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Updated over 4 years ago,

User Stats

9
Posts
2
Votes
Tongcheng Li
  • Investor
  • Chicago, IL
2
Votes |
9
Posts

Question about seller fix credit usage

Tongcheng Li
  • Investor
  • Chicago, IL
Posted

Hi BP, I am Tongcheng, a new investor in Chicago who bought my first buy-and-hold triplex in March this year (near a university 2-hours drive from Chicago). I think I am not sure how can seller's credit for fix be used, specifically:

When closing, the seller gives about $700 credit (via title company) of fixing to Contractor-A, however, after multiple phone calls & emails, contractor-A never responded. So we switched to contractor-B. The quote for contractor-B only takes about $300 but the staff at title company still gives a $700 check to contractor-B (even after seeing the quote from contractor-B of only $300). And this creates an interesting situation in my opinion, what should we do about the rest $400?

I would like to see if someone in BP has been in similar situation before, and would appreciate the constructive feedbacks!