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Should I offer less

I made an offer on a house and it was accepted.  We signed a contract. In the contract there was no mention of the crack in the foundation wall and settling of part of the foundation. I had an inspection done and it was then that I found out about the problem.  The estimate cost of repair is around $3500.  It could cost more if the pier rods need to go deeper than 20 feet.  They will insert 2 helical pier rods in the ground to stop the settlement. So this is a best case scenario estimate. They won't truly know until they begin the work. My question is should I offer less for the property due to my bid that was put in not knowing the crack and settlement problem?   I'm concerned this situation may affect the resale value and any growth in equity. I don't know if she is going to pay for the repair or try to negotiate price.
  • August 22 2013 - US
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Answers (4)

When it comes to evaluating major repairs in a home purchase and you need to make a decision about accepting the condition or cancelling, the answer is "it depends". If you were competing with other offers you may lose out if you try to negotiate the price. However, if you paid top dollar for the house, you may have some room to negotiate. If the appraisal has been done and it is lower than the sale price, you should negotiate because the seller's next offer may be lower than yours. I suggest you ask for additional time to complete your inspections to be sure you know the scope of work before you make a final decision. Lastly if you love the home and you have funds to spare and you see the market escalating, you might proceed once you know the entire cost. Without knowing that piece, you could well be in for heartache later. Above all, do not remove your inspection contingency until you are satisfied.
  • August 22 2013
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Your agent is the best source of info, but make sure s/he knows how YOU feel.  Inspection reports are GREAT negotiating tools, so if you feel you need to revisit the price, take that up with your agent and see where it takes you.  Best of luck...
  • August 22 2013
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That's good advice.  I think the price should be lower given the inspection report. I don't want to lose out on the house either.  Oh the joys of buying a house. I'll be glad when this is over. People say don't make an emotional decision when negotiating for your house. But how can you not. I want this house.
  • August 22 2013
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Profile picture for Ofe Polack
Be guided by your buyer agent, all home inspections items can be negotiable.
  • August 22 2013
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