Don't spend any money in repairs on the home you are buying! Just because the seller can not pay them doesn't mean that you have to or have to continue with that home.. A very good Alpharetta GA Realtor will tell you to terminate the contract if your bank requires certain repairs and if the seller can not pay them. This happened to my clients who were using another agent before working with me. They were buying an Alpharetta GA Short sale with this agent and it was taking too long for them to close. So they came to me because they needed to move soon from their apartment!. Since I was not their agent, I had to find out their situation and this is when I was shocked!. First of all, they were never told from the beginning that the property they were seeing was a short sale and what would involve. Secondly, they did their inspection and appraisal and were told that they needed to pay for the repairs required by their bank because the seller could not do them and they told me they payed the contractor around $1,000!. . What was worse, they were told that the short sale was approved but they had to bring $5,000 extra at closing. Thing they could not do and decided to terminate. When they told me their story, I said to them: "A buyer never never never! pays for the repairs nor anything else besides the inspections and appraisal!. Also, when buying an Alpharetta Short sale, a good realtor will tell you to do the inspection and appraisal only if the short sale has been approved by all the seller's lenders involved, because there is good chance that the lender(s) will not approve it and then your inspection and appraisal money will be lost.
Hopefully, they decided to keep looking even though there was no much time left for them but I was so glad that I was able to help them find and buy their dream home in less then 1 month!
Giuliana Enriquez, Associate Broker, REALTOR®
Agente y Corredora de Bienes Raices/Inmobiliaria en Atlanta Georgia USA
Better Homes and Gardens Real Estate Metro Brokers