Buyer has another option: Back out
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Regarding “Who Pays for Fixing Defects Discovered Before Closing?” by Dian Hymer [May 15]: The seller can elect to do nothing and let the buyer accept or cancel.
In this market, where there are multiple offers and backups sitting, in a good percent of the transactions we are finding this response fairly common.
Also, in some transactions a nominal credit is offered, which doesn’t come close to the actual cost of repairs requested. Again, the buyer can negotiate, accept or walk.
Richard Adams
Los Feliz
Adams is a real estate agent with Sotheby’s International Realty.
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