Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
House Hacking
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

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!

Loading replies...