Author Topic: After the Inspection...  (Read 1032 times)

LadyStache

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After the Inspection...
« on: October 12, 2015, 04:04:44 PM »
Our home inspection identified several issues needing repair. We would prefer to have the work done ourselves after closing since the sellers had done some work incorrectly and we aren't sure we would trust the quality of the repairs they perform. We are already getting a seller concession and cannot ask for much more since our lender imposes a limit on seller concessions. It looks like the best bet would be to request a reduction in purchase price.

The challenge is this: our lender told us it was unnecessary to provide the home inspection report to them, and if they are notified of any damages to the home, they may require the repairs to be completed prior to closing. In other words, in order to get the reduced purchase price, we would need to exclude language in the addendum to the contract that refers to the reduction being due to needed repairs. Has anyone gone through something similar? Any advice?

Megma

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Re: After the Inspection...
« Reply #1 on: October 12, 2015, 04:42:31 PM »
I did this with my first property and there was no issue.  Your agent should be able to help you with this. We itemized the list of damages to the house and gave an estimate of the repair costs, stating in lieu of repairs we would like that amount reduced from the price. Many sellers will be happy not to have to handle repairs.

Keep in mind they may not agree to any repairs or reduction, which will then put the ball in your court.

Terrestrial

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Re: After the Inspection...
« Reply #2 on: October 12, 2015, 10:28:53 PM »
Keep in mind that you can specify in the counter that repairs must be performed by the appropriate licensed professional, with receipts provided, meaning it cannot just be a hodge podge free for all by the seller.  If your only concern is having the work performed correctly this should take care of it without having to jump through hoops with the lender.