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Updated about 4 years ago on . Most recent reply

User Stats

9
Posts
1
Votes
William S.
  • Flipper/Rehabber
  • Elmira, NY
1
Votes |
9
Posts

Contract but have't closed, realtor says a minor leak popped up

William S.
  • Flipper/Rehabber
  • Elmira, NY
Posted

So like the title says, we agreed on a closing price, and got an executed contract to the bank. While bank and the lawyers are taking their dandy time, my realtor calls me to say the sell's agent found and fixed a small leak under the kitchen sink. I said thanks for letting me know and to proceed with the closing. My thinking is, get a closing date and demand a final walk through with a general contractor prior to signing. They will either find nothing, as the realtors are both saying, or they will find reason to investigate further or some obvious damage from water leaking in an unoccupied house.

My question is, what's the best way to handle this? It feels like I can either brush it off and close as planned (we're gonna gut the kitchen anyway) or try to turn this into a negotiation point to try and get some money back? 

Any thoughts or similar experiences or posts out there that I can learn from? 

Most Popular Reply

User Stats

23
Posts
13
Votes
Kyle J Reed
  • Rental Property Investor
  • Topeka, KS
13
Votes |
23
Posts
Kyle J Reed
  • Rental Property Investor
  • Topeka, KS
Replied

If you plan on remodeling the kitchen anyway then I wouldn't make a big deal out of it.  I would continue on with the closing and not give them any reason to slow the process any more than what they already have.  The quicker you get the this property up and running the sooner you start making money.  

Kyle

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