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Updated about 2 months ago, 11/12/2024

User Stats

11
Posts
6
Votes
Grace Hartman
  • St. Louis
6
Votes |
11
Posts

Help with closing terms for rental purchase

Grace Hartman
  • St. Louis
Posted

I am under contract on a duplex that I will owner occupy for 5% down. We are in inspection negations and have agreed to a seller credit of $7,500 for tuck pointing work (max 3% of purchase price). However the seller does not want to repair a sewer lateral because he is on and out of the hospital and cannot over see the work (so I’m being told from the agents) and is proposing to credit me money to fix. The problem is the credit I’m able to receive is already maxed out. Is there any recommendations for how to work around this or structure the agreement to have the seller pay for the sewer without it being classified as a credit? Looking for a way to save the deal without being stuck with the cost of the sewer repairs. Thank you!

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