Home Buying in 01843>Question Details

hector h,, Other/Just Looking in 03079

House has been inspected. for the issues that it has, is it better to have the seller discount the price of the house? or have him fix it?

Asked by hector h,, 03079 Tue Mar 26, 2013

owner seems to be an investor and has never lived in the house

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7
Masha Senderovich’s answer
It depends on the issues but generally speaking you're better off getting a quote and having the seller put some $ towards closing costs - then you can use the cash left in your pocket to make repairs with the professionals YOU wish to hire (or save $ and make some of the repairs yourself if that's an option)

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1 vote Thank Flag Link Wed Mar 27, 2013
I usually suggest getting a credit equal to the estimates for the repairs and then the buyer can have the work done and also have the warranty.


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0 votes Thank Flag Link Wed Apr 3, 2013
It probably depends on whether you are getting a mortgage or not. If you need a mortgage, then your lender will probably require the seller to repair things prior to granting you your loan, especially if the repairs are structural or safety related.

If you are paying cash and have the money to pay for these repairs yourself then I would probably recommend the seller discounting things. Then you can have someone of your own choosing making the repairs as opposed to whomever will do it to the bare minimum (cheapest) specifications of the seller.
0 votes Thank Flag Link Wed Mar 27, 2013
Hi, it really depends on the extent of the fix. Keep in mind the seller is selling the home so they may not puit as much care into the fix as you the new owner would.

Chris
0 votes Thank Flag Link Wed Mar 27, 2013
It depends, do you want it fixed fast and inexpensive or do you want it fixed with 100% attention to detail?
0 votes Thank Flag Link Wed Mar 27, 2013
This is a hard question to answer without seeing the property, but generally speaking it is better to have a reduction in price if you have the funds to do the repairs after you close; if you do not have the funds than look at a 203k loan. Good luck
0 votes Thank Flag Link Wed Mar 27, 2013
depends on the extent of the work, the cost of the work, the time it would take to do the work and your comfort level with who would be doing the work.

Also remember that a discount in the price is only equal to the amount of the % of the cash you are putting into the deal. ie your putting 10% down payment The cost of the work is 10000 your cash value would be 1,000

So if you are going to do the work yourself which I recommend that way you know the quality of the work, it is my suggestion that you get cash back at the closing to do the work, that way you are getting the full value of the work that needs to be done.

Problem is that the lender may want the work done prior to closing, and if spelled out in the p&s it could raise red flags and will be taken into consideration in the appraisal.
0 votes Thank Flag Link Wed Mar 27, 2013
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