 Building sale question (by Cincykelly [OH]) Oct 31, 2016 1:36 PM
 Building sale question (by Robert,Ontario, Can [ON]) Oct 31, 2016 1:49 PM
Building sale question (by Cincykelly [OH]) Oct 31, 2016 1:55 PM
Building sale question (by S i d [MO]) Oct 31, 2016 2:01 PM
Building sale question (by myob [GA]) Oct 31, 2016 2:09 PM
Building sale question (by plenty [MO]) Oct 31, 2016 2:46 PM
Building sale question (by Andrew R. [UT]) Oct 31, 2016 3:00 PM
Building sale question (by Mike45 [NV]) Oct 31, 2016 3:26 PM
Building sale question (by LindaJ [NY]) Oct 31, 2016 4:45 PM
Building sale question (by Frank [NJ]) Oct 31, 2016 4:51 PM
Building sale question (by Vee [OH]) Oct 31, 2016 6:28 PM
Building sale question (by Robert,Ontario,Can [ON]) Oct 31, 2016 7:15 PM
Building sale question (by JB [OH]) Nov 1, 2016 2:33 PM
Building sale question (by Ray-N-Pa [PA]) Nov 9, 2016 6:05 AM
Building sale question (by Cincykelly [OH]) Posted on: Oct 31, 2016 1:36 PM
Message:
State Specific Question About: OHIO (OH)
Hey there!
Hopefully a quick question here.
I have a contract to sell my last remaining apartment building (thank God!).
I am representing myself (former realtor), the buyer is represented by a buyer's agent who I've agreed to pay 3% to.
The buyer had a 12 day inspection period to make the inspection and ask for repairs. I did not receive anything even though I inquired the buyer's agent a few times regarding this.
The buyers produced on the 14th day (today) the inspection contingency agreement and are asking for a ton of things, including a new roof (appx $30-35,000).
How should I negotiate this? We are out of the inspection period, so according to the contract, it looks like they have to take it as is. I do have another party interested in making a backup offer (as is - pending inspection of the roof - UGH!). If the buyers back out and I end up selling the building for less, can I sue the original buyers for the difference? Has anyone run in to this problem?
Thanks!
Kelly
--98.28.xxx.xxx |
Building sale question (by Robert,Ontario, Can [ON]) Posted on: Oct 31, 2016 1:49 PM
Message:
The buyer is looking for haircut. Is the roof leaking or the roof is just old. Get some estimates to install a new roof then maybe look for another buyer. Raise the price to cover the cost of a new roof. If the roof is flat then consider a single ply membrane which is the least labour intensive to install. --74.220.xxx.xxx |
Building sale question (by Cincykelly [OH]) Posted on: Oct 31, 2016 1:55 PM
Message:
The roof is not currently leaking although it is old. I usually have some work done on it every year. I'm just worried that the next buyer won't make as high of an offer or I will have to list it and will end up paying another 3% to a listing agent. They have actually specified the type of roof they want so they have an estimate they have not shared with us. --98.28.xxx.xxx |
Building sale question (by S i d [MO]) Posted on: Oct 31, 2016 2:01 PM
Message:
If you got earnest money with the contract at acceptance, I think you'd have a decent shot at claiming some of that and go find another buyer. At the very least, you should be able to tie their money up in escrow for awhile and negotiate a settlement. --173.19.xx.xxx |
Building sale question (by myob [GA]) Posted on: Oct 31, 2016 2:09 PM
Message:
before putting a price on it certainly you had concessions to go along with the pricing. Do you expect top dollar on sub pare property?
If you fight over the 2 days your in for a long fight. Let the original purchaser what you won't do and will do. Even a dog gets a bone occasionally. Throw the bone-- don't throw the whole cow.........
Start cultivating the back up offer.
I can't tell you how many times people sell (professionals) who have no idea what the property is REALLY worth. Pay for the appraisal have it in hand. Now you have apples and oranges to compare-- your man says its worth X amount and I have to stick close to it. --74.184.xxx.xx |
Building sale question (by plenty [MO]) Posted on: Oct 31, 2016 2:46 PM
Message:
you wrote: I have a contract to sell my last remaining apartment building (thank God!).
