90-day punch list in turn-key property - seller won't complete

90-day punch list in turn-key property - seller won't complete

Member since 2022 · 1 post · 0 votes

I purchased a few turn-key properties on contingencies that seller will complete punch list repairs, created by our inspector, within 90 days of purchase. I'm out of state and cant be there to enforce.  We are coming up on a year of sale and punch lists are still not complete.  Homes are renting, but still want the lists completed.  Outside of hiring an attorney to handle, any suggestions that will get the seller to get the items completed?  All lists have been documented and signed, so I am totally in the right. 

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Real Estate Agent · Skagit Valley, WA · Member since 2021 · 257 posts · 283 votes
4y

Contingencies are used as leverage and ways of backing out of a deal PRIOR to closing. Are you saying that you closed on the properties with a written agreement that seller would take care of a punch list of items for you after you've taken ownership? Not really contingency.....more like a wish list. Short of hiring a lawyer I believe you're out of leverage.

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  • Real Estate Agent · Skagit Valley, WA · Member since 2021 · 257 posts · 283 votes
    4y

    Contingencies are used as leverage and ways of backing out of a deal PRIOR to closing. Are you saying that you closed on the properties with a written agreement that seller would take care of a punch list of items for you after you've taken ownership? Not really contingency.....more like a wish list. Short of hiring a lawyer I believe you're out of leverage.

  • Bjorn AhlbladPro Member
    Investor · Shelton, WA · Member since 2017 · 6k+ posts · 6k+ votes
    4y

    @Kathy Peeples welcome to BP! There is no such thing as a 'turn key' property. Things will only be completed prior to closing. Be happy your property is rented and tenants are paying. I would not bother with a lawyer, just more expense and unlikely to bring you any positive result. These things are part of the learning process. All the best!

  • Investor · Las Vegas, NV · Member since 2013 · 8k+ posts · 10k+ votes
    4y

    If you want to “feel good” you could find out if a local lawyer who would take the deal for a percent of the recovered funds, maybe even a collection agency would do that, or you at small claims court while visiting your property. But first you’d have to do everything on the list so you know how much you’re asking for. 

  • Nathan GesnerBusiness Member
    Moderator
    Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
    4y
    Quote from @Kathy Peeples:

    I purchased a few turn-key properties on contingencies that seller will complete punch list repairs, created by our inspector, within 90 days of purchase. I'm out of state and cant be there to enforce.  We are coming up on a year of sale and punch lists are still not complete.  Homes are renting, but still want the lists completed.  Outside of hiring an attorney to handle, any suggestions that will get the seller to get the items completed?  All lists have been documented and signed, so I am totally in the right. 


    Hire an attorney. It doesn't matter if you are in the right; you can't/won't enforce the contract so they're walking all over you. Get an attorney to step in and fix this.

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  • Investor · Van Isle · Member since 2021 · 455 posts · 226 votes
    4y

    If you can’t be here to enforce, you need an agent or representative. I’ve seen homes decompose that are locked up in years of litigation.

  • Theresa HarrisPro Member
    Member since 2019 · 15k+ posts · 11k+ votes
    4y

    I wouldn't close if the work wasn't done or money wasn't held back at closing so you could complete it yourself.

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