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I want to purchase a home for 79,000 (it's a decent price), but the inspection shows the eltrical is not up to code and will cost about 2000 - 4000 to bring up to code. My agent told me that the seller probably won't pay since the house is a reasonable price; but I told her that others will come across the same things over and over. What is normal; do I ask for cash to have my person do it? or do I allow the home owner a chance to repair it and then have it inspected. How much should I expect without insulting the seller? Thanks!
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$2,000 - $4,000 is quite a price range to expect the seller to pay for. I would suggest that you word the offer "seller to pay up to $2,500 towards electrical service upgrade" - that way the seller has a top dollar amount that they are going to spend.
The price is reasonable, but everything is subject to negotiation. The seller is going to have to deal with this issue on every offer unless he gets a cash buyer. There are alot of factors that will complicate this situation, the seller's financial status (motivation to sell) is the big one. |
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