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Updated 4 months ago on . Most recent reply

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!

Most Popular Reply

User Stats

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

@Jaron Walling

Thank you for the response and insight.

The seller originally agreed to fix the sewer and provide the tuckpointing as a credit. I was choosing to have the sewer fixed and throwing a bone to the seller to take on the very needed, and extensive tuck pointing SOW myself to help the deal move along.

After getting bids for the sewer the seller then changed their counteroffer to credit the repair rather than fix it.

I was the only offer on the property and the seller is motivated to close. I’m trying to decide if taking on the sewer repair is worth it or walk away from the deal, as the seller has drastically changed the repairs they’re agreeing to each time a counteroffer comes through. Thank you for your time in providing your input!

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