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Charlotte Home Buyers Q&A | Can The Sellers Write ME a Check for Repairs?

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Real Estate Agent with Savvy + Company (704) 491-3310 228209

Charlotte Real Estate Q&A | Can The Sellers Write ME a Check for Repairs?

 

Questions and Answers on Charlotte Real Estate “Can the Seller write ME [the buyer] a check for repairs?”

 

 

Q&A on Charlotte NC real estateNO.  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?

Comments(5)

Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

That is interesting in California we do have credit to the buyer's for repairs.

Nov 24, 2013 01:13 AM
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

Debe, We mostly credit buyers for repairs.  It's all done on the HUD. Writing checks to buyers is considered "under the table" and of course, is a no-no. Sellers either complete the repairs prior to the close of escrow, or the seller credits for repairs, fully disclosed on the HUD, with the lenders approval. As you mention, for some loans, crediting for repairs is not allowed. 

Nov 24, 2013 01:27 AM
Amanda Christiansen
Christiansen Group Realty (260)704-0843 - Fort Wayne, IN
Christiansen Group Realty

Good information here Debe.  You always want to make sure the lender is okay with the way it's done.                                  

Nov 24, 2013 01:58 AM
Wayne Johnson
Coldwell Banker D'Ann Harper REALTORS® - San Antonio, TX
San Antonio REALTOR, San Antonio Homes For Sale

Debe-How times have changed. One of my first transactions, several years ago, did involve a Seller providing a Cashier's Check at closing for repairs to a Buyer. 

Nov 24, 2013 02:34 AM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Good morning Debe,

Many lenders have explained to me they don't want to see this..they want repairs completed before closing and have to involve the appraiser (good grief). In our area it is best to put the negotiated amount on an amendment with the amount o be paid for buyers closing costs. Then the buyer comes to the table with less money and has the money to complete repairs after closing. They also have requested us ti add "seller is not required to complete any repairs".

Nov 24, 2013 02:47 AM