QuickStitch

Having been in the mortgage industry for almost 20 years, it is up to the seller to pay for all repairs, unless it is a HUD, then it is sold "as is". There are some realtors (not good ones thought) who will mislead the borrower and tell them they have to pay for repairs. Usually, they also have the sellers business too. Also, it use to be any large repairs could be put into the contract, with seller concessions, however, I don't know of any lender who will allow that now. I would have him contact another Realtor who is looking out for his best interest.

Emjay

Hello! I AM a Realtor. The seller is the one who usually must do the repairs. Or the cost of the repairs is determined and then the purchase price of the home is lowered that amount. That's usually the way it works here. Hope this helps.

zz-pd

wish I could help. Penny

Barbm

Just goes to show you how every area has it's customary practices and not everyone has a set standard.

Repairs can no longer be adjusted on the HUD as it sends a red flag up to the Lender- they will question it and possibly ask for things to be done. It's always best to- 1) have buyers agent representation, 2) have a home inspection and 3) get a pre-approval from your lender, but what until the inspection is done to go forward.

And as for escrows- title cos. cannot hold escrows for repairs. It is for title issues only.

butterflywing

in theory that's right, but in actuality, private deals are made. the seller says, "these are the terms under which i'll sell the house at that price." the buyer can refuse, but he takes the chance of losing the house. the seller can back out if no bid/deposit was made and accepted or the seller insists and takes the chance of losing the sale for the same reason. when dh and i bought a summer house we had to assume responsibility for some work, privately, even though we shouldn't have,or it was no deal. the owner would have sat on that house forever waiting for a new buyer.
whoever wants the deal more, blinks first.

craftybear

The owner of the property now has to fix the repairs, tell him to stay away from that property!!!!!

HIBISCUS

And another "another" thing: if the owner did all the reno and the house sat empty for a while, be sure the reno liens have been satisfied. In sunny Florida, that's why we opt for title insurance, so we don't get unpleasant surprises, like when the lienholder/contractor wants to come over and jerk out the new CHA unit because no payment was ever made.

MadQuilter

Pat's sister bought a home and moved in before all the paperwork had been processed. The dumbsh** also did not change the locks - knowing full well that it had been a drug house. She got burglarized (by someone who had a key) and there was nothing anyone could do about it because legally she wasn't supposed to be there in the first place. Not a note on home repair, I know - but it goes with the "wait until it's yours for sure" recommendations that everyone else has made.

Up North

Update on the house. The Realtor did the repairs and My son is closing on Friday Got house insurance yesterday. My gosh he is only 24 I am so proud of him!! I will have to tell him to change locks, didn't think about that.

nursie76

So happy things worked out well for your son. I know how proud you feel! Our son is 32 and just closed on his first home late last year! :thumbup: