Posted by Brent_IL on February 25, 2002 at 14:25:50:
The right and wrong argument is similar to that invoked against bank warehousing fees, and the like. In the end, institutions care little about our opinions.
You are weighing the cost of the certifications for a buyer who is approved for a purchase loan against the costs involved in acquiring a new buyer who doesn’t have that requirement. It’s up to you.
Repairs/Certification for Under Contract Property - Posted by Dana
Posted by Dana on February 25, 2002 at 13:34:42:
We have a 50 year old townhouse under contract. The buyer has an FHA Loan and is using the Baltimore County, Md. SELP (Settlement Expense Loan Program) for her closing costs. She just had the home/SELP inspection and they expect us to pay to certify the furnace (which is working) and the flat top roof (that is not leaking) at our expense.
The contract says we agree to pay up to 2% of repairs that need to be done, but we don’t think these are repairs. Do we pay for these or should the buyer? Why should the seller have the obligation to certify these things when it’s the buyers FHA/SELP programs wanting it.