Buyers Agent Asking For Lender to Make Repairs

OK.  This is a first for me.  I have an offer on one of my listings where the buyer's agent has written into the contract that the lender is to repair missing roof trim and any issues that may arise in the home inspection!  Geesh!  

Anyway, I explained to the agent that the lender is not a party to the contract, the house conveys "as is" etc. but she wants to keep that verbiage in because it will help justify her offer. I'm going to take it out.

Any thoughts?

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Permalink Reply by Donna McClelland on October 16, 2011 at 4:46am

Sounds like the buyer's agent is confusing this sale with a regular sale.  As Is means As Is.  I have found a way around a lot of these issues by putting in my short sale addendum attached to the listing that the buyer must do their inspection within 7 days of the SELLER's (not bank's) acceptance of the offer.  I offer the buyer half their inspection cost back if I don't get bank approval in 90 days.  The buyer would normally pay the full inspection price at the end anyway and risk losing it if they find deal killer issues, but only after 60-90 days of waiting for approval (when they could have purchased something else).  This way the buyer will know up front if there are any deal killer issues before we tie up the property during the approval process.  This also separates the serious buyers from the ones who just put in offers all over town and take the first one that gets approved.  Because I always get approval in 90 days, I haven't had to reimburse any inspection costs, so my offer is a win-win situation for everyone. 

I had one transaction where the purchase price was $90K.  The buyers did the inspection up front and discovered that it was going to cost approximately $9000 to make necessary repairs on the property.  When we submitted their offer to Chase, they coincidentally countered for $9k more at $99K.   I submitted a copy of the inspection report to Chase and they accepted the $90K.  Not only did doing the inspection up front prevent the deal from possibly falling through at the end, the buyers saved $9k they might have agreed to pay had they not known about the repairs needed.  Everyone in this transaction was super happy!

Permalink Reply by Dominique Stevens on October 16, 2011 at 6:09pm

I would explain again to the buyer's agent that the house is being sold "as is" and neither the lender nor the seller will be making any repairs. What is it that they don't they get about that? The seller's in distress and losing their home,, and the lender is taking a huge hit. They're not going to make any repairs. If the buyers don't get it, find another buyer!

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