I am a new investor and purchasing a property in Phila to fix & flip. The property is vacant and being sold AS Is condition. The agreement of sale was signed on Monday. I took my contractor into the property today to get ideas on remodeling, etc . When we entered the house, a part of the ceiling in the dining room was on the floor and the wall was wet. Without opening the walls, etc. he thinks it is from the 2nd floor bathroom.
Without knowing the damage or repair costs is it better to take a credit or let the seller fix the repair?
Will your repair cost be less than the credit the seller is willing to give?
You may not have a choice, if the house is sold ‘as is’ then credit will be all you will get, if that.
If this house is truly a “don’t wanter”, then the seller should be willing to accept a low price.
I put a contract on a house & during the due diligence period got 3 contractor estimates which showed that the repairs were going to be much more than I thought.
This is something you might want to do. Then work your numbers & see if the deal works. If the numbers don’t work, exercise your contract “out” clause & walk away. As investors, we are not motivated buyers.