Annette Lawrence , Palm Harbor, FL 727-420-4041, Making FLORIDA Real Estate EZ  (ReMax Realtec Group)

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Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

The needed part that is on back-order obviously has a price attached to it and the labor involved in the repair. We have the company provide an invoice and present it to the Closing attorney.

Payment is taken from the proceeds, the check written to the company and held at the attorney's office until the buyer notifies them to release the check (when the work has been completed to their satisfaction). Easy-peasy! 

This happens all of the time with window replacements here in my area.

Jun 18, 2019 06:14 AM
Rainmaker
715,949
Richard Bazinet /MBA, CRS, ABR
West USA Realty - Scottsdale, AZ
Phoenix Scottsdale. Sellers, Buyers & Relocations

If the seller had agreed to pay for it, the seller can pay for it in full in advance of the repair being performed, or ideally, an escrow hold-back (more than the value of the repair with a balance to the seller) paid by the escrow company.

Jun 18, 2019 06:50 AM
Rainmaker
1,839,276
Lyn Sims
Schaumburg, IL
Real Estate Broker Retired

that's a pretty small repair. I would escrow, give paperwork to new buyer to schedule repair. Make sure it's paid for.

Be grateful that's the only thing going down.

 

Jun 18, 2019 06:59 AM
Rainer
509,449
Susie Kay
Ultra Real Estate Dallas Fort Worth - Plano, TX
North Dallas Specialist

It's negotiable, but I've had a transaction where the ac needed to be replaced and we escrowed the fund.

Jun 18, 2019 07:05 AM
Rainmaker
2,371,883
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co Notary Services retired RE Broker

Schedule..? We got no stink'in schedule!

Jun 18, 2019 06:56 AM
Rainmaker
755,555
Peter Testa
Nationwide Homes - Danbury, CT
PETER TESTA

Garage doors are one of the most inexpensive fixes & should never hold up a closing. I just had a deal like this & me & the other agent ponied up $100 a piece to just close. Typically when inspection items threaten a closing we opt for #2- place repair dollars in escrow but in the previous case it was just easier to "hand the buyer a fist full of cash", lol. 

Jun 18, 2019 06:23 AM
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Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Prop. Mgr, Wenatchee, WA

In this particular case, what Debe Maxwell, CRS said.  Some of the more expensive things should be put in escrow.  Delaying closing is only a last resort.

Jun 18, 2019 08:08 AM
Rainmaker
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Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

Execute addendum that the (dollar amount per contractor bid attached to and incorporated into the addendum) as consideration for that specific repair be credited to buyer, and buyer agrees to handle the repair as a post closing matter.  Then close on schedule.

Jun 18, 2019 07:01 AM
Rainmaker
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Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

What we forget is the basic rule of Real Estate i.e. everything is negotiable

Jun 18, 2019 06:30 AM
Rainmaker
7,784,536
Roy Kelley
Retired - Gaithersburg, MD

Escrow a repair allowance.

Jun 18, 2019 06:07 AM
Rainmaker
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Sandy Padula & Norm Padula, JD, GRI
HomeSmart Realty West & Florida Realty Investments - , CA
Presence, Persistence & Perseverance

#2 always works and gives the buyer confidence of the future repair.

Jun 18, 2019 06:29 AM
Rainer
457,103
Clay R. Seay
Florida Homes Realty & Mortgage - Saint Augustine, FL

My vorte is # 2, place an amount in escrow since it is the garage door opener. That way it is all documented.

Jun 18, 2019 06:24 AM
Rainmaker
5,095,861
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

I handle it exactly the way Debe Maxwell, CRS described. Normally parts being on back order is not a surprise and can be planned for.

Jun 18, 2019 09:40 AM
Rainmaker
469,510
Dan & Laurie Pittsenbarger Team
Keller Williams Western Realty - Bellingham, WA
Lakeside & Coastal Single Family Homes

Close on time with 1.5X the bid in escrow until work is done - contractor gets paid once work is done, any excess funds go to seller.

Jun 18, 2019 08:49 AM
Rainer
340,653
Kris Collis, Associate Broker
Smart Way America Realty - East Stroudsburg, PA
Professional Results you Expect 570-801-5525

Close as scheduled, absolutely.
especially for typically straightfoward repairs. Doesn't get easier than putting funds in escrow.  Draw up addendum at the table if needed with name of service provider and requirement for buyer to present receipt of satisfactory, completed work.  Title company or attorney cuts check.  DONE!

