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Updated over 5 years ago,
How to negotiate repairs if seller needs to close in <30 days?
Background: I have been a tenant for 3 years in the home and have a good relationship with the owner/landlord.
Deal: Private sale of the home with the landlord. He needs to close by the end of July. I just had the inspection completed and there are a few sizable repairs needed: long asphalt driveway needs to be repaired, retaining wall rebuilt, some wood rot on the exterior, etc. That said, I have lived in the house for 3 years and love it -- all the small stuff I can easily do myself.
Question: How should I handle negotiation? Should I simply ask the owner to cut me a check for $xyz at closing to cover the major repairs needed? If he lowers the price, I don't have the cash to cover a new driveway, retaining wall, etc. so I'd rather take the $ and get bids later, etc.
Thoughts?