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Mentor
How bad do you want this house? Your first decision is to close or walk away. If you walk away, you can sue the seller and their agent for not disclosing known defects. But is that really worth it? Why didn’t you do the inspection first thing? If you close, I don’t know that you have anything to sue for since you have your inspection report and made the decision to close after you were aware of the costs.
Is it up to city code?
Ok then let’s start from the beginning, my first concern would be losing my real estate license. Contact your broker to see if this has to be disclosed. If so there should be a real estate form disclosing this. Next, have a plumber quote the fix. And let the seller know how much it would be, if they don’t want to put any money into it let them know they may lose their buyer and wish them well or keep hunting buyers who will be okay with the amount it’s going to take to fix. If the buyers know and sign off on it and still want to close. Great. If not, like I said my first concern would be losing my real estate license. You want to refrain from not disclosing anything because an angry client will stop at nothing whether it’s ruining your reputation or reporting it to the real estate licensing board especially if they find out later and are pissed about how much they’re going to have to spend.
3rd party inspection reports are usually a requirement by the bank, if the inspection came out bad and the buyers bank doesn’t want to release funds until that is fixed. You’ll need to inform the sellers their buyer will have no choice but to back out until it’s fixed or up to city code.
Its the “partial fixes” part for me.
No way i would buy
Let the seller be prideful and lose the deal.
You should back out if you have an inspection clause