Renovation Mortgages

Cash Credit For Repairs At Closing

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If a seller offers you cash credit in lieu of a repair, ask your mortgage lender if this is within their terms. Some lenders will not allow a buyer to accept cash credit. Ask for a home warranty

Cash Credit or Repair? Sometimes buyers are better off asking for a cash credit on a repair item instead of asking the seller to replace or repair. The seller has no vested interest in the home after it’s sold, and he might not hire the most qualified contractor or do the repair in a manner that’s satisfactory to the buyer.

We are in the final stages of a negotiation and we would like to use credit from the seller to do repairs on the home. Sellers’ closing costs typically include: loan payoff fees; the real estate commission – in some cases, a portion of this may be paid by the buyer; title insurance, depending on the location; termite.

Now that we are in the closing stages, the seller’s agent is asking us to sign a document relieving the sellers of these repair obligations in exchange for an equivalent monetary credit. If we don’t agree, the agent tells us, the sellers will have to put it back on the market.

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Often your credit will go towards closing costs for the Buyer, if they want. Many buyers do not have the cash to close and to perform extensive repairs, so if they have closing costs help, their cash position is helped. Their lender will tell you how it must be credited. Generally you will not be able to just cut the buyers a check at closing.

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A seller may also provide a credit to the buyer at closing to cover needed repairs, in lieu of making the repairs before the close of escrow. This is typically known as a repair credit and is.