Back Story: Fiancé and I have lived in this condo for 1 year. Landlord gives 2 month notice that she will need to sell the condo since she took a new job and is moving out of state. She will be buying a new house and has cash flow issues. To top it off, she is adopting a baby from China in November. Basically asked if we were interested in buying or would need to list the place.
Pros: Reduced List Price (FSBO): 335k (350k list) Expected Close (9/29) Condo has been vetted (Current Tennant) Would not need to move Financing has been preapproved
Cons: – Seller Requested No Agents (Lower Price) – Required Research (Time Spent – No Agents) – Property Tax Increase in Chicago
Wish List: – 1% Redfin Fee Savings (60/40 – Seller/Buyer) – Home Price Reduced 3%-4% (No Buying Agent) – $2,100 Price Reduction (CU Commission Rebate) – Contingent on Inspection (Terms Undecided) – Contingent on Appraisal (Terms Undecided) – Contingent on Full Review of HOA Financials, By Laws and 6-12 Month Trailing Meeting Minutes – Contingent on Satisfactory Procurement of Any Applicable Regulatory Documents/Disclosures (Terms Undecided) – Contingent on Full Financing (Terms Undecided)
We are saving her a lot of time and effort, so we are definitely have some power to negotiate. We will be using a lawyer for contract review and closing documents. We will be seeking coverage of a portion of the closing costs. Building was gutted and rehabbed 10 years ago and appliances still work, but should I ask for depreciation on the units? Or Home Buyers Warranty?
As I prepare for to begin the offer process, is there any sage real estate vets that can offer any obvious advice?
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