Crosspost from r/firsttimehomebuyer
Found a cute condo in a very quiet and sought after neighborhood.
The unit has been on the market for almost 40 days.
Things that are causing us concern:
Wind Damage on roof (some shingles missing) Insufficient Ventilation (upper level vents) Fungal growth in lower bathroom cabinet (sink) Signs of moisture in the walls from HVAC pipes Master tub showing cracks, caulk separations
Today, we dropped about $1600 in inspections and samples for mold. Ugh.
We offered $490,000 but tonight, I’m realizing this unit is overpriced despite being in a nice HOA neighborhood. Other units in this community sold for about $350,000 between November 2020 through March 2021. That was only 7 months ago. However, 2 other units sold in the past 2 months at $500,000, but these units were completely remodeled
I plan to go back to agent and ask for a price drop of 50-70k due to the master tub needing major repairs (tub is completely outdated, tiles are cracking), mold/signs of water damaged found in downstairs bathroom sink cabinet, and insufficient insulation.
I know the seller may not agree and we risk losing the unit, but we are not due to move out from our current lease until May. We’re not that desperate.
Again, this unit has been on the market for 40 days in a very hot market. We are FTHB. Not interested in extra work on top of regular home maintenance. Should we walk away? Are we overreacting with the grout and sealant/tiles cracking in the main master bedroom? What about the poor HVAC insulation causing condensation in the walls?
As well, if we walk away, should we be open to newer builds in rougher/lower desired parts of town? We’re in the Austin market.