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Updated over 10 years ago,
Who pays for what? and showing occupied property...
I'm new to investing and I have a house under contract, a duplex actually. I suspect the basement unit was never permitted even though it has been rented out for several years. Another thing I'm wondering is who pays for the appraisal, survey, title work and inspection. I want to cover my myself, but don't want to shell out $1500+/- when I feel like the seller should be chipping in.
The broker has said that the seller will credit certain costs back at closing, but won't chip in for any repairs, landscape clean up, etc...Since this is the case, I feel like I should have an extended due diligence period and extended closing date if I decide to buy it or flip it to another investor. The broker also told me the seller needs to 'get out from under it' so that tells me they are motivated. At the same time, there's a tenant in one unit and I have to call the broker to show it to potential buyers and it's delaying the process as well.
To me, this should all add up to extra time on my due diligence and everything else.
I would appreciate any advice on this situation. Thanks!