Long story short, we’re 11 days out from closing on a house after trying for the last 3 years and probably a dozen offers, so we are ready to be DONE. Inspection found a support beam with termite damage and some foundation issues. Estimates came in at ~13k for the termite beam repair and ~15k for the foundation repair. We are paying a fair price for the home, not some lowball offer that leaves money to make these repairs ourselves.With our loan and DP we apparently only legally qualify for about $12,500 in seller credits. That leaves $15.5k in repairs uncovered. Option A was presented as for a home price cut in that value. However that leaves us covering all that extra money out of pocket. We can’t afford to do so with the money we have. Option B was ask seller to do repairs. This also is a slight problem as the seller is in a facility and the transaction is being done by a POA from the bank which from talking with the realtor could make getting them to do repairs difficult. If the sellers agent cant authorize repairs are we left with any option but walking away? Any other unique solutions?
Read more at https://www.reddit.com/r/RealEstate/comments/1djwpps/paying_for_major_repairs_credits_cant_cover/?utm_source=ifttt
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