Raptor
Full Member
Cash: $ 14.50
Posts: 70
Joined: 15 Nov 2009
Location: Missouri
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| Cash towards repairs |
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We just bought a new house today, due to job relocation. Wanted to pass on some important info that might help others avoid the headaches. The regulations and banking policies are changing daily and your realtor may not know what is going on. My bank did not require a home inspection, however I hired a top notch person to do a code compliance inspection, he caught every little item and I used it as leverage against the seller to get cash back to cover a portion of the cost of repairs. The bank seen in the contract about money towards repairs and requested a copy of the inspection, then required everything be repaired prior to closing. Most items are general home maintenance that I plan to do myself and would cost thousands all together to bring in several different contractors to have the repairs completed. Basically we were talking around 10k for contractors. Originally I got the sellers to pay $4k at closing, that was plenty to cover materials and my time, but the bank wanted them fixed prior. I had to go with another bank and I got the seller to reduce the contract price instead of offering cash back in order to hide the minor repairs from the new lender. Basically do not have any wording in your contract that states Seller agrees to pay $$$ for repairs, to include carpet etc. Just renegotiate the contract price based off the home inspection. Similar situation happened with the house we are selling, but the buyers underwriter passed back the paperwork and said this needs to be rewritten or there will be problems. They probably were not to do that, so I got lucky from having to make a bunch of general maintenance repairs, that I didn't have time to do and would have contracted the work costing allot more. If you are getting cash back for anything, the banks are going to ask questions, just renegotiate the price.
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Sat May 01, 2010 5:13 am |
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coaster
Senior Advisor
Cash: $ 1318.80
Posts: 6496
Joined: 11 Oct 2005
Location: Wisconsin
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Interesting info;thanks for posting that. Ya, the banks are there to create headaches, that's for sure. Good advice on how to handle that: renegotiate the price with the seller. Got a question, though.......did you do that through their realtor or take the backdoor direct approach?
~Tim~
Eye Candy : Why Whimsy
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Sat May 01, 2010 5:32 am |
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Jammy
Full Member
Cash: $ 15.90
Posts: 73
Joined: 15 Sep 2010
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I mean why do that banks do that? I really hate this to be honest whenever you are wanting some cash back, the process is quite complicated.
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Fri Sep 17, 2010 6:30 am |
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moonraker1
Full Member
Cash: $ 16.00
Posts: 79
Joined: 21 Aug 2010
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Thanks for sharing really good information and its truth that bank process for loans are very lengthy and really touch.
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Sat Sep 18, 2010 7:42 am |
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