Charlotte Real Estate Q&A | Can The Sellers Write ME a Check for Repairs?
“Can the Seller write ME [the buyer] a check for repairs?”
NO. In lieu of repairs, we’re finding that more and more sellers have little time to remedy any inspection issues so, they tend to negotiate a dollar amount, placing a value on the repair items. This value is to be paid ONLY to vendors who provide hard-copy invoices with concrete prices or to an attorney to be held in Escrow until the work is complete and approved by you, the buyer.
Most buyers feel that their contractor may be able to do the work for less than someone the seller has found OR they have a trusting relationship with their own contractors. That is absolutely fine. Charlotte home buyers simply need to arrange for their own contractors to visit the new property and provide a written estimate, to be either held in Escrow by the attorney at Closing. We see this frequently and when the work is satisfactorily completed, you, as the buyer, let the attorney know that the work has been done and to release the check to the contractor(s).
One reminder - PLEASE be sure that your lender approves of this method of handling repairs. Oftentimes certain loan products do not allow this to be done but, most conventional loans do not restrict this type of repair resolution.
If you have questions on buying a home in Charlotte, give us a call or visit www.iCharlotteHomes.com
If you’re a Charlotte home seller, we have great information for you also at www.ListMyCharlotteHome.com.
© Debe Maxwell | The Maxwell House Group | SavvyBroker@me.com | Charlotte Real Estate Q&A | Can The Sellers Write ME a Check for Repairs?
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