Jun 18, 2019 08:32 AM
Rainmaker
4,847,665
Richard Weeks
Dallas, TX
REALTOR®, Broker

Give the list to the client and tell them I recommend number 2.  Then follow their instructions.

Jun 18, 2019 07:50 AM
Rainmaker
5,583,167
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

escrow 1.5 times the amount.... and give it a 30 day period to repair....

Jun 18, 2019 07:36 AM
Rainmaker
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Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

I like Debe’s answer

Jun 18, 2019 07:03 AM
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Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

I negotiate on behalf of what my client wants and ensure my clients are well protected. Check with Lender. Get the agreement in writing signed by all parties. 

Jun 18, 2019 01:50 PM
Rainmaker
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Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Escrow as many have said. A

Jun 18, 2019 07:24 AM
Rainmaker
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John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

#2 + #4

Jun 18, 2019 07:14 AM
Rainmaker
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Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

Excepting funding time the rest is not even an consideration.

Jun 18, 2019 07:00 AM
Rainmaker
2,070,825
Evelina Tsigelnitskaya
SIB Realty - Sunny Isles Beach, FL

Agree with Debe Maxwell, CRS 

Jun 18, 2019 04:09 PM
Rainmaker
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Valeria Mola
SIB Realty - Miami, Sunny Isles Beach - Sunny Isles Beach, FL
305-607-0709 SIB Realty Condos for Sale and Rent

Debe Maxwell, CRS nailed it. 

Jun 18, 2019 03:05 PM
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Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

I would get invoice estimate from attorney, amend contract to have seller pay that much in closing costs for buyer and then let buyer have repair done after closing.  

Jun 18, 2019 02:05 PM
Rainmaker
1,497,598
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Typically, by agreement of all parties the money to cover the repair and installation would be held in escrow.  The transaction would close as normal and the work gets done in two weeks.  Vendor submits the bill to escrow and gets paid.

Jun 18, 2019 01:33 PM
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Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

Tell the buyer to fix it themselves, if they refuse then move onto the next buyer.

Jun 18, 2019 12:58 PM
Rainmaker
1,087,837
Diana Zaccaro Broker Associate
Tropical Beachside - Cocoa Beach, FL
"The Accidental Blogger" Cocoa Beach, Florida

What does the buyer want to do? Can they live w/o the garage door being functional during that time?

#2 is the usual choice, escrow 1.5x cost.

Brilliant idea #5 -  If the cost of repair is about the same as the cost of a whole new garage door opener, either have seller replace the unit prior to closing or escrow that amount for installation and close on time.

With all the rain we are having, I would not want to do w/o a working garage door opener for at least two weeks (and possibly longer...Murphy's Law, you know).

 

 

 

Jun 18, 2019 11:55 AM
Rainmaker
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Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

I would have credited the buyer from the start and  let them complete it when they own it. closing stays on time

Jun 19, 2019 05:43 AM
Rainmaker
849,491
Brenda Mayette
Miranda Real Estate Group, Inc. - Glenville, NY
Getting results w/ knowledge & know-how!

2 or 3

Jun 19, 2019 04:31 AM
Rainmaker
898,042
Carla Freund
Keller Williams Preferred Realty - Raleigh, NC
NC Real Estate Transition & Relocation 919-602-848

Ultimately it is up to the buyer and how quickly they want to get into the house. We don't do escrows. So, have the attorney make a check out to the vendor and work done after. Vendor picks up the check from the attorney once the work is done and buyer signs off. We see this a lot when we have window replacements.

Jun 19, 2019 04:31 AM
Rainmaker
1,528,399
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
CEO of Vision Drive Realty - Coastal San Diego

2.

4.

5.

Jun 18, 2019 08:52 AM
Rainmaker
5,846,858
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

The buyer and seller should agree on one of these.

Jul 11, 2019 11:40 AM
Rainmaker
4,894,557
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

2 works for me most the time.

 

Jun 20, 2019 08:14 AM
Rainmaker
5,188,610
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Close with funds 150 -200% of estimated repair in escrow until repair made and then funds are released to seller. If a large repair, delay the closing until completed.

Jun 19, 2019 04:08 AM