“When Homeowners Agree to Make Repairs”

By
Mortgage and Lending with Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 NMLS # 6869

“When Homeowners Agree to Make Repairs”

 

Joe,

We know there are a number of repairs that the property needs and we are asking the sellers to take care of this work prior to the purchase. He has indicated that he can handle any and all repairs.

We were told there were two previous buyers, but deals fell through.

We have the 3.5% for down payment and the amount for the home, the inspection and appraisal, but do not know how much more we will need? Have discussed a gift from our parents, we want to give them good numbers. Let us know at your earliest convenience. Thanks Joe!

 

Unfortunately, not all sellers will follow through with agreements when it comes to repairs. Sometimes a home seller will do attempt to make these repairs, but results sometimes leave much to be desired. Having a re-inspection done is recommended in these situations, unless a knowledgeable trust person is available to view the repairs.

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Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com

www.righttracfg.com

www.joepetrowsky.com

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Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

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Comments (6)

Sham Reddy CRS
H E R Realty, Dayton, OH - Dayton, OH
CRS

Thanks for sharing Joe!! Great insights here!!!

Not all sellers will follow through with agreements when it comes to repairs. Sometimes a home seller will do attempt to make these repairs, but results sometimes leave much to be desired. Having a re-inspection done is recommended in these situations

Jan 21, 2022 03:49 AM
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Joe. A re-inspection is a definite must and should be conducted by a professional home inspector. Enjoy your day 

Jan 21, 2022 04:16 AM
Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em: golfArizona@cox.net

We made it to Friday.  Thanks for your posting and have an enjoyable weekend. 

Jan 21, 2022 05:38 AM
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co Notary Services retired RE Broker

Good post Joe Petrowsky . We have all delt with major do it yourself sellers and they can be the most difficult. That being said I myself and a huge do it yourself person. I learned early on in my RE career to stipulate in my OTP "Work to be completed by a licensed professional". That took care of about 99% of the problems as they would comply or immediately object.

Jan 21, 2022 07:00 AM
Ed Silva
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

I insist on getting the receipts for the repairs well in advance to review contracts and whether they are State Licensed.  When doing the walk through we confirm they were done and if there is still an issue reach out to the buyer's lawyer and request funds be escrowed or the purchase price be reduced.

I recently had a buyer that found the front door damaged by the sellers when they were moving out. Selles were angry but I had gone to Home Depot to get a price on a duplicate replacement door and the buyers received an $800 discount.

Jan 22, 2022 08:06 AM
Lyn Sims
Schaumburg, IL
Real Estate Agent Retired

According to our contract, the seller cannot make the repairs themselves. It has to be from a certified contractor unless it is very simple repair. 

There also could be another FHA re-inspect fee for the buyer.

Jan 24, 2022 10:22 AM