Is there a maximum amount of repair cost expense that the seller can be held accountable for in the negations for closing?

Asked by Dickolsn, The Villages, FL Wed Aug 28, 2013

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8
Jeanne Feeni…, Agent, Basking Ridge, NJ
Mon Feb 10, 2014
In my experience, buyers are far more successful in negotiating repair requests if they are focused on those items that fall into structural, safety and/or environmental categories. Those are hard for a seller to refute.

Having said that, you as buyer have the right to ask for whatever repairs you like, and the seller has the right to respond. The seller is not obligated to do any but is more likely to respond to those that are NOT what is considered cosmetic in nature.

Good luck,
Jeanne Feenick
0 votes
Alvin Lewis, Agent, Short Hills, NJ
Sun Feb 9, 2014
The seller of a none short sale property technically don't have to pay any repair cost( Sold As Is) because they don't have to sell to you and you don't have to buy from them, but it maybe necessary to sell the home if the debt attached to it will allow a concession.
If its a short sale the owner is a distress seller with no money according to the bank thats why its being sold short, and the bank probably won't pay any either because they're loosing out on the interest payments of the loan.
Every deal has its own set of circumstances, and if you are buying below market don't get stuck on the repairs as long as after the repairs your still have equity.
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Allen McCloud, Agent, Montclair, NJ
Tue Sep 10, 2013
As stated by other agents there is no min/max limits on negations for repair work. You need to be very careful and spell out every detail you expect to be fixed. But these negotions are usually not on
short sales since most are 'As Is' condition. Make sure you discuss with your attorney and let him/her write up an addendum to the contract as to what is to be done and when.
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Omar Zapata, Agent, Bloomfield, NJ
Thu Aug 29, 2013
You can negotiate with the seller the amount they are willing to put towards repairs in the property. There is no minumum or maximum.
0 votes
Melissa Goss, , Center Moriches, NY
Wed Aug 28, 2013
Be careful for what you ask for- I have had deals blow up over expenses over repairs. The buyer assumed the seller should have fixed every negative item on the home inspection report.... well guess how that ended?

It-all-just-ended.
0 votes
Shanna Rogers, Agent, Murrieta, CA
Wed Aug 28, 2013
Hi Dickolsn,

No. The seller does not HAVE to make any repairs. However, you as the buyer can request repairs be made by the seller (in writing) and if everyone agrees (in writing) then the seller would be accountable for those repairs (since they agreed in writing). If you make a request for repairs and the seller does not agree to them, you can cancel contract - if your contingencies are still in effect, you should be able to get your earnest money deposit back but if your contingencies have been removed (in writing), then you may lose your earnest money deposit (if you cancel contract).


Shanna Rogers
SR Realty
http://www.RealtyBySR.com
0 votes
Tim Moore, Agent, Kitty Hawk, NC
Wed Aug 28, 2013
The words "held accountable for" confuse me. If you are asking can you make a contract with the seller saying they will fix this and that prior to closing, then yes you can and it could be as much as needed as long as everyone agrees. Your lender, if you have one, might want proof it has been done before they allow you to close, but there would be no max since the seller still owns it and can do whatever they want to it.
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Tina Lam, Agent, San Jose, CA
Wed Aug 28, 2013
The maximum is determined by your negotiation skills.
Web Reference:  http://www.archershomes.com
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