All Forum Posts by: Nicole Gardner

 Thanks, I ended up doing an addendum listing the repairs I would do and giving a dollar amount for them.  I also included that they were being done by me in order to be able to transfer title, and if title didn't transfer he would have to reimburse me for the price of the materials. If he doesn't reimburse me I will put a lien on the property. 

 It's nice to see I'm not the only one who has done this.  I'm calling it a calculated risk instead of a gamble. I already have money invested in the house for appraisals and inspections, it's one of the cheapest houses in the area without having to buy a condo, and I'm confident that the updates can be done without having to hire a contractor. The materials for the inspection repairs came out to about $250. It was aggravating to see how little the homeowner would budge, but I don't want to lose a good deal over a few hundred dollars.

Hello,

The lender won't close unless the repairs are done (Veteran's Administration and city Point of Sale). The repairs truly are minor: there is a section of a wooden fence leaning against a chain link fence that needs to be taken to the curb for trash pick up (it is not attached to anything), the concrete floor of the laundry room needs to be painted, the laundry dryer vent was installed backwards, weeds need to be pulled from near the crawl space vent, the front porch railing needs to be scraped and painted, and a few other things along those lines. The house has already appraised for more than the contract price.

Hello,

I'm currently buying an investment property.  I can't close on the property until some very minor repairs are done and the seller is refusing to make these repairs.  I am willing to make these repairs myself before closing (partly because I was planning on making them anyways) but I want to have contract language that protects me if I'm still not able to close on the house for any reason.  Namely, I want it stated that I am making and paying for the repairs in anticipation of getting loan approval and the title transferring to my name.  If I don't get the house I would like the contract to say that I will be reimbursed for the materials. My thinking is that this will allow me to place a lien on the property in case the seller uses my labor, materials, and money to improve his house before placing it back on the market for the next buyer.  How do I go about doing this? My reality agency say they can not provide this language for me.

Thank you.