Contract About to Expire - Can I re-negotiate? - Posted by Glenn-PA

Posted by Glenn-PA on May 31, 1999 at 21:07:48:

Hi everyone. One of my tenants made me an offer on my fourplex. Tenant has applied for FHA financing to cash me out. The offer included my agreement to do up to $3K in repairs as may be required by and FHA appraiser (the property is in very good shape and I don’t expect a lot of required repairs). The contract will expire in 10 days due to the lender moving at a snails pace. In the meantime, I’ve continued with my normal upgrades/repairs during the turnover of one of the apartments. If the buyer wants an extension (I’m sure he will), will I have the opportunity to reduce the dollar amount of the repairs I agree to? Other wise, the buyer could nitpick me with added repair items. Thanks in advance.