Buying a home is already difficult why do some sellers make it more so?

[Anonymous]

Have essentially been forced to put conditions on an offer because the sellers are trying to sell a home with unconsented additions. Can't get insurance without exclusions if there's unconsented building, can't get finance if the insurance isn't without exclusions.

If they had fixed it before selling we could have gone practically unconditional!

Pray for me 🙏

[WindAtMyBack]

It's their house and they can do what they want with it, including the sale conditions. They are selling for what they believe is the market value, or maybe slightly higher. They aren't the ones who set the market value. The market determines that.

On your side, you have a choice about which house to buy or not buy. You and other buyers determine the market price. If you and the others refuse to buy at a particular price and conditions, then the seller will be forced to concede, or just not sell. But if ONE person is willing to buy at a price and condition, then that IS the market value.

From what I've seen, the buyers are FAR more demanding than the sellers. But in the end, it boils down to who is more motivated, the buyer or seller.

[Asker]

I don't think you understand. We have had to put conditions on our offer because of unconsented building on the house.

Nobody legally can buy the property with the unconsented building how it currently is. You would have to lie to the bank, your lawyer, your mortgage broker, and your insurance company in order to buy the house.

The sellers have made it harder for buyers and themselves by not remedying the issue before going on the market.

[WindAtMyBack]

Then don't buy it. Simple. Just walk away and look for something else.

[Asker]

No 🙂

[Sparkie460]

Some sellers can be real assholes. They think if they keep jerking you around, another bigger offer will come up.

Make sure you get a really good and thorough home inspector to inspect the house. Try to negotiate a lower price if he finds a lot of things wrong.

[Asker]

We are already planning on getting a builders report, which will take place after the sellers remedy the unconsented situation. They knew it was unconsented and offered to take it out upon sale but I don't think they realised how much it affects a potential buyers finance. There is nothing else wrong with the house.

[Sparkie460]

Have you been pre-approved for the mortgage at a certain percentage? Most banks only hold that rate for a few weeks. If you go past it, they can increase the rate unless you pay a fee to hold it at that rate. If you do pay the fee, deduct it from your offer. Just make sure it's in your contract

[Sparkie460]

I've been in your situation before. So has my daughter. I wish you the best of luck

[Asker]

Yes we got preapproval today with the bank but not for the specific house, the approval is valid through late October and the deadline for this house is this week so we are okay there.

[Sparkie460]

I hope everything goes well and you get the house. Please update when everything goes through

[slatyb]

They aren't trying to make it harder -- just as you are, they are trying to get the best deal they can. They feel they can get an offer with the home as-is so they don't want to spend the money to fix it.

[Asker]

They cannot though. As it would require a buyer to lie to their insurance, their lawyer, their bank etc.

They also offered to remove the unconsented parts.

[slatyb]

They can. People do make cash offers on houses so there's no bank involved. Insurance? Depends on the needed repair. Unless it affects the houses ability to withstand weather, they probably don't care either.

[Asker]

I'm telling you they do... 😂 Also incredibly unlikely anyone would make a cash offer for this house

[Asker]

The insurance will not insure without exclusions unless the dwelling is code compliant.

[exitseven]

I would have an engineer look over the additions. There might be reasons why they never got a building permit

[Asker]

It's not the current owners who did the addition. We will be getting a builders report regardless

[Anonymous]

Good luck they might pass your offer and opt for a cash only

[Asker]

Seems at this point we are the only interested party. Cash offer is impossible for this property unless you're lying to your bank and your insurance which... Is stupid.

[jahaims]

It's a sellers market rn

[Asker]

No it's a buyers market here.