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Updated over 4 years ago on . Most recent reply

User Stats

84
Posts
33
Votes
Brian Mackey
  • Real Estate Agent
  • Baton Rouge, LA
33
Votes |
84
Posts

Negotiating Repairs/Escrow Account

Brian Mackey
  • Real Estate Agent
  • Baton Rouge, LA
Posted

Hello,

About to finalize a deal with a seller on a potential house hack. The seller has already agreed to cover $5500 in closing costs YAY. The home has knob and tube wiring, that I'm requesting get changed out.  I had an electrician friend of mine write me up a quote so that I could present it to the seller for my counter.  My friend never actually went to the home.

The seller, to my surprise, countered back with $5000 toward electrical replacement, paid to my electrician friend at closing.  My question is: What if I want to shop around different electricians.  Can I counter back to change the verbiage to have the repairs in escrow so that I may choose the contractor of my choice, even if I don't want to go with my friend.  I just want to be flexible, and actually want to ensure that the electrician of choice feels super solid with a whole house rewire (my friend feels 75% confident in it).

What would that verbiage look like???? My realtor is telling me that it would be paid directly to my electrician and we should go with it.  

Thanks

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