Home Buying in Portland>Question Details

simastone, Home Buyer in Sherman Oaks, CA

I signed a contract to buy a condo. Inspector says there are areas within the condo that needs to be repaired.

Asked by simastone, Sherman Oaks, CA Wed Sep 5, 2012

What is the deadline for the repairs by the seller. Is it before the closing date?

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In Oregon, using an agent to help you with a purchase doesn't usually cost you anything. However, for an agent to give you advice at this point in your transaction could by law, infer an agency relationship with you. If you have used a form of contract for this purchase, I suggest you contact a real estate attorney. Their price for consultation is reasonable and they are licensed to do so on your behalf.
1 vote Thank Flag Link Wed Sep 5, 2012
Some times repairs that an inspector says need to be done are cosmetic and other times an appraiser would require them to be done prior to closing so what you think needs to be repaired your should ask your realtor? Tom Inglesby
0 votes Thank Flag Link Tue Sep 11, 2012
You should have used a Realtor.
0 votes Thank Flag Link Wed Sep 5, 2012
It will depend on what is in your contract, there should be a paragraph that decribes inspections. it will tell you ow long you have to report the failed items. When you makea request for repairs, then you stsate how long you want to give them which should be at least a few days before closing so you can have it check to make sure it is completed correctly.
0 votes Thank Flag Link Wed Sep 5, 2012
Hi,
Is the condo you are purchasing in Oregon? On the standard repair addendum I use there is a line specific stating when the seller must complete repairs (and we always have them completed prior to closing.) You are then given an option to reinspect. Depending on the location of your repairs (if not inside the unit) it may be something the HOA/maintenance handles. It would be important the seller let them know any deadlines related to those repairs getting fixed. If you are using a Realtor to help you purchase the condo I am sure they can help you with the timelines and best of luck!
~Kate
0 votes Thank Flag Link Wed Sep 5, 2012
No, it is in California.
Flag Wed Sep 12, 2012
In Oregon, if the seller agrees to make the repairs (rather than, for example, giving a credit to you for the cost of the repairs), the deadline is determined by mutual agreement between you and the seller, though naturally that should be before closing. I would, however, caution that you should leave sufficient time prior to closing to allow for reinspection of the property by you and/or your inspector once the repairs have been completed as well as time for correction if the repairs done by the seller are insufficient or not as agreed upon in the repair addendum.

Hope that helps. Good luck!

Wayne Olson, REALTOR®
Windermere Cronin & Caplan Realty Group, Inc.
(503) 389-3025
http://wayneolsonhomes.com
0 votes Thank Flag Link Wed Sep 5, 2012
Your realtor should be able to advise of all your options regarding repairs. You can request that the seller make the repairs by any date you wish. They would have to be done by close of escrow, but you would want them done before that so that you could walk through or have the repairs inspected. If you are financing, your lender may also require that repairs be completed as a condition of the appraisal or of funding your loan.
0 votes Thank Flag Link Wed Sep 5, 2012
Thank you very much. I appreciate it.
Flag Wed Sep 12, 2012
That would depend upon who is doing the repairs:
If the SELLER is doing the repairs; they should be finished before the Close of Escrow, unless you have given permission to the contrary.

If you, the BUYER, wants to do the repairs; you may not do anything until after the Escrow CLOSES: The Condo does not belong to you, and if you spent some time and money on the Condo, you would not be covered by insurance, you wouldn't be approved by the HOA, and you could not make a claim against the SELLERs if the DEAL fell out of Escrow.

It would DEPEND upon what you and the Seller agreed to; but as a rule, YOU cannot do anything.
0 votes Thank Flag Link Wed Sep 5, 2012
Tfhank you. It was quite helpful. Much appreciate it.
Flag Wed Sep 12, 2012
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