Saving a Deal Threatened by Asbestos Insulation

 

The Problem: He was a first-time buyer, looking for a home on the South Shore for under $400,000 in early May, during the height of the pandemic. 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 sellersí 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 clientís $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 homeís problems, including removing the insulation. The sellers said "no,Ē and didnít want to negotiate.  My client and his girlfriend were crestfallen but I told them to hang tight. I went back to the sellerís 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.

 

The 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 homeís issues. And my work with this client led to two FOX news appearances, here and here. But thatís a whole other story!

 

 

 

All in a Dayís Work: Solving Real-Life, Real Estate Problems for our Clients is a regular feature brought to you by Marie Presti of The Presti Group. Our agents specialize in luxury homes, rehabilitations, multi-families and condominiums in urban, suburban and exurban areas throughout the Greater Boston area. Marie Presti is a Certified Negotiation Expert. Reach out at to find out how "We go the extra block.Ē

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