Posted by
Delmy Reyes

what is the best way to deal when repairs are not done and option period is about to due?

No additional information is provided.

Post an Answer
Report Abuse:
Click Here
Asked by
REALTORS®
Status
Open

what is the best way to deal when repairs are not done and option period is about to due?

By Delmy Reyes   
Posted on Oct 20, 2020 in Topic: Realtor Only
Add to Favorites
 
No additional information is provided.
Status: Open
Viewed: 1145
Asked by: REALTORS®
Posted: 1 month ago
Report Abuse: Click Here
Bronze
Nikoya Jones
about 1 month ago
In all honesty, one would have to consider by knowing if you are on the buyers or sellers side of representation. Sounds like you’re on the buyers side. The best thing to do: review the verbiage in the contract. What did you all agree to already? Does the language say “may” or “shall” (in reference to the repairs)?

What is to be done has to be specifically defined and communication is absolute key here. In addition, there are many variables that effect this (the nature of the repairs by importance, scope of repairs, current agreement regarding repairs, etc.). More info is needed.


about 1 month ago
Bronze
Joe Ann Green
about 1 month ago
Delmy, If I understand the question correctly, the seller has not completed the repairs within the option period?

Depend on the extent of the repairs, it's possible the seller needs more time to complete them.
The option period timeline is usually a short period to coordinate repair estimates and hire a contractor.
If the buyer and seller agreed to complete repairs during the option, upon agreement extend the option a few days.
Second, the Amendment to the Contract can provide more time for the repairs to be completed before closing.

In closing, I highly recommend you consult your Broker first with all transaction questions.

All the best!
Joe Ann Green, Broker-GRI







about 1 month ago
Bronze
Celestine Moore
about 1 month ago
First you should always have a Realtor represent you in the buying and selling process. Your Agent will extend the option period before it expires so the seller can have the work completed. A sharp Realtor will always monitor your deadlines and due dates so you have nothing to worry about there.


about 1 month ago
Bronze
John Poggioli
about 1 month ago
One remedy would be to extend the option period, if mutually agreeable, for a specified amount of time and money.


about 1 month ago
Bronze
Andrew Teasdale
about 1 month ago
You do not have to have repairs done before Option period ends. They just have to be done before closing and receipts to show repairs are done. Also lately I have been having my clients and I negotiate the price of the home down in price and take the home as is. Unless there are big ticket items. Roof,plumbing, electrical, foundation and any big ticket I may have forgot this morning.


about 1 month ago
Diamond
Joe Applewhite
about 1 month ago
Repairs are rarely completed before the end of the option period. They actually don’t need to be completed until the final walk thru. I recommend asking for photos, receipts, warranties of the completed repairs sometimes. This puts the buyer at ease. No one wants to be surprised with incomplete repairs at final walk thru.


about 1 month ago
Bronze
Steven Montgomery
about 1 month ago
It’s important to know that repairs do not have to be completed during the Option Period. They only have to be agreed upon. If at an impasse on agreement then you may extend the option period, just know that funds to extend must be exchanged before execution of the agreement. I hope this answers your question.


about 1 month ago
Bronze
Terry Kirksey
about 1 month ago
Repairs are not required to be done during the option period. The repairs do have to be done before closing.


about 1 month ago
Bronze
Claire Moore
about 1 month ago
If the option period is about to expire, you could do an amendment to extend the option period, giving enough time to cover the issue. You could do one or two ways, offer to extend with or with out an additional option fee. The option fee should be credited back to the buyer at closing. Also, the requested repairs should have a due date in the amendment. This should be best for all parties.


about 1 month ago
Silver
Extend the option period and provide seller more time to repair whatever need to be fixed before the date.


about 1 month ago
Disclaimer: Answers provided are just opinions and should not be accepted as advice.
Advertisement
Advertisement

Find a Pro

Search Real Estate Professionals

Advertisement