Diego’s appraisal point is important, but I wouldn’t request a price reduction solely in anticipation of a low appraisal. Wait for actual value evidence if timing permits. A lower price helps an appraisal problem; a credit helps near-term closing costs. They solve different constraints.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an alternative browser.
You should upgrade or use an alternative browser.
Boston new-build: $18,000 inspection issues—credit, price cut, or seller repairs?
- Thread starter chalk.swift
- Start date
I would not simply wait for every answer if the response deadline is approaching. Submit the preferred proposal, include a fallback, or obtain an extension. Silence can be riskier than making a conditional request that depends on lender approval and an agreed repair scope.
Compare usable dollars, not nominal concessions. An $18,000 price cut is spread through the purchase financing, while an allowable credit can reduce cash due at closing. But if your eligible costs are below the credit, the unused portion may provide no benefit. The lender’s worksheet should expose that difference.
Ask for side-by-side lender figures showing credit, price reduction and the current deal. Include cash to close, loan amount and any effect on approval. That should prevent the negotiation from being driven by the largest-looking number rather than the option that actually funds.
A repair holdback or escrow sometimes gets suggested as a fourth route, but don’t assume it is available. It would need to fit the lender’s, closing party’s and contract requirements, with clear release conditions. Unless all sides approve it, focus on options already workable for this closing.
vale.strong
First-time buyer
Your counter could use a simple order: full usable credit first; specified pre-closing repairs plus reinspection second; price reduction third if appraisal or concession limits make the others impractical. Put an expiration time consistent with your inspection rights so the seller has a concrete decision.
At this point the missing facts are narrow: the lender’s usable-credit ceiling, the seller’s exact repair scope, responsibility for overruns, appraisal status and the contractual deadline. Once those are written down, the choice should be clearer. I would not trade inspection protection for an undefined promise to “arrange” $18,000 of work.