@frankrolfe and @Jefferson, Long story short… I like the park I’m under contract with… but it’s coming down to I found several septic repair issues that need to get resolved (not high $) and importantly a new water storage tank that will need to get replaced (12-20k est.). Owner says he’s taking care of it and it will get done… I’m worried he can’t afford it. I’ve already submitted a price adjustment, and mentioned the other items need to get done with inspection approval, etc…
Is there a way for owner to say “I’ll agree to the price adjustment, but I can’t afford the new well water storage tank… can we work that into the proceeds from the sale and pay the vendor after closing?”
Or… do we walk and not take the risk that we pay for all the expensive surveys, inspections, etc. and then we get to the end and he still hasn’t completed the necessary repairs/tank installation. Thoughts?
I know you didn’t ask for my opinion but I’m going anyway…
Do you really want the owner to fix these items? Usually they are not motivated to do a good job and wind up using duct tape and bubblegum to make the repairs. My steer is to get the price reduction agreed and continue ahead.
Are the tenants not getting water because of the tank problem? No reputable vendor is going to wait on the sale of the Park prior to getting paid for a replacement - so either the Seller needs to replace it or put in place a bush fix that will keep it operational until closing.
“I like the park I’M under contract with…but it’s coming down to I found several septic repair issues…a new water storage tank that will need to get replaced…”
“Do you really want the owner to fix these items?”
Personally, I would NOT have the owner fix these issues.
If these items are not needed for a loan or for an immediate fix, I would set aside money at Closing (from the Seller’s proceeds) to go to you as the Buyer to fix these issues.