Attorney · NJ · Member since 2016 · 1k+ posts · 794 votes
7y
Hi jay. What do you mean negotiations for rehabs? You would probably need a good agent to get the terms ironed out and price agreed upon before it got to an attorney. Of course there’s always some level of renegotiation after the inspections, but most contractors can estimate the costs of most of the work other than things not visible during the showing, so you know basically what you’re willing to pay and you agree on that number with your agent and the seller before an attorney gets near the file.
JV Contractor Syndicate Piscataway, NJ · Member since 2015 · 283 posts · 24 votes
7y
The way we have structured our purchases and resales are that the agent who brings in the property to be rehabbed; also gets the listing to sell upon completion. This model works well most of the time. Issues arise mostly at the time of purchase as we are juggling several players at the same time like HML, home inspection issues and the sellers etc. I find that the realtors are really not that good as compared to resolving issues on the attorney level. issues usually arise out of home inspection report and other such issues and if the attorney can resolve then the HUD form is clean. Mostly realtors are suggesting to reduce the price and that is complicating with the HML. instead if the funds are escrowed it resolves the issue fast and without complicating HML and HU form.