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Saving a Deal Threatened by Asbestos Insulation
Problem:
He was a first-time buyer, looking for a home on the South Shore for under $400,000 in early May. My client and his girlfriend fell in love with a charming 100-year-old single family, but so did a lot of other people. At $385,000, it was priced to sell and I knew there would be a bidding war. I asked the seller’s agent if they would accept a bid with an escalation clause. My client would pay $2,000 over the highest bid, up to a certain price. They agreed. My client’s $397,000 offer was accepted. But the home inspector found a lot of things wrong with the house, most notably, probable asbestos in the attic insulation. Removing it would be pricey. Would the deal fall through?
Solution:
We asked for $13,000 off our offer to take care of the home’s problems, including removing the insulation. The sellers said "no,” and didn’t want to negotiate. My client and his girlfriend were crestfallen but I told them to hang tight. I went back to the seller’s agent and told her that the asbestos would have to be disclosed to other potential buyers or removed and we had already agreed to pay $2,000 more than the highest buyer. They agreed to take $7,000 off our offer and my client and his girlfriend were thrilled.
Result: My client was prepared to go through with his original offer of $397,000 but I was determined to get him some financial consideration for the home’s issues.
