Buying A Home
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Seller hasnt made repairs yet

We are supposed to close on Monday but the seller hasn't had the repairs done yet and no word for when they ate scheduled (licensed electrician and chimney contractors required).

 I won't close until they are done but is there any repercussion to the seller for not getting them done in time?  It's going to be really annoying to wait around for it.  We had a 45 day close do it's not like there wasn't enough time. 

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Re: Seller hasnt made repairs yet

  • I'm not sure what would happen to the sellers (aside from you being able to walk away from the deal).   I'd be making sure you can get a lock extension if I were you!  And if you have to pay for it, I would demand that the sellers pay for it.   
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  • Require them to sign a contract extension that has a daily financial penalty for closing delays due to work not being completed.

    But, honestly, if there's extensive work (electrical & chimney) that hasn't even been scheduled yet and you're supposed to close in two business days, I'd be very concerned that this could drag out forever.
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  • Do an addendum to the contract.  Have the seller put the money in escrow and get the repairs done yourself.  The escrow holder will pay the contractor directly then and you have control over the quality and time it takes to get the repairs done.
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  • I agree with the PP about getting an extension to the contract (as not to let it lapse on your part) and try to get a daily fee for it dragging on.

    but on the same note- DH & I were just in a similar situation and ended up walking away after 118 days.  They just kept draggin thing after thing out and then had some pretty bad work done to the house by and unlicensed person who they tried to pass off as a licensed person on fake letterhead.  I wish we had cut our losses & walked away quicker.  We ended up losing about 3K on repeat inspections, appraisal, etc. If they aren't holding up their end of the deal, I would definately reconsider.  I am still heartbroken after losing "our house" but it wasn't worth the headache.

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