House inspections and reasonable seller credit requests for repairs

[Anonymous]

We just did a home inspection on a house I have under contract in VA. Inspection showed a cracked chimney, mold on wood paneling, doors and all wood trim in the basement, and water drainage issues on the property. We had several experts come and take a look and give us quotes for how much it would cost to fix these issues. Would it be reasonable to request a rather large ($10,000) seller credit so we can do the fixes after we close? $10,000 won't even cover all of it, but I don't want to be unreasonable and ask for them to fix every single issue (there were even more issues but those were the ones we would press them on) . Thoughts?

The house was listed (and under contract) at market price and is not cheaper for the neighborhood to reflect these issues.

[Anonymous]

Ask for what you think it would cost - then negotiate. If you think it will really be $30K, ask for that, and you may settle at $15.

[Anonymous]

Well, any sellers credit would be limited to your actual closing costs in any event.

I guess they can either agree to not. Then you have to decide how much you want the house. Just remember that those deficiencies will have to be disclosed.

[Anonymous]

Anonymous wrote:Well, any sellers credit would be limited to your actual closing costs in any event.

I guess they can either agree to not. Then you have to decide how much you want the house. Just remember that those deficiencies will have to be disclosed.

PP makes a good point. Many lenders have limits on how much seller credit you can get - about 3% usually.

[Anonymous]

Hahaha in this market, -20000,

[Anonymous]

Run... I would worry what else is hiding in that house. I'd be very concerned about mold. I would ask them to repair those things.

[Anonymous]

OP here: The closing costs are estimated to be around $11,000, and I was aware of the limit. I just wonder if $10,000 would be well-recieved and considered reasonable given the extent of work needed on the house.

If you were selling your house and these were issues that came back from the home inspection, would you agree to a credit to fix it? I'm trying to get a feel for what most people would do.

[Anonymous]

Why would you want to buy a house with extensive mold and water issues? You don't have to ask for a credit, you can just ask them to repair these things or some combination of the two (credit and repair).

[Anonymous]

Anonymous wrote:Hahaha in this market, -20000,

Sounds like the OP is already under contract so the "not in the market" canard doesn't really apply.

[Anonymous]

So OP, if the repairs would cost more than 10k, ask for the actual cost of the repairs.

If they don't agree to these repairs, you have to decide whether its worth it to you. I would run from water and mold problems, these can go one for a LONG time.

[Anonymous]

Ask for 30k or having repairs done. If hey counter 10k and you love te house take it. I would run regardless unless your long term plan is a year down in a few years.