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Buying Uncle's House |
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One of my boyfriend's uncle is selling a house that wer'e interested in buying. We're not planning to use a real estate agent. The house is in a very bad condition. It needs new paint, new carpeting done, the flooring needs to be finished, the bathroom and the kitchen need to be done over again. We got the appraisal done and the seller has dropped 15k to the appraisal value. How do we approach the seller into sharing the repair costs??
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Sorry, but I can't arrange the negotiating for you from this distance. You don't say whether you will be applying for a mortgage loan from a regular lending institution. If so, some repairs might be required before the loan would be granted.
Either hire a nearby real estate broker (perhaps find one who'll work by the hour) to help you arrive at a binding written contract, or else--more expensive-- have your own lawyer do it. Among other things, your contract should set out the amount the seller is willing to spend if repairs are required by the lender. You say you've had an appraisal, but your contract should also give you the right to hire a home inspector, and to cancel the agreement if you're not satisfied with the inspection report. There's lots to be done to protect your interests and be fair to both parties.
It sounds to me as if you do need some professional assistance. |
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Edith
Originally published on March 12, 2008 |
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