Seller Repair Concessions and Closing?


I have a park under contract and almost through due diligence. The seller has agreed to give a 20k concession for repairs but my lender says we can not lower the price without having to go through underwriting again. Further, that would not leave me the money I want for repairs. Is there anyway to get a credit for repairs at closing?

The only option I can think of at this point is to have the Seller do the repairs.

Any input is appreciated.



Would the lender allow the seller to give you cash after closing?


If it’s one or two items to repair I would have the Seller do it to your satisfaction and terms. But if it’s a lot of little picky things that will complicate the deal since you’d be tracking the repairs and having to reinspect a bunch of stuff, I would ask the lender to get busy underwriting again.

A buyer getting 20K cash at closing is basically mortgage and / or tax fraud.


Have the seller complete repairs. vs. go to underwriting again to rework it. Sounds like the lender has given their answer, so its just a question of whether you want to accept the delay. But it sounds like whether you do or whether you don’t, there is a crinkle in the cotton. If the repairs can be completed to satisfaction in short order by the seller, or it takes another week or two at the underwriter and it only delays getting the park in your hands a couple weeks later (in theory), will it be an issue when all is said and done for your new property?.. just food for thought.

Is the money you need for repairs above and beyond what the seller was willing to fix? Could the list of repairs you would like to accomplish be completed through taking out a short term loan that you acquire after closing specified for repairs…or maybe do your list piece meal over time with revenue after debt service.