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Offer less or walk away? 1st day on mrkt offered 460k on1980 outdated home. Comps are at 500k.?

Our offer accepted at $500 over another full price bidder we were told. Priced we THOUGHT because of 1980 everything--appliances, flooring, windows etc. NO upgrades ever & tons of deferred repairs. Tax records say 2358' , seller says 2788' we measured 2570'. Inspector found not working: roof needs replacing built in microwave doesn't work built in oven door won't close -bent open one inch on side no disposal--no kidding--we think when it quit working they just took it out and never replaced it garage door to house's frame broken or kicked in dishwasher original and rusted out inside all windows lost seals and some wont stay open faucets in master bath wont turn on cold water (yes water's on) entire sprinkler system doesn't work concrete walkways out back all cracked and unlevel one of two water heaters-the 1984 one needs replacement no ventilation for furnace and water heaters in basement and MUCH MORE!!! Should we reoffer 40k less or walk away? Yes, our offer is contigent upon the home inspection. We can ask for the repairs to be fixed or walk away with our deposit. We would like them to fix them or take money (alot off) for the repairs. I just don't know which items are ones I am entitled to ask for to be repaired. Our agent's only help is to say, determine what you want fixed and what your bottom line is. That's why asking for help as to what is reasonable. Thanks

Public Comments

1. It all depends on what you're willing to put up with in the future. Just keep in mind that houses are not moving right now so people are becoming desperate to sell. I say either offer less or demand they fix everything outright before you sign a thing. If they start giving you trouble, walk away.


2. I'd ask them to make the repairs on things like the windows and garage door because those can be safety issues. I'd also ask them to replace to roof. Everything else- well, you did say the house is straight from the 1980's - did you really expect not to have to redo the entire kitchen and bathrooms?


3. you offer was accepted - you can't walk away without losing your deposit. Didn't you make offer contingent on home inspection and appraisal? - those are standard requests.


4. I would counter on the big stuff: either ask seller to fix or offer less money to compensate. To me, the broken oven door, garage door, water heater, furnace, and roof are major issues. If you offer less money, 40K sounds reasonable.


5. Yes.....offer less. Dont think you have to pay full price for a house that is not worth it. Also, dont belive the selling agent that there is another buyers out there wanting to pay full price.


6. mam,if youre offer as been accepted and you never stipulated that it was subject to the fixing or restoring of cracks .....etc.shoot youre broker,or yourself.I cant see a way out without you loosing youre deposit.and thats if the owner is willing,which given the state of the house and the fact that propperty sales are slow,i cant really see happening.didnt you view the house before you bought it????

   If an offer has been eccepted,you cant change it.

   I dont meen to be rude..but really



7. You are entitled too: A roof that does not leak. A functional a/c and heating unit. Functional, non leaking, plumbing. Functional safe electrical circuits. Any additional repairs or replacements are gifts from the seller.