Posted by Tony-VA on January 10, 2001 at 04:16:40:
This is a judgement call. Certainly we try and limit our expenses by sticking to the “As Is” sales approach. This being said, sometimes you simply have to do the right thing. If these people are good buyers and you feel obligated then by all means go ahead and help them out. It will boost your credibility and improve your collateral. I would make certain to remind the buyers that this is not an obligation on our part and that no further assistance would be provided. We must limit our expenses. I would not wish to start a trend of having my buyers view this transaction like a rental agreement.
One other suggestion. If you go forward with the assistance, control the fixup yourself. You should deal directly with the contractor yourself. Do not provide monies to your buyer directly. In fact, I suggest that you consider having your buyer provide you with the names and phone numbers of the contractors. Collect your buyers 1/2 of the repair bill and then schedule the repair. This way you are certain to control your expenses and have the work completed. Buyers receiving cash from you may not view repairs as such a priority anymore.