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Old 12-14-2007, 06:08 PM
 
3 posts, read 11,808 times
Reputation: 10

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I am totally confused. I am a first time home buyer feeling really dumb now because I didnt do much legal research before getting into this.

Well, the question I have is what could be done if the seller doesn't hold up on his end of the deal and fix the repairs that was agreed upon before closing. I really dont know if I should close or of any legal rights I have. But this has really ruined my home buying experience.
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Old 12-14-2007, 06:55 PM
 
Location: Chesapeake, VA
177 posts, read 654,543 times
Reputation: 54
Have you already closed?
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Old 12-14-2007, 07:04 PM
 
Location: Houston-ish, TX
1,099 posts, read 3,736,207 times
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You need to speak to your realtor about this! If you have it in writing that the seller is supposed to do certain repairs, then you do no thave to close if they aren't done. You should make an appointment for a walk-through just before closing, or ask for receipts of work done by certified people. If they can not provide these, then you don't have to close.
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Old 12-14-2007, 08:06 PM
 
3 posts, read 11,808 times
Reputation: 10
no i haven't closed yet
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Old 12-15-2007, 12:16 PM
 
Location: Chesapeake, VA
177 posts, read 654,543 times
Reputation: 54
Quote:
Originally Posted by calvborde View Post
no i haven't closed yet
Then in that case, I would take MikiJayne's advice...
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Old 12-15-2007, 09:27 PM
 
12 posts, read 38,147 times
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Make sure you always have everything in writing, including the promise of repairs. You don't have a leg to stand on if you don't have it in writing. However, I agree with the above posts. If you haven't closed yet then you have a bargaining tool to get the repairs done. If you decide to close on the house, get a written promise of the date the repairs will be complete to your satisfaction.
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Old 12-16-2007, 07:36 AM
 
Location: Houston-ish, TX
1,099 posts, read 3,736,207 times
Reputation: 399
Also, if they do not have the repairs done before closing, you can get a certain amount of money, enough to cover the repairs put into an escrow account. When the repairs are done, that amount will go to pay for the repair bills.
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Old 12-16-2007, 08:47 AM
 
Location: Williamsburg
1,194 posts, read 3,977,520 times
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Ok first question. Do you still want to buy the home ? If yes than have your agent insure that repairs are completed by licensed contractors and that receipts are provided and the repairs are warrantied. Another plan would be to have estimates done by companies your agent or you decide upon then have an escrow amount of 150% of the total put in escrow to cover the repairs. Buyer, seller and lender would have to agree to this in writing. One drawback to doing it this way is that if anything were uncovered that is currently hidden then you would be responsible. BY escrowing 150% of estimates hopefully you are then covered.

If you don't want to proceed with the purchase then consult with a real estate attorney to void the contract. This is one of the reasons our company has an attorney on retainer so we can have issues reviewed by them.

Sorry your home buying experience isn't going well.
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