Skip to main content

Closing before repairs have been done

Hey guys. My wife and I are first time home buyers. We are under contract with a house we love at a fair price. The issue is we aren’t able to get it insured because it has Poly B pipes. Once replaced, no issue.

So because of this, the sellers gave us a 12k credit at closing for us to remove the pipes for pex. The plumbing company that they provided (who worked on the house previously) quoted 11k for the job. This doesn’t include drywall of course.

The plumber couldn’t guarantee they can remove all the Poly B from the home, but they do promise that if it remained, there will be no water running through them.

So my concern is, if we close now - we are closing on a home that is uninsurable. Who knows what could go on during the repairs? I think offering us 12k is fair, and even if this job costs 24k in total (including dry wall and maybe some tiling) I’m content splitting it with them. But I just feel the repair should be done on their watch before closing. Am I making too much of this?

FWIW we are the sellers third option on the hike because the first 2 offers fell apart because of this issue.

Is it unreasonable to ask that we will buy after the work is completed to be sure we can get the home insured?

submitted by /u/305andy
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/14ilz5f/closing_before_repairs_have_been_done/
Labels:

Comments

Post a Comment

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear
1 comment
Read more

Fast Rising HOA Fees on NYC Condo, No Budget Provided

My wife and I are first time homeowners and could use some advice on a situation we've been having with our management company and Board. We bought a condo in Brooklyn two years ago, and since then our HOA fees have climbed dramatically. In August of last year, our fees were increased by ~30% and just yesterday we received notice that this new figure would be increased by 16% as of June 1st. The by-laws for our building state that ten days before such a change goes into effect, the Board must provide unit owners with the itemized budget upon which the new numbers were based. This didn't happen last year, and when I asked the management company about it, they just kept vaguely insisting the Board had done due diligence. After I kept pressing, they finally sent a budget that was several years old, so obviously not the one that the new numbers were based on. When I asked the management company for contact information for the Board to get further clarification, I was told that th
Post a Comment
Read more

How to create fidelity investments current bank statement for lender during escrow

I transferred a certain amount to my bank account to complete the minimum down payment required. The bank wants a current statement of the transaction. Unfortunately, fidelity only does quarterly statements so a December statement is not available and we are due to close next week. I called fidelity and they they can only provide a letter but the bank said that won’t suffice. Any way I can find or make one of my own that has my account number/name along with all the recent month’s activities? submitted by /u/bodaciousbeans [link] [comments] source https://www.reddit.com/r/RealEstate/comments/zmnnqo/how_to_create_fidelity_investments_current_bank/
Post a Comment
Read more