Seller not happy that I have asked for reduction in price. Am I being Reasonable?

[Whishy]

Ok guys.

I have sent off a letter to the seller explaining some defects/issues that were not made aware to me at the time of putting offer in.

The contract has the B&P clause which is up today (Got the report pretty late yesterday).

Now we signed contract on property knowing there is asbestos in the eaves, but unsure anywhere else.. Our plan was to do a quick and easy freshen up (Tile over tile etc), however that plan has changed.

The main issues in which have concerned us (To the point where we may pull out) is that there is also asbestos in the bathrooms. To make matters worse is that this asbestos wall is also water logged due to a plumbing issue behind the wall to which will need to be rectified.

The other issue is that although the eaves are asbestos and we were expecting this, the inspector had major issue in which the condition of them meaning that unless replaced or sealed they could become airborne.

Now I have written back to the sellers solicitors requesting a $10k adjustment based on quotations received which is far greater than $10k, to which I have been met with nothing but backlash...

I thought what I have done is not unreasonable.... Can anyone give me some suggestions on how to move forward from here?? Otherwise we will be looking at terminating.

EDIT: They came back with a $3k counter... Not happy.

 

[sanj]

How was your clause worded? Often you can o lyrics get out of the purchase if there are structural issues that the seller won't fix

 

[Whishy]

Not sure on the wording (Dont have it in front of me),

But it specifically allows me to terminate if I am not satisfied.

I have basically said to the seller, I would need $10k to fix these unforseen issues if I was to be satisfied to progress.

 

[MRO]

How do the numbers stack up with the revised costs?

If you are serious about walking away from the deal unless $10k reduction is offered then make this clear to the seller. The answer is simple.

 

[S.T]

If they've come back with the $3k offer, then I'd just terminate if you're wanting the full $10k.

 

[Big Will]

Either walk away if the numbers do not match up or keep negotiating until both parties are happy.

It is in ways best interest that the vendors sell to you as people will ask why was it under contract and now isn't and will raise more concerns about the B&P that was done.

However you cannot force them to agree to it and the contract maybe rescinded.

One of the joys of the dance of purchasing and selling properties.

 

[Whishy]

Thanks guys,

I rejected the $3k and outlined why. Real Estate Agent has calmed down after I put it straight.

The numbers? Well The $10k will only cover the asbestos removal cost (If Lucky).

I then have to fork out for the drainage repairs.

The relining with plasterboard and retiling I am happy to cover as that was our intention in the first place.. Although it was going to be a tile on tile, not a rip and replace (Where the asbestos changes this scope severely).

Contract value is $505k.. So one could call me petty for $10k but its a cash flow issue as we cant move in until this is repaired, and all of my savings are going to the purchase of the house in the first place.

 

[Perp]

I think that you'd have been better off terminating on the basis that there are $10K+ of essential repairs, and let the sellers sit with that knowledge for a while. They might have come back and been willing to sell for less.

But as it is, their mindset was that they had a sale for $505K that you're trying to negotiate lower.

Psychologically, it's very different to move from the position of "I have a contract at $505K" to "I have a contract for $495K", than from "I have no contract" to "I have a contract for $495K".

 

[Whishy]

I think that you'd have been better off terminating on the basis that there are $10K+ of essential repairs, and let the sellers sit with that knowledge for a while. They might have come back and been willing to sell for less.

But as it is, their mindset was that they had a sale for $505K that you're trying to negotiate lower.

Psychologically, it's very different to move from the position of "I have a contract at $505K" to "I have a contract for $495K", than from "I have no contract" to "I have a contract for $495K".

Thanks for the response. I don't think the seller will accept the $10k reduction so most likely going to terminate.

It's a shame but it is what it is.

 

[wylie]

The numbers? Well The $10k will only cover the asbestos removal cost (If Lucky).

I would be getting prices. Two sons have recently removed asbestos from their houses. One price was bathroom, kitchen, two small bedrooms, hallway. All walls and ceilings, plus the kitchen and bathroom demo and dumping was included. Cost $5K.

Other price was two full bathrooms (walls, ceiling, tiles, vanity, bath, shower, toilet, tiles, asbestos sheeting under the tiles), two large rooms (walls only), hallway walls, downstairs walls and ceiling under the house (quite a large area too). The total for that job was $9K.

If you are looking at just eaves and a bathroom, I'd wonder how it could cost $10K.

 

[Whishy]

I would be getting prices. Two sons have recently removed asbestos from their houses. One price was bathroom, kitchen, two small bedrooms, hallway. All walls and ceilings, plus the kitchen and bathroom demo and dumping was included. Cost $5K.

Other price was two full bathrooms (walls, ceiling, tiles, vanity, bath, shower, toilet, tiles, asbestos sheeting under the tiles), two large rooms (walls only), hallway walls, downstairs walls and ceiling under the house (quite a large area too). The total for that job was $9K.

If you are looking at just eaves and a bathroom, I'd wonder how it could cost $10K.

House is over 400 squares and the eaves quote was $5k alone.

Could you by any chance let me know who you used for the removal? Pm?