Repair credit or a lower price?
THE HOME GUIDE · 41
Repair credit or a lower price?
A repair issue can be solved in more than one way. The details matter.
ABOUT 3 MINUTES TO READ
A QUICK LOOK · THREE THINGS TO KNOW
01 / START HERE
A lower price changes the amount paid
If the sale price goes down, the loan and closing numbers may change too.
02 / START HERE
A repair credit works in a new way
A credit or holdback may depend on what the lender and deal allow.
03 / START HERE
Check the cost of the repair
Before choosing a fix, find out who will do the work and what it may cost.
After a home inspection, a buyer may ask for help with a repair. The seller might offer a lower price or a credit. Those can affect the final numbers in different ways.
PART 01
A lower price changes the amount paid
If the sale price goes down, the loan and closing numbers may change too. Ask the lender and lawyer how it works.
PART 02
A repair credit works in a new way
A credit or holdback may depend on what the lender and deal allow. It must be written in a way the parties can use.
PART 03
Check the cost of the repair
Before choosing a fix, find out who will do the work and what it may cost. An expert may need to look at it.
A SMALL STEP YOU CAN TAKE
One thing to check today
Ask for a repair quote and get the lawyer or lender to check the deal terms.
HOW TO USE THIS
If you are buying or selling
If you are buying
Check how each option changes cash needed at closing.
If you are selling
Compare the cost and timing of each fix before agreeing.
SAVE THIS LIST
Three questions worth asking
- What is known versus still uncertain about the defect?
- Who bears the cost if work exceeds the estimate?
- Does the proposed solution meet legal and lender requirements?
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