Rating
Exceed Parts
Exceed Parts
We are buying a home and asked for some repairs to be made before closing What if they are not completed?
The estimated cost of repairs was $5,400..we agreed to Pay 50% of the repairs with our part not to exceed 2,900 if actual cost was more the seller would be responsible for the rest. We have a contract stating that it also says repairs would complete by the 25th when we close. We are also suppose to be able to take possession of the home that day. Today we talked to the contractor who they told us would be doing repairs, he said he had not started the job yet (they hadn’t actually not hired him yet) and that even if he was hired today there was no way the repairs would be complete by the 25th. We now know that the repairs will not be done by closing day, so if They hire the contractor and we allow the repairs to be completed after closing and the seller Doesn’t pay the contractor their part can the Contractor put a lein on our home making us pay all of the repairs Even though the original homeowner hired them and signed a contract with us to pay for 50% repairs. Should we not Close?
You can hold off closing until the walk through indicates the work is done.. And the costs can be held from their proceeds and paid directly to the contractor.
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