Two things to remember: 1. The RE commissioner says we ALWAYS must give the sellers the chance to do the repairs, so your BINSR should read something like: “fix these items, bla, bla, bla., or in lieu of doing the above repairs, see addendum #__.” 2. The addendum is where you would but the mention of price reduction or seller paid buyer closing costs. If there is a lender involved, do not mention on the addendum that you are lowering price or paying for closing costs in lieu of fixing the roof that leaks like a sieve….just ask for the lower price or concessions. Since the transaction has already recorded and closed, nothing to do with your file. What is done is done.
On my transaction, you advised not to put a monetary amount on the seller’s response of the BINSR. In the future how would you advise handling the situation where seller is offering either a reduced purchase price or cash in lieu of repairs? Also what remedy, if any, do I need to do now that this particular transaction has already closed?
by Brad Sensenbach | Jan 15, 2021