Repair credit best for fixing home defects

REThink Real Estate

Q: I decided that this was a good time to buy, and found this really great house at a great price. It's an older home, and very charming, but there is about $10,000 worth of various electrical and termite repairs that the inspectors have found that need to be done. I know that's not that much compared to the $300,000 I'm paying for the place, but I'm going to be pretty house-poor after escrow closes. I'm afraid I'm going to lose my dream house over these issues. What should I do? A: As always, the lawyer in me has to say, "It depends." Did the original contract have an as-is clause? If so, it may be unethical to demand that the seller pitch in to fix these defects, though he might offer to if the other alternative is for you to back out of the deal. Are the repairs required by your lender or your city/state to be completed by the seller? Is the seller an individual or a bank? A bank is highly unlikely to contribute to these sorts of repairs, unless required to do ...