House #2: Final Concessions

September 29, 2008 · 0 comments

The Bulge House has been under contract for about 10 days now, and the due diligence period has just ended. This means that, while the buyer can still back out of the transaction if she wishes to, she would lose her deposit if she did. So, I’m hopeful that this contract will stick, and we’ll go through with closing in the next couple weeks.

Before the end of the due diligence period, the buyer came back with a short list of demands:

  1. Buyer is provided with all original receipts and warranties on the new appliances, the roof, the water heater, the A/C unit and the furnace;
  2. Buyer to have walk-through of the property within 48 hours of the closing;
  3. Seller to provide Termite Letter to to the Buyer (basically, a letter from a termite company indicating a clean termite inspection);
  4. Seller to provide 1-Year Home Warranty on the property (this can be purchased through a third-party company);
  5. Seller to have the septic system cleaned, serviced, and inspected.

These are all very reasonable requests, and I had already factored the price of providing these into my cost calculations, so from a financial standpoint, I’m very happy with how this transaction is proceeding. This week I’ll be taking care of these items, and hopefully we’ll have a closing date arranged by next week.

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