• Home
  • Metro Asian News
  • Misc Asia
  • Lifestyle
  • Business
  • Art
  • Health
  • Eat Out
  • Events
  • Podcasts
ABOUT
Advertise in GAT
Contact us
Thursday, March 23, 2023
Georgia Asian Times
International Insurance of Georgia
  • Home
  • Metro Asian News
  • Misc Asia
  • Lifestyle
  • Business
  • Art
  • Health
  • Eat Out
  • Events
  • Podcasts
  • Login
No Result
View All Result
  • Home
  • Metro Asian News
  • Misc Asia
  • Lifestyle
  • Business
  • Art
  • Health
  • Eat Out
  • Events
  • Podcasts
No Result
View All Result
Georgia Asian Times
No Result
View All Result
  • Home
  • Metro Asian News
  • Misc Asia
  • Lifestyle
  • Business
  • Art
  • Health
  • Eat Out
  • Events
  • Podcasts
Home Business

Seller refuse to make any repairs, shall I back out of the contract?

Georgia Asian Times by Georgia Asian Times
May 13, 2021
in Business
Share on FacebookShare on Twitter

By Ken Yee

During the course of due diligence (which I have discussed in my previous article), a Buyer will very likely uncover issues related to the property that requires repair. The issues can be minor or major depending on the nature of it. One would expect that the Seller will address those issues uncovered by the home inspector, but that may not necessarily be the case. As I mentioned previously, the Seller is not obligated to do any repairs, unless the purchase contract specifically noted that the Seller is required to address those repairs. So, if the Seller refuse to entertain your repair request, shall you back out of the purchase contract? Well, let’s explore a few different scenarios before you decide if you should back out of the contract.

Scenario 1: Will the Seller consider giving you a credit in lieu of repairs? This is typically the direction we advise our Buyer clients to pursue. It creates convenience to both the Buyer and the Seller. Make sure your real estate agent has a good grasp of the nature of the repair so the magnitude of the problems and the cost can be accurately determined for the repair credit. If a satisfactory repair credit can be worked out between the Buyer and the Seller then there is no reason for the Buyer to back out of the contract.

Scenario 2: What is the approximate cost of the repair? If it’s a $200 problem, then I’d say it is not a big enough issue to cause the contract termination. However, if it is a $20,000 problem, then you will most likely want to re-consider your offer and see if it still makes sense for the sale to move forward. If the repair items are minimal and Seller refuses to address those items, ask if the Seller is willing to provide you a home warranty to help absorb some of those potential repair cost after the purchase.

AD: High Museum of Atlanta

Scenario 3: If you are on the fence with the repair costs then what shall you do? Well, in this scenario, I would advise you to do a reality check. Let’s review the deal from a factual perspective by asking yourself the following questions: Is it the Seller’s market, or is it the Buyer’s market? What are the other options out there if you were to back out of the purchase contract? How much do you really like the house? Are the repairs critical or are they optional? How will things impact you financially if you were to pay for the repairs yourself after closing? What are the consequential costs you will incur if you were to back out of this purchase contract? Will the consequential costs be higher than the cost to repair those deficiencies? Once you have these key questions answered, you should pretty much have an answer to help you determine the direction you need go with the purchase contract.

My name is Ken and my wife is Bee. I’m a Civil Engineer turned real estate investor and my wife is an IT Professional turned Realtor. Feel free to drop us your real estate questions at gat@gaiantimes.com.

DISCLAIMER: This article is written based on our personal and professional opinions. We are not certified financial advisors and are not qualified to provide financial or legal advice.

Tags: due diligenceKen YeeReal Estate
Previous Post

Fried chicken “heaven” is now available in Suwanee

Next Post

CDC: Fully vaccinated people can largely ditch masks indoors

Georgia Asian Times

Georgia Asian Times

Related Posts

Powell: Fed to keep rates higher for longer to cut inflation
Business

Fed raises key rate by quarter-point despite bank turmoil

March 22, 2023
Google hopes ‘Bard’ will outsmart ChatGPT, Microsoft in AI
Business

Google’s artificially intelligent ‘Bard’ set for next stage

March 22, 2023
Business

Amazon cuts 9,000 more jobs, bringing 2023 total to 27,000

March 20, 2023
Biden insists banking system is safe after 2 bank collapses
Business

Silicon Valley Bank’s demise disrupts the disruptors in tech

March 15, 2023
Honda changing course, will build its own electric vehicles
Business

Honda recalling 500,000 vehicles to fix seat belt problem

March 15, 2023
Biden insists banking system is safe after 2 bank collapses
Business

Biden insists banking system is safe after 2 bank collapses

March 13, 2023
Next Post

CDC: Fully vaccinated people can largely ditch masks indoors

Signup Free E-Newsletter

Upcoming Events

Apr 7
8:00 am - 3:30 pm

Symposium on Asia-USA Partnership Opportunities (SAUPO) 2023

May 6
9:00 am - 4:00 pm

GAT AAPI Summit 2023

Jul 14
6:00 pm - 10:30 pm

GAT 25 Most Influential Asian Americans in Georgia 2023

View Calendar
Logo

 

CONTACT US

Follow Us

MOST INFLUENTIAL

GAT 25 Most Influential Asian Americans Gala celebrates Asian voice

GAT 25 Most Influential Asian Americans Gala celebrates Asian voice

July 18, 2022

Video highlights of GAT 25 Most Influential Asian Americans in Georgia

July 17, 2022

2022 GAT 25 Most Influential Asian Americans in Georgia-Awards Gala

July 17, 2022

LINKS OF INTEREST

ATL Asian Film Festival

     

  • Contact Us
  • Advertise in GAT
  • About
  • Privacy Policy
  • Terms of Use

© 2023 Georgia Asian Times - Empowered by 8SOL. Managed by Arckopolis.

No Result
View All Result
  • Home
  • Metro Asian News
  • Misc Asia
  • Lifestyle
  • Business
  • Art
  • Health
  • Eat Out
  • Events
  • Podcasts

© 2023 Georgia Asian Times - Empowered by 8SOL. Managed by Arckopolis.

Welcome Back!

Sign In with Google
OR

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

Subscribe

Stop scrolling through endless social media feeds for news. Sign up for our website FREE Newsletter and get news that matters to you. We filter out fluff, so you don’t have to.

    Loading
    Loading
    Loading
    Loading
    Loading
    Register for FREE to read the rest of this article, or log in to your account.

      Or Login Here :

      Login

      Are you sure want to unlock this post?
      Unlock left : 0
      Are you sure want to cancel subscription?