1. If the deal falls through the buyer is out costs.
2. There is potential liability for the seller and if the deal falls through you are stuck with whatever work the buyer did.
This is the same reason why we always advise sellers to give credits rather than perform repairs - that way all liability is with the buyer.
Lance King/Owner-Managing Broker
H-U-S Achievers Realty
If the buyer simply wants to get a jump on things so the property is ready for them when they move in, we typically say NO, regardless if we represent the buyer or seller. This includes painting, installing new flooring, etc.
If the appraiser calls out items that have to be rectified prior to funding (such as peeling paint), we usually get the seller to remedy the issues so we can close, even if the contract states â€œAS-IS.â€ If you are buying from a bank, they will not remedy issues OR give permission to a buyer to fix repairs themselves. However, weâ€™ve often seen REO agents willing to pay for work themselves just to get the deal closed.
What's the advise from your agent?
Sylvia Barry, ePRO, MAS
Frank Howard Allen Realtors
Your profile states you are a home seller. If you are referring to the home you are selling, the answer is 'not without your permission. If you are asking about a home you are buying the answer is, 'you need the seller's permission but it is not recommended'. There are many reasons it is not recommended; what if the deal falls through?, what if the repairs are not done correctly?, what if the person doing the repairs is hurt on the property?, what if the repairs are not done to code?, and so on. That said, sometimes you need to work around these issues when there are lender required repairs and the sell won't pay. Just make sure everything is in writing and understood by all parties.
Happy New Year
From a practical stand point, there are many reasons that a tentative deal can fall through. In view of this often looming issue, in our opinion, it would be unwise to take the risk of investing in repairs for property that is not owner by you. Best to wait until you close and there is no risk involved.