So in checking with our lender about creating an escrow account to put in $$ for repairs (to show that we plan on making them), they denied it and said the amount is too high and we can't make any changes before closing. Really, that's them sticking up for us.
So, the seller (bank) is agreeing to make the repairs and deduct it from the closing costs. They agreed to give us $6320 (200 less) MINUS the cost of repairs+appliances (~$3000). To me, that's a win. We planned on spending that money anyway on repairs and we're still getting $$ towards our closing costs.
So this is great news. John is worried that "things won't be done right" but our addendum says that we get to see an itemized bid for the repairs before approving it. No, we probably won't get the appliances we really want, but that's fixable. John, in fact, is checking to see if we have any say in that. But we'll see.
Only other thing is that we have to get a second inspection done... which is frustrating and $$$. Good thing we have our friend for it who hopefully won't charge as much the 2nd time around.
As long as the repairs are done by the 15th we will be able to close on the 23rd (on time). Here's hoping!
So, the seller (bank) is agreeing to make the repairs and deduct it from the closing costs. They agreed to give us $6320 (200 less) MINUS the cost of repairs+appliances (~$3000). To me, that's a win. We planned on spending that money anyway on repairs and we're still getting $$ towards our closing costs.
So this is great news. John is worried that "things won't be done right" but our addendum says that we get to see an itemized bid for the repairs before approving it. No, we probably won't get the appliances we really want, but that's fixable. John, in fact, is checking to see if we have any say in that. But we'll see.
Only other thing is that we have to get a second inspection done... which is frustrating and $$$. Good thing we have our friend for it who hopefully won't charge as much the 2nd time around.
As long as the repairs are done by the 15th we will be able to close on the 23rd (on time). Here's hoping!
RSS Feed