"You've Caught the NET!"

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LOW OFFER ACCEPTED! Watch Out, Here Comes the Inspection Report!

Hey, folks!

I'm generally a cool, mild-mannered guy - most of the time!  Mr. Cucumber - that's what they call me!

But something seems to be happening with greater regularity that is really DRIVING ME CRAZY - in fact, please tell me, you Listing Agents - am I crazy?

Tough negotiation, low price, seller accepts - with the caveat - "At that price, we'll sell.  But, please, don't even think of asking me for any credits or repairs during the inspection period.'

The fawning Buyer's Agent agrees. "No problem," he or she says.  "My client is very excited to be able to buy this property at this price.  And, they are motivated to move.  TRUST ME - you don't have to worry about this one!"

(EDITOR'S NOTE:  If you're anything like me - "Trust Me" should be a red flag.  It's the most commonly used phrase on Western Avenue - "Used Car Row," here on the North Side of Chicago!)

Here comes the inspector -"Mmmmmm - LOOK AT THAT CRACK!," or "Boy, that furnace is at the end of its 'useful life,' you know," or "That double-tapped circuit breaker could cause a FIRE," or "Wooo - these support columns won't hold up THIS house" (even though they have done a great job of holding things up for over 80 years!)

"I'll tell you what," says the newly-emboldened Buyer's Agent.  "The inspector said it would cost over $10,000 for these repairs.  We'll cut you a break - give us only $5 Grand, and we'll do you a favor, and buy your house!"

The house of which they speak has already been discounted nearly $20,000 below what small condos are selling for not that far away.  It's $15,000 below a depressed-market ask price.  And it has brand new windows, new furnace and air, new hot water heater, and more.

Sellers refuse, of course - although they do offer a very small, but more reasonable "bone" they hope the buyers will gnaw on.

My colleagues from other parts of the country tell me it is often the "norm" for a buyer to make ridiculous demands during the Property Inspection period.  But some of this stuff is going too far.  It's way, way beyond the spirit of any real estate contract I've ever seen, reviewed, or written.

Would love your thoughts on this one - because it seems to be happening more, and more, and more!

I may be Mr. Cucumber, but I'm starting to lose my cool!

DEAN & DEAN'S TEAM CHICAGO

Comment balloon 6 commentsDean Moss • May 21 2008 06:06PM
LOW OFFER ACCEPTED! Watch Out, Here Comes the Inspection Report!
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