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Your agent will be more than willing to spend your money for you... to protect his/her commission. These type situations are PRECISELY why I will not move out of a house that I currently live in until I have the money in hand from the sale. Once you are in an extremely vulnerable position... having moved everything out and expecting/needing the money from the closing, then there's no limit to what the buyer can demand from you under the guise of "damage" or "destruction". And there's little you can do about it other than simply refuse to close or pay up.
Yes, there are some buyers who won't close unless/until the seller has completely vacated the house, but I simply don't sell to people like that. That solves that problem.
BTW, the money should go through a title company or attorney, and your check should come from the title company's (or attorney's) account.
Latest update, the termite people came by on Thursday to spray the foundation, upon doing they noted said moisture damage to the bottom of the frame of the front door and side door of the garage and noted it in their paperwork. Seems very odd that the same topics I told my agent not to fix unless it was called out is now being called out. My mom said the agent was on hand during the termite spraying work, which I question why did she even need to be there for that? Now I know I'm jumping to conclusions that maybe my agent alerted the termite people about that frame damage? I do know my agent says her handyman can do the work, the same guy she was going to go ahead and do the work even though. No one called it out.
Can refuse to fix this and say either the buyer or my agent pays to fix it if they want this deal to go thru.
Honestly I'm ok if this deal falls thru only because now I feel the house could've sold for alot more now that I seeing more comps in the area being listed for higher than what the sale price of my house is.
Also even though I signed a contract with the agents realtor could I have fired my agent after that if I didn't like how they were performing?
Latest update, the termite people came by on Thursday to spray the foundation, upon doing they noted said moisture damage to the bottom of the frame of the front door and side door of the garage and noted it in their paperwork. Seems very odd that the same topics I told my agent not to fix unless it was called out is now being called out. My mom said the agent was on hand during the termite spraying work, which I question why did she even need to be there for that? Now I know I'm jumping to conclusions that maybe my agent alerted the termite people about that frame damage? I do know my agent says her handyman can do the work, the same guy she was going to go ahead and do the work even though. No one called it out.
Can refuse to fix this and say either the buyer or my agent pays to fix it if they want this deal to go thru.
Honestly I'm ok if this deal falls thru only because now I feel the house could've sold for alot more now that I seeing more comps in the area being listed for higher than what the sale price of my house is.
Also even though I signed a contract with the agents realtor could I have fired my agent after that if I didn't like how they were performing?
I know there is a lot to digest there.
If your contract is typical, then it's likely that you are under no obligation to do this repair. If that's the case, and if you don't really want to close, then simply tell them to buy the house according to the terms in the existing contract or take a hike.
My guess is that they will either decide that this issue really isn't that important to them after all, or else the realtor will work something out with the repairman to do the repair at no cost to you. So you'll either sell the house without having to do this repair (which is most likely), or the buyer will agree to cancel the contract. Sounds like a win for you either way.
Well just spoke to the attorney representing the settlement closing from our side and she said "she believes" it needs to be fixed in order to get a clean termite inspection report.
One thing I forgot to ask her was what if the termite inspection report is not clean and we didn't do anything the termite report stated. Then what? The deal is dead? Do we get sued by the buyers?
Well just spoke to the attorney representing the settlement closing from our side and she said "she believes" it needs to be fixed in order to get a clean termite inspection report.
One thing I forgot to ask her was what if the termite inspection report is not clean and we didn't do anything the termite report stated. Then what? The deal is dead? Do we get sued by the buyers?
What does the contract say, if anything, about termite reports? Words matter!
We just signed our settlement papers an the attorney says there is a section in the contract that states we need to fix any repairs from the inspection with a cap of 1%. I guess a more saavy agent would've stayed a dollar amount less then 1% if they were really trying to maximize their clients profit. Worse thing the buyers can say is they don't like that dollar amount, else it's in the contract.
We just signed our settlement papers an the attorney says there is a section in the contract that states we need to fix any repairs from the inspection with a cap of 1%. I guess a more saavy agent would've stayed a dollar amount less then 1% if they were really trying to maximize their clients profit. Worse thing the buyers can say is they don't like that dollar amount, else it's in the contract.
Does that apply to the "termite" inspection or defects in the general house inspection? Most "inspections" are advisory in nature in the contracts. In other words, the inspection report will point out deficiencies, but then it's up to the buyers and sellers as to what, if anything, to do about it.
Most contracts I've read don't "require" repairs unless it is to a system such as the HVAC, plumbing, electrical, etc that the seller has warranted to be in good operating condition. Doors, windows, roofs, walls, carpeting, etc are generally "what you see is what you get"... unless the seller has made a deliberate attempt to hide damage.
Again, it pays for the sellers and the buyers to carefully read and understand what they're signing. This is probably more important for the sellers because in today's climate and with "typical" MLS type contracts, the buyer is holding all the cards and has numerous "outs" if he wants them. It's the seller who usually gets stuck with spending more money than anticipated. Wording matters in contracts, and don't depend on someone else to look our for YOUR best interest.
Too much I don't know about your contract to answer. If it's a VA loan it will need a clear CL100. Was a CL100 done previously? Is it required for the loan. If you're past the DD period do you have any obligation?
Our contract allows for the buyer to pay for repairs needed for a VA or FHA loan if the seller won't do it. Those door frames are the #1 item I see on inspections. Builders don't use treated wood so they get water damage over time. Usually a contractor just cuts out the damaged area about 18" from the bottom, puts in a new piece of molding, paints it. Prices can vary by market but here in SC I usually can get it done for $150 or less.
It's a conventional loan.
The repairs have been made, and we already paid the handyman $250. So this is past tense now.
Below is the section in the contract.
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