How To Avoid Overpaying When Defects Are Discovered.

I recently found a first-floor condo that I was ready to make an offer on. However, when my buyer's agent took me for a second viewing, we discovered water dripping from the ceiling in one of the bedrooms and a small pool of water in the second bedroom. The condo, in a completely renovated building, comes with a two-year builder's warranty. The unit has not been lived in since the renovation was recently completed. Besides repairing the leaks, I expect replacement of the hardwood floors where the water damage occurred. With the current slow "buyer's market," I planned to make a "lowball offer." But I worry the builder won't want to lose any money and will refuse to replace the floors. I want to make a strong offer but am afraid I will lose bargaining power when making repair requests. Any negotiation advice on this?

You can always raise your purchase offer, but you can't lower it. Make a low offer with the repair conditions you want. If the renovator says "no," you can then either raise your offer or choose not to buy.
By Robert J. Bruss
Inman News