Question Details

Jay, Home Buyer in Massachusetts

Repair before closing options?

Asked by Jay, Massachusetts Mon Jul 7, 2008

My offer recently was accepted but during home inspection the garage was deemed unsafe. This is not a REO or short sale, just a private seller and buyer. The seller has verbally agreed to have the garage fixed to our satisfaction. Our lawyer recommends that we hold back 1.5x the amount of the estmate in escrow in case the repairs aren't made. The buyer has indicated that he wants to use a "friend" who is a carpenter to do the work. Any advice on how to protect ourselves so that I am not spending $10,000 to repair the property in a few years? Any advice on options other than the escrow holdback? Thanks!

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3
Instead of the seller having the repairs done, have a contractor come out and give you an estimate on the cost of the garage repair. Negotiate a price with the seller, escrow the $$ and do the repairs yourself so that you know it will be done by someone that you trust. Good Luck!
1 vote Thank Flag Link Tue Jul 8, 2008
Another option...let the friend do the repairs, then get the seller to pay for a re-inpsection. If the inspector clears it - you're good to go. If not, ask the seller to pay for proper repairs thru your contractor. Get it all in writing upfront.
Web Reference: http://www.cindihagley.com
0 votes Thank Flag Link Mon Jul 7, 2008
Cindi Hagley,…, Real Estate Pro in San Ramon, CA
MVP'08
Contact
Escrow is a good idea. You should have a written agreement with the seller that specifies what "to your satisfaction" means, and it should include an inspection to verify that the criteria havew beem net before funds are released from escrow. Your lawyer should be able to draft this for you. Best of luck, and enjoy your new home.
0 votes Thank Flag Link Mon Jul 7, 2008
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