Can a Buyer Make Repairs on a Home Prior to Closing?

Reblogger Praful Thakkar
Real Estate Agent with LAER Realty Partners

Many times, the buyers believe that they 'own' the home,

once the offer is accepted.

Beth Atalay busts that myth in this re-post.

Can a Buyer Make Repairs

on a Home Prior to Closing?

Original content by Beth Atalay

 

Can a Buyer Make Repairs on a Home Prior to Closing?

Regardless of the age of the home that is being purchased, buyers should always get the home inspected by a licensed home inspector. Whether the contract is “As Is with No Repairs” or not, it is in the best interest of the buyers to know if the home they have a contract on has any defects.

Some sellers do agree to make repairs, some do not. It is all in the negotiation. If the sellers are willing to make repairs, it is best to ask for a proof to ensure the work was completed by a licensed contractor and is in working condition prior to closing.
Based on the contract, buyers may take on the responsibility of paying for the repairs prior to closing.

What if closing never happens? It is a risk buyers will be taking on by paying for the repairs on a home they have a contract on. Keep in mind, a transaction is not closed until you have the keys in your hands. Anything could happen, so be absolutely sure you are ready to take the risk of spending money on a home you may not end up with.

Every transaction and every situation is different but generally, I would advise my buyer clients not to pay for repairs on a home they do not own yet. You have to think about the liability as well. Should anything go wrong during the repairs, who will be responsible for the damages and is it something you are willing to risk?
I would however suggest contacting licensed contractors to get estimates on the required repairs so you know exactly what you are taking on.

As a Realtor®, I look out for the best interest of my buyers and sellers with their real estate transactions. I can not however give legal advice or suggest they do anything that is outside of the contract.

If you are looking to buy or sell a home in Clermont, Minneola or Winter Garden FL areas, I would love to hear from you. Call me at 407-929-1852 or visit www.WhereToLiveInOrlando.com

Can a Buyer Make Repairs on a Home Prior to Closing?

 

Where to live in Orlando

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Beth Atalay, Broker/Owner

Cam Realty and Property Management

407-929-1852
Wheretoliveinorlando.com BethAtalay@Gmail.com
Your Orlando Agent - Where to Live in Orlando

 

CAM Realty

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Rainmaker
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Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Hi Praful - a very good post.  Just like it ain't over till it's over It ain't closed until it is closed.

Jan 12, 2017 07:47 PM #1
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Paul S. Henderson, REALTOR®,CRS,
RE/MAX Professionals. - Tacoma, WA
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Not the best idea. I have no excuse why I might have missed this post. Thank you so much for reposting this Praful Thakkar

Jan 12, 2017 08:10 PM #2
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Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Thanks for stopping by at this post and your comments, Grant Schneider.

Yep, it is not closed until....

Jan 12, 2017 08:13 PM #3
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Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Paul S. Henderson, REALTOR®, Broker, Tacoma Washington - these re-blogs help catch up with some posts! (It is impossible to read all of them …)

Jan 12, 2017 08:14 PM #4
Rainmaker
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Laura Allen, Lake Tahoe - Truckee Real Estate for Sale www.TahoeLauraLuxuryHomes.com
Coldwell Banker, Tahoe City, CA (530) 414-1260 - Tahoe City, CA
Tahoe Real Estate Agent Helping Buyers and Sellers

Praful Thakkar - Good advice and information for home and condo buyers!  A great choice for a re-blog!

Jan 12, 2017 09:53 PM #5
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Michelle Carr-Crowe-Top 1% Diamond Certified Real Estate Team Sells Cupertino San Jose Homes-Just Call 408-252-8900
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Family Helping Families Buy & Sell Homes 40+ Years

Back in the old days of FHA & VA loans, lots of repairs were demanded before it could close.

Jan 12, 2017 11:06 PM #6
Rainmaker
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Sharon Tara
Sharon Tara Transformations - Portsmouth, NH
New Hampshire Home Stager

I remember this post. Can't imagine who would allow the buyer to do anything until they own the home. 

Jan 13, 2017 12:24 PM #7
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Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Thanks for stopping by at this post and your comments.

Jan 13, 2017 08:55 PM #8
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Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Thanks for stopping by at this post and your comments, Laura Allen, Lake Tahoe - Truckee Real Estate for Sale www.TahoeLauraLuxuryHomes.com .

Jan 13, 2017 08:55 PM #9
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Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Indeed it is a good advice for the home buyers - no repairs before the closing.

Jan 13, 2017 08:55 PM #10
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Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Michelle Carr-Crowe-Top 1% Diamond Certified Real Estate Team Sells Cupertino San Jose Homes-Just Call 408-252-8900 - interesting!

Did not know about that.

Jan 13, 2017 08:56 PM #11
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Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Sharon Tara - I remember one of the buyers of a short sale sneaked in completed some repairs, not known to anyone! And it did not close!

You can imagine what may have happened to this buyer.

Jan 13, 2017 08:57 PM #12
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Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Once again, thanks all for stopping by at this post and your comments.

Jan 13, 2017 08:57 PM #13
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