I put an offer of $44k higher on a multi-unit property than what I think it is worth, because there were multiple offers. They accepted my offer, and we are now in the inspection/attorney review stage, which ends this Friday. What should I keep in mind during this period so that I can negotiate effectively and receive the most seller's credit possible?

What’s the most important part of inspection that people overlook that will come bite in the ass later?

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Honestly if there were multiple offers you won’t have a ton of leverage in negotiating, assuming the offers were similar in competitiveness. Have lost a place under contract before in this scenario because we asked for too much and the agent was still shopping the place around to other buyers during the process and got a larger offer in that period

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I don’t see a problem here with the agent shopping it even if under contract. Not all deals close—financing contingency might fall through, etc., and the place could be back on the market, and you’d have a leg up on making an offer. I’ve had people shop stuff to me while under contract. It was disclosed, obviously, that this was the situation. In one instance in particular, I understood the contract almost fell through in account of a key investor pulling out, so we were ready to step in, but the sale closed anyway. Glad it didn’t happen for us, frankly, as were liquidating our stuff in that market.

Definitely the roof and the heating system. Plumbing is very important too, but this is hard for an inspector to catch. Condition of appliances is good to look at, too. Depending on your area, there may be a final government inspection by the city, for example, make sure you negotiate that if they require all this random stuff you’ll be responsible for after closing.

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But keep in mind that disclosures, can be, well, subjective. And likely won’t survive closing—and even if so, the seller entity will be long dissolved by the time you get around to do anything about it if anything happens. But I would agree that I’m sure you asked for receipts about recent improvements, so you’ll have a good idea those were done.

Your inspector will know all of those bite in the ass things to consider. It will be things like hot water, heater age, insulation and I don’t know pipes and stuff

Thank you!

What loan type are you using? If it’s a conventional non-owner occupied home you can only get 2% seller credits. And I would be more worried about the appraisal not hitting the value and coming out of pocket for that 44k. Being in mortgages for so long, I care more about the math in front of me than worrying about what could happen in an inspection.

It’s an owner occupied home, so the seller concessions are capped at 3%, 6%, or 9% depending on your down payment.

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