[MadManofBethesda]

Originally Posted by SportyandMisty

Go over your HUD-1 with a fine tooth comb. I've found 4 separate errors on the HUD-1 last week; the escrow company fixed 3 of the 4. They just outright forgot to fix the 4th, which I called to their attention today. At one point I asked, "it specifies right here how we will hold title; have you even read the purchase agreement???" "No" was the honest reply.

Let me just say that the escrow/title co employees probably were not on the honor roll in high school, if you know what I mean.

Yeah, something similar happened to me. Actually, I had a hell of a time just getting them to do a HUD-1 in the first place, but I'll get to that in a moment.

When I received the "Settlement Statement" from them, I went through it and found that they had completely overlooked the $3500 credit I had negotiated with the sellers because Spanish Trail had announced a special assessment in 2009 to be paid in 2010 & 2011. The sellers were to pay that in its entirety before we closed. When I brought it to the escrow agent's attention, I had to show them where in the sales contract the language was located so they could recompute the final total.

Now, as for the Hud-1...

When I asked for one at closing, I was told that it wasn't required because mine was a cash transaction. I told them that I was applying for the $6000 homebuyers' credit and that the IRS would want a HUD-1 attached to my tax return. They disagreed and said that the IRS would accept the "Settement Statement." However, three months later I received a letter from the IRS stating that if I didn't provide a HUD-1, my credit would be denied. It wasn't until I provided the IRS letter to the escrow agent that they finally prepared a HUD-1 and e-mailed it to me.

Of course, since it was prepared after the fact, it was not signed by the sellers. When I submitted it to the IRS, I had to write a letter explaining what had happened, and hoped that they would not disapprove the credit or make me jump through more hoops due to the shoddy work of the escrow agent. Fortunately, they eventually accepted the unsigned HUD-1 and the only downside to me was that my entire tax refund was delayed several months. While I should have received it the first week of April, I didn't actually get it until July.

[olecapt]

Originally Posted by Heyygirl

Congratulations! My "home warranty" company says that they are not responsible for the ac units because "since they stopped working, they can't be tested to see what is wrong, therefore they are not covered". Can you believe it???? Yes, I have an attorney.

One of the reasons for a home inspection is to establish that the units were in working order when you bought the house. Be very careful of "free" inspections by the home warrantee company...that tends to be a ripoff where the inspection company uses the inspection to avoid liability.

Read your warrantee policy. If it covers the AC units take them to small claims court for the cost of repairs. Been involved in two of these, one on my own behalf. In both cases the warrantee company folded and paid as the Court date approached. Most policies have a requirement that the units be properly maintained. That means a yearly tune up and inspection. I do that religiously. Also gets all the junk that builds up out of the units.

[jfkIII]

Originally Posted by ladoll

Although, I had a computer take a dump on me once one week before the warranty would end. That was the only time I got lucky, though. LOL

Sounds like a nasty fetish!

[vamping]

Never had an attorney at closing either. Wanted to say congratulations, welcome, and enjoy your new home!

[macgeek]

If you have been following my adventure, I am DAYS away from closing on a house, and doing all the pre-stuff before a closing.

I had the Home inspection, and he found about $5000 of Minor work that needs to be done (leaky pool fill, electrical work, windows, doors, etc, garage filled with crap) to bring it up to 'move in' state. I want to discount my buying price my $5000 to pay for those repairs. This is a short sale and my agent has been nagging me to just 'buy it as it is' and eat the 5K

The seller is just of the attitude "you pay me the full amount of I will just relist the place" and my broker is chiming in that the seller will have another buyer by Monday (Today is Sunday)

I am feeling manipulated here, so I ask the studio audience for help on this?

Jonathan

[jfkIII]

on a short sale...eat it.

[jjameson922]

On a short sale....eat it. There is just so much blood to let. Junk in the garage is cosmetic and your inspector should not even consider that.

[vegaslocal55]

That's what shorts & REOs are all about-"as is". Seems to me at least. It's a different real estate market here in Vegas 2010 than it was when I last bought a house-I'm considering forgoing the inspection alltogether (condo, though) once I find the place I want.

[vegaslocal55]

Just wondering, Jonathon, how long between your offer on the short & finding out all was a go? Between offer & closing? Seems like it went quickly for you.

[KiwiKate]

I agree with the other posters. This is a very unemotional transaction for the bank. If you're not happy with the condition and decide to walk, there'll be someone else who'll snap it up tomorrow. I had an inspection on my short sale just so I knew what I was getting into, and what I'd have to fix to make it livable. If I'd found something major, at least I'd have the option to walk if it didn't make economic sense to fix it myself. Never once thought that perhaps the bank cared enough about the sale to adjust the price.