So, you have a buyer for your home. GREAT!
After the home inspection, the buyer wants $5000 in repairs or a reduction in the sales price. NOT GREAT! Well, maybe or maybe not.
Sure you can tell the buyer no way and let them find some other home to purchase. Before you do, consider how much that decision may end up really costing you. Your house is going back on the market which means another month or two (at least) of mortgage payments. Not to mention, more inspections with new buyers that could end up meaning more repairs. That older carpet the first buyer was willing to overlook may be a major eyesore to the new buyer. More money out of your pocket.
You may also have to reduce the price. Subtract that from your proceeds. Let's not forget HOA dues, insurance, taxes, utilities, and all the other monthly costs associated with the home.
Now, total all that up and see if it was really worth it? It may end up costing you much more than $5000 in the long run.
After the home inspection, the buyer wants $5000 in repairs or a reduction in the sales price. NOT GREAT! Well, maybe or maybe not.
Sure you can tell the buyer no way and let them find some other home to purchase. Before you do, consider how much that decision may end up really costing you. Your house is going back on the market which means another month or two (at least) of mortgage payments. Not to mention, more inspections with new buyers that could end up meaning more repairs. That older carpet the first buyer was willing to overlook may be a major eyesore to the new buyer. More money out of your pocket.
You may also have to reduce the price. Subtract that from your proceeds. Let's not forget HOA dues, insurance, taxes, utilities, and all the other monthly costs associated with the home.
Now, total all that up and see if it was really worth it? It may end up costing you much more than $5000 in the long run.