (by Ken [NY]) Posted on: Feb 27, 2021 10:28 AM
They might need the credit just to close --72.231.xxx.xxx
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