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So after 14 long months of househunting and seeing EVERY house in Maplewood/Union and certain parts of South Orange that's been on the Market, I finally found a home 6 houses away from my daughter's school (Clinton) which was not a short sale/foreclosure/Bank owned etc and the owners already moved out and capable to closing quickly. All seemed to be going well until today, which was supposed to be the final day of Attorney Review. When asked about the oil tank that was once underground and all paper work/certificates etc relatated to the tank removal the Sellers drop a bomb! The Tank Leaked and they have a quote for 15K to fix it...as if that's not bad enough they expect the buyer (ME) to pay for it.
This wasn't disclosed to their agent (seller) nor to me until today. I'm so livid, it's not even funny. The audacity of these sellers!
I'm not emotionally attached to the house and I have no problem walking away (although I would hate to do so) but there's absolutely no way in hell I'm contributing a penny towards this.
So after 14 long months of househunting and seeing EVERY house in Maplewood/Union and certain parts of South Orange that's been on the Market, I finally found a home 6 houses away from my daughter's school (Clinton) which was not a short sale/foreclosure/Bank owned etc and the owners already moved out and capable to closing quickly. All seemed to be going well until today, which was supposed to be the final day of Attorney Review. When asked about the oil tank that was once underground and all paper work/certificates etc relatated to the tank removal the Sellers drop a bomb! The Tank Leaked and they have a quote for 15K to fix it...as if that's not bad enough they expect the buyer (ME) to pay for it.
This wasn't disclosed to their agent (seller) nor to me until today. I'm so livid, it's not even funny. The audacity of these sellers!
I'm not emotionally attached to the house and I have no problem walking away (although I would hate to do so) but there's absolutely no way in hell I'm contributing a penny towards this.
I'm so very sorry! That seller was outright deceitful and mean.
My kneejerk reaction would be to "badmouth" that property so it never sells.
Then you'll come in and purchase it at a 25% discount from the current agreed price plus $15K to fix the leak or the seller fixes it.
I'm sorry again and hope that this seller really thinks what they're doing to every party involved.
Getting 15K off the sales price, to me is still risky, the quote was just an estimate and from what I understand--until they start digging and testing etc, the total price won't be known. God forbid it turns out to 30K job. Then what?
Besides, I don't know that I feel like dumping more money out, after downpayment and some closing cost, another 15K (at minimum) would really put me closer to paycheck to paycheck--which I'm trying to avoid.
I agree. I would just walk away from this property unless the owner agrees to fix it and give you certifications to that effect. Since they lied (by omission), about the tank, they could be lying about the amount of the quote they received also.
This whole thing is stupid because ANYONE who contracts for the house is going to be up in arms over the oil tank situation, unless it's mentioned beforehand, and some adjustment made to the price because of it. I'm sure glad it's not my house to unload.
Good luck. Hopefully, you'll find your perfect house soon!
Oh dear. Yeah, you'll probably have to walk because by the time they get the whole thing cleaned up, it could be a long time off. That's too bad though, how annoying is right.
Getting 15K off the sales price, to me is still risky, the quote was just an estimate and from what I understand--until they start digging and testing etc, the total price won't be known. God forbid it turns out to 30K job. Then what?
Besides, I don't know that I feel like dumping more money out, after downpayment and some closing cost, another 15K (at minimum) would really put me closer to paycheck to paycheck--which I'm trying to avoid.
Yeah, don't get involved in this. Don't walk, run, and be thankful you found out about it sooner rather than later.
I'm so very sorry! That seller was outright deceitful and mean.
My kneejerk reaction would be to "badmouth" that property so it never sells.
Then you'll come in and purchase it at a 25% discount from the current agreed price plus $15K to fix the leak or the seller fixes it.
I'm sorry again and hope that this seller really thinks what they're doing to every party involved.
It's essentially an open ended liability. No sane person is buying that house until they fix it first. Of course there's a lot of non-sane poeple around, though in this economy they probably don't have the money to buy a house right now...
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