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Home Buying in 27611 : Real Estate Advice

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Mon Mar 2, 2015
Dianna Cole Speers answered:
It sounds like the seller is unwilling to make repairs or concessions. You should discuss the contract details with your Real Estate agent or Attorney you choose. Also, I'd ask my lender, in respect to the major repairs, would the loan for you - on your type loan, be approved knowing the major issues. Some loans/lenders will insist on repairs being done prior to settlement date or closing day. So, the seller, if they don't fix for you, may have to limit their pool of buyers to ones with cash in hand. Read your Offer to purchase contract. Typically, if you are in your due diligence period, you can cancel the contract, be out your due diligence money and money paid for inspection/appraisal, but get back the Earnest money. However, that may be a small loss vs. cost to make the repairs on your own dime. ... more
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