What if the Seller Doesn’t Complete Repairs by Your Closing Date?

Dated: September 2 2021

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What if the Seller Doesn’t Complete Repairs by Your Closing Date?

When you buy a home for sale in Vero Beach, you have the opportunity to negotiate with the seller for repairs on the home. If the seller agrees, they’re supposed to have all the repairs completed by your closing date. But what happens if the seller doesn’t complete repairs by your closing date? Do you still have to go through with the deal, or can you force the seller to hold up their end of the bargain? This guide explains.

What if the Seller Doesn’t Complete Repairs by Your Closing Date?

First, you need to know that the vast majority of sellers will hold up their end of the bargain – most requested repairs are completed by closing. However, there are rare cases in which the seller doesn’t do the right thing (either accidentally or purposefully). If that happens, you need to talk to your REALTOR®. You may be able to:

  • Postpone closing
  • Ask the seller to pay for the repairs in advance
  • Ask for a closing credit
  • Lower the closing price

Here’s a closer look at each.

Postponing Closing if the Seller Doesn’t Complete Repairs by Your Closing Date

Nobody wants to postpone closing – in fact, it could be extremely inconvenient for you to do so, particularly if you’ve already sold your current home or have made arrangements to move out of your apartment. If you do have to push your closing date back, make sure you calculate how much it’s going to cost you to stay in a hotel or rent a storage unit for your belongings; you’ll need that figure as you negotiate with the seller.

Asking the Seller to Pay for Repairs in Advance if the Seller Doesn’t Complete Repairs by Your Closing Date

You can ask the seller to pay contractors for repairs in advance if the house still needs some work. (If you go ahead and close, it may be tough to get the seller to pay contractors later.) You’ll need receipts and the ability to schedule convenient times for repair work, so get contractors’ contact information before you move forward.

Asking for a Closing Credit if the Seller Doesn’t Complete Repairs by Your Closing Date

You can ask the seller to give you a credit that matches the cost of the repairs when you close. If the seller agrees, make sure you get it in writing so that your share of closing costs goes down.

Lowering the Closing Price if the Seller Doesn’t Complete Repairs by Your Closing Date

You can ask the seller to reduce the price of the home to accurately reflect the costs of the repairs. Sellers might be most amenable to this option, because it lowers their closing costs a bit (by taking money off the sale price). However, if sellers are barely breaking even by selling the home, they may not find this to be an attractive option.

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Chip Boyer

Chip is the IT Manager for Alex MacWilliam Real Estate. He handles the technology needs of the company as well as helping agents in their day to day problem solving.....

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