My husband and I are in process of buying our first home, in our purchase agreement we added the contingency that the seller would pay for new furnace andnew central air, my question is this , will the seller simply give us this money at closing or will she herself do the repairs, and they will be doen within a certain time of us moving in? We were really hoping to have someone we know do the work, as we were comfortable with them,,an and the money we had asked for was comparable to a estimate that they had given us. So we were just wondering how this would all work out in the end,,thanks for any answers!!!
2006-10-27 09:23:58 · 4 answers · asked by Steph E 2 in Business & Finance ➔ Renting & Real Estate
I guess I should add, I am waiting for my realtor to call me back, but se has been less than stellar during this process, so I was just trying to get some ideas until I heard from her!!!
2006-10-27 09:32:35 · update #1
The details of this should have been a part of the negotiations and should be in the contract. It can happen in a reduction of the sales price also, which then means that you will have to come up with the money to do the repairs, but will be purchasing the home at a lesser price.
The money can be taken out at closing and escrowed until the repairs are completed and then paid directly to the contractor performing the repairs.
The current owners can do the repairs with a contractor of their choice unless it is in the contract that they use the company that you are comfortable with.
Check your contract for the exact wording of the contingency and you should have your answer.
2006-10-31 05:07:21 · answer #1 · answered by julsells 2 · 0⤊ 0⤋
you do no longer choose a lawyer, you decide on a stable realtor. you are able to returned out each and each of ways as much as final, yet with out contingencies, and so on., you will lose your earnest money. a million. paying for a house is a popular dedication, you ought to have a realtor. in the event that they have a realtor, you decide on one. 2. Grand scheme of issues $1000 isn't plenty. in case you do no longer sense delicate with the deal, walk away. 3. while dealing with the vendor, they could be brought about sufficient to sell the residing house that they might rather alter the settlement than see the deal fall by using. 4. constantly make issues contingent on an inspection. constantly have the residing house inspected. as quickly as the inspection is finished, you initiate off negotiating in line with issues that would desire to be repaired or as much as date, and so on. On Monday, get a realtor. How do you decide on for a realtor. Ask them how some years they have been interior the employer. what share properties they often close each and each month. Ask who the broking provider is. Ask what type of sources they often deal in. Ask human beings you recognize who they used, ask the guy who works on the financial employer who they used. heavily, i recognize you have become near to the top and you think of you are able to shop a pair of greenbacks by potential of skipping the realtor, yet truthfully in the adventure that your place seems to be a lemon, or you overpay, it is going to likely be through fact you probably did no longer have a realtor, and you will spend quite a few cases the fee of having one on issues that by no potential ought to have been issues.
2016-12-28 06:39:03 · answer #2 · answered by devoss 3 · 0⤊ 0⤋
Here is the problem: You entered into a contract and don't know the terms of it! If you didn't specifically say that she had to pay you and/or hire a licensed individual to install the units, etc. then she can indeed do them herself. READ YOUR CONTRACT CAREFULLY. This is a question you should be asking THE REALTOR.
2006-10-27 09:28:17 · answer #3 · answered by cyanne2ak 7 · 0⤊ 0⤋
She will most likely give you the money.
2006-10-27 09:28:22 · answer #4 · answered by jim 6 · 0⤊ 0⤋