This is an agent question. I've had similar situations and it is something that has to be negotiated - and that is best done with agents that keep things on a business plane.The buyer may be concerned with the moisture issue becoming a mold issue or the replacement area not matching; many unknowns here. At the end of the day, the home is not in the condition it was when contracted so you both need to reach agreement to close or to terminate. Failure to do so usually ends up being a breech of contract or failure to perform and that's nothing anyone wants.Task your agent to resolve this, any agent with a modicum of experience will know how.
Did you interview several agents before selecting this one? Did you CONFIRM everything they said? Did you CONFIRM what they told you they sold? Did you google them, see what they're on line presence is? Did you CALL references to ask questions? Who established list price, how, is it credible? What was the strategy if things were slow? And 1000 other questions....Easy to blame the agent - far too many are worthless. But - perhaps some of it belongs on the person hiring the agent? Did you demand excellence? This is after all - YOUR PICK!
Never, ever work without a buyers agent- and make certain it's an agent that is actually a full time productive one, not some hack. My site has plenty of suggestions to find out how best to cut through agent BS.As far as a fair offer, why wouldn't you be looking to get your best deal? Who cares what's fair? I doubt the seller does so why should you? This is business and while "being fair" may sound nice, you should be focused on getting the home as low as possible. If it's a home you want then do it in a nice way so you can find a happy medium but don't start there - again - an experienced agent is critical here.As for value, forget Zillow or any AVM (website value). You will have an appraisal as part of your loan but for the initial research, an experienced agent should - should - be able to look at the data AS AN APPRAISER will. That last part is critical, the market is always moving.Did I mention getting an experienced agent? Also, be careful in L'Ville; the market is still very fluid - we're in a dead cat bounce and '15 is going to be flat at best.
It'll probably be a waste of time. I appraise lender owned homes, have for the last 7-8 years and they are miserable t deal with even from within the circle. I see listings 10-15% over appraised value as a matter of course, they don't care if they sell a short sale as foreclosing is often more profitable for them.Short sale completion is way down, I don't even bother working with clients that want just those - in the end the usually result is frustration. I see it from both ends - they truly could care less so just understand that.
Why does it matter what zillow says? It's obvious that there are major limitations with any AVM, not just zillow. This is a fundamental problem with the internet and the reliability of public records. The issue starts there - the garbage data provided by the tax records means garbage in, garbage out....
Oh that stings Dawgs....Get Barbra (?) to make the appropriate changes - Zillow doesn't have a group of basement dwellers playing with listings and causing trouble, they are simply an outlet for what's on the listing sites.
Yes - put your agent to work and run the math. Estimate the value as is and as repaired. Bring contractors (three minimum) and get estimates for work required. Add 50% to that cost and time expectation. Add the costs to the purchase price and see how over market you will be.I appraised homes like these for FNMA and major lenders, they set high minimum prices, often over appraisal. They know someone will buy them and overpay. They also don't really d a great job of cleaning up issues - like mold - so include that into your inspection list.Two final suggestions - if you don't have an EXPERIENCED agent repping you, get one. You can very easily drive off a financial cliff. Next, be ready to get very aggravated as banks don't care at all, on any level. You might be happier looking for a conventional deal.
Get an agent, you have little idea about what you're talking about. Zillow receives listings from the FMLS and GAMLS, they don't "send" anything.As far as prices moving around, that's predicated on two main things - the market and what buyers are willing to pay and the property - has it been updated, etc.If you're a serious buyer, get an agent and let them find you something.
Yes, it's called cash.Stick around, the mortgage market is loosening up and we'll see requirements rop over the next couple of months
I missed the part where you mentioned the role that your agent played, again please? And has this home closed already - December '14?I've had a case where an upper end new build had issues with uneven floors (not dramatic but off a bit) and an issue with support for the brick on one side. We brought in engineers and delayed closing for six weeks while we had repairs made.We didn't debate or get dramatic - we just didn't close until the house was right. I cannot imagine why you would allow these things to occur, were you out on site checking things? If it's not yet closed then you have the ability to contest all of this - via arbitration. Once you close, you have "accepted" the home as they presented it, it's virtually impossible to "return" it.If it's not yet closed get your agent in gear - and if there's no agent then get a lawyer. If you've already closed, check with a lawyer but don't get your hopes up.