Home Buyer Repair Request:
Should I Credit Money or Complete Requested Repairs?
I’m selling my mother’s San Diego house and the buyer has requested repairs. I live out of the San Diego area and it would be difficult to complete the repairs. What do you think of crediting money to the buyer instead?
I’m a big fan of crediting a San Diego homebuyer a reasonable amount of money instead of completing repairs. The primary reasons are that (1) there will be no issues with the quality of work completed; and (2) no one needs to be present to monitor the repairs. A written document between the seller and the buyer should be drafted, detailing the funds credited from the seller’s proceeds towards the buyer’s closing costs. Once signed by the seller and the buyer, the document is given to Escrow and they handle the transfer of funds.