So make the changes or negotiate the changes or offer a discount for taking it as it so they can make the updates. Sell the thing! They want to buy it you want to sell it, negotiate... stop the 'can i recover the difference, and they missed the dead line... sell lady, sell!! --173.108.xxx.xxx |
Building sale question (by Andrew R. [UT]) Posted on: Oct 31, 2016 3:00 PM
Message:
-plenty, I know right? Do you want to sell or not? If you want to make money on escrow or other people's mistakes, then continue to not sell. --168.178.xx.xxx |
Building sale question (by Mike45 [NV]) Posted on: Oct 31, 2016 3:26 PM
Message:
Are there any other contingencies? If none, I would tell the Buyer that his requests for repairs are all rejected as untimely. He blew the deadline, so there is nothing to discuss.
Warning: I do not know Ohio law. I think I was in Ohio once, but I could not swear to it without studying a map. [Looking at a map, I now assume I drove through Ohio twice, but I never was more than 5 miles from I-70.]
--71.2.xx.xxx |
Building sale question (by LindaJ [NY]) Posted on: Oct 31, 2016 4:45 PM
Message:
In our area, the inspection points out problems to the buyer. Over $1000 problem is considered major and the buyer can back out of the contract. You can refuse to fix it and they can walk... Usually there is some negotiation that goes on because of the defect. You take half the amount off the price or whatever. House selling / buying never happens on the schedules listed in the contract. --108.44.xx.xx |
Building sale question (by Frank [NJ]) Posted on: Oct 31, 2016 4:51 PM
Message:
I like Mike45's answer.
I also like myob's post about getting an appraisal...you know the kind the banks must see to help them decide of he property is worth the risk.
You have a contract and they blew the deadline.
End of the story. Why should you let them be in charge?
I do not know why you would agree to [pay the Buyers Agent's commish.....he don't work for you and the offer he brought along with the missed deadline proves it.
If the Buyer wants it that bad thy may come back with a better attitude. You also may consider making a peace offering of say 10K for the roof AND NOTHING ELSE to try and keep the deal alive.
New offer comes with a 48 hour deadline for acceptance.
--71.172.xx.xxx |
Building sale question (by Vee [OH]) Posted on: Oct 31, 2016 6:28 PM
Message:
I am not a agent so your experience there should answer most of the liability question about expired timeline and earnest money refund (I would not as the clock already stopped), engage the next batter and move forward, with opinions discussed in an earlier offer there is no factual basis unless there is something there factual.
Kinda like the opinion the russians invaded the internet during the DNC, no facts shown yet - all hype... --76.188.xxx.xxx |
Building sale question (by Robert,Ontario,Can [ON]) Posted on: Oct 31, 2016 7:15 PM
Message:
If the roof is flat then contact Duro-Last to get a roofer contractor for a estimate of the roof. If the roof is sloped then consider installing a metal roof where the existing shingles remain then wood strapping then the metal panels are bolted right in. Four ply tar build up roofs are expensive to install as this type of roof is very labour intensive. A single ply membrane will last longer along with a good warranty. Consider installing a new roof then increase the price of the building. Buyers try to find a fault to reduce the price nothing else. A new roof with a warranty then the building will easier to sell. Look at other options to sell the building other then a agent. There is the internet, newspapers and other options. Unless one wants to take low price here. --74.220.xxx.xxx |
Building sale question (by JB [OH]) Posted on: Nov 1, 2016 2:33 PM
Message:
I thought you were a realtor in a past life. You should know the in and out of contracts. Basic real estate questions. --24.172.xxx.xx |
Building sale question (by Ray-N-Pa [PA]) Posted on: Nov 9, 2016 6:05 AM
Message:
Does your building have an existing active CO?
How strong is your market place and how quickly do you want out of the rental business?
An old roof can run six figures if you need to replace the whole thing in 5 years. Without knowing the price, a $30,000 concession might be cheap, if the market place is in decline --24.239.xx.xxx |
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