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Buyer, Home Buyer in Olathe, KS

Buying a repo house from bank. The seller is adding conditions

Asked by Buyer, Olathe, KS Tue Sep 6, 2011

I am buying an REO from a bank. The contract states the seller pays $4500 in repairs to escrow. The seller is adding after the signing conditions to this. The repairs have to made before closing, must be licensed, I can't be reimbursed for the purchase of hotwater heater or air conditioner even if the inspection says that I need one. At what point is our agreement an agreement and why does the seller get to add after the fact stipulations?

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This is just to ensure you have the work is done prior to close and if you are getting a loan, your lender would probably require the work to be done prior to close too. Once the work is complete, the vendor sends their invoice to closing and the money in escrow is used to pay the vendor the day of closing. I would clarify specifically what the $4500 is to be used for. If they are paying $4500 for a new roof, they would not allow the money to be paid for a hot water heater or air conditioner. These are details that your real estate agent should help you deal with.
0 votes Thank Flag Link Wed Oct 12, 2011
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