Handle Needed Repairs Early

There is a standard chain of events that occurs when an offer comes in on a home. After a meeting of the minds, the buyer often brings in a home inspector who may find a few items that need to be repaired. The real estate agent gives the homeowner a list of the requested repairs. What comes next?

In most transactions, the seller will take care of the repairs. Many sellers wait until the week before the closing to call someone to do the work, because they want to be sure that they are going to make it to the closing table before they spend money on repair work. If you are responsible for making repairs to a home you are selling, make sure you have the work done well in advance of the closing date by licensed professionals who will stand behind their work. If the work is done at the last minute and is incomplete or unsatisfactory, it could cause complications at the closing. You should provide the buyers with all the receipts and the names of the persons to contact in case there is a problem with the repairs.

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Real Estate Tips

Closing or Settlement >Escrow Rules

The lender is allowed to accumulate a borrower's payments up to a two-month advance cushion at the end of a year. But if a surplus develops beyond this amount, the borrower is now entitled to an immediate refund unless the surplus is less than $50. These rules apply to new loans.

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Real Estate Trivia

Q	Which U.S. hotel has more fountains than any other hotel in the world?
A	The Bellagio Hotel in Las Vegas, Nevada has more than 1,000 fountains embellishing an 11+ acre artificial lake.
See More Real Estate Trivia >

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Jim Lark Latter and Blum 1151 N. Causeway Blvd. Mandeville, LA 70471 985-626-9920 Fax: 985-626-4112 jlark@airmail.net mglass@stirlingprop.com Helping Families Find Homes and Homes Find Families. www.jimlarkproperties.com is brought to you by Jim Lark, real estate for Mandeville, Covington and Madisonville, Louisiana Read Jim Lark's Privacy Guarantee, Terms of Service, and Free & Without Obligation Pledge

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