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Old 08-03-2012, 05:08 PM
 
4,631 posts, read 7,228,689 times
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Quote:
Originally Posted by proton022 View Post
No, it is not in preforeclosure. I believe the sellers just upgraded themselves to a more expensive house, so they are selling this one. Still waiting to hear back ..
Hmmm.. I don't think they lived in this house. I think it was a rental.

If they lived in this house.. SHAME ON THEM!!!

OP...Are you attempting to finance this purchase?
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Old 08-03-2012, 05:37 PM
 
46 posts, read 80,390 times
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Quote:
Originally Posted by ocngypz View Post

OP...Are you attempting to finance this purchase?
Yea, we are planning to take a mortgage.

We just got back a reply from the seller saying that they would only take care of the basement repair, and nothing else.

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Old 08-03-2012, 05:58 PM
 
4,631 posts, read 7,228,689 times
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Quote:
Originally Posted by proton022 View Post
Yea, we are planning to take a mortgage.

We just got back a reply from the seller saying that they would only take care of the basement repair, and nothing else.

I'll tell you right now.. you'd be facing financing problems with the bank with a house in such poor condition. You could get a rehab loan but.................I don't like this house at all. No ifs, ands or buts about it.

My first house was ugly.. no doubt about that. It was 40 years old. I bought it for location.. and I could afford it. However, everything worked, had another 15 years on the roof.. nothing was beat up, missing, broken, rotted or infested.

Just ugly.


Cancel the contract and move on.
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Old 08-03-2012, 09:14 PM
 
Location: Brentwood, Tennessee
39,294 posts, read 37,873,641 times
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Quote:
Originally Posted by ocngypz View Post

Cancel the contract and move on.
Yep...
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Old 08-04-2012, 12:30 AM
 
46 posts, read 80,390 times
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Quote:
Originally Posted by Wmsn4Life View Post
Yep...
I asked for half the price to repair the leaky roof. Ignored all the other issues with door, driveway, etc. They said no.

I asked my agent to move on. Waste of time and inspection money . Lesson learnt though. Ask plenty of questions if a house has been on the market for a long time when others are selling like hot cakes.

Thanks to all of you guys in helping me arrive at this decision. Wonderful forum!
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Old 08-04-2012, 12:56 AM
 
Location: Out there somewhere...
38,716 posts, read 45,171,822 times
Reputation: 106887
Good for you. Smart decision. If you were to finance it the lender would have had their own inspection and very likely would not grant you a loan in the condition as it is.
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Old 08-04-2012, 09:06 AM
 
Location: DFW - Coppell / Las Colinas
29,978 posts, read 34,625,359 times
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Quote:
Originally Posted by nitram View Post
Good for you. Smart decision. If you were to finance it the lender would have had their own inspection and very likely would not grant you a loan in the condition as it is.
Lenders seldom do their own inspection. They seldom ask for a copy of the inspection report. Part of the appraisal process for the lender is to determine the value of of a home and it's general overall condition (such as a bad roof). But appraisers do not function as inspectors.
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Old 08-04-2012, 09:17 PM
 
Location: Brentwood, Tennessee
39,294 posts, read 37,873,641 times
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It sounds like you're making a smart move.

It wasn't a waste if you learned something, and it was a much cheaper lesson than it could have been!!

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Old 08-04-2012, 11:47 PM
 
Location: Out there somewhere...
38,716 posts, read 45,171,822 times
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Quote:
Originally Posted by Rakin View Post
Lenders seldom do their own inspection. They seldom ask for a copy of the inspection report. Part of the appraisal process for the lender is to determine the value of of a home and it's general overall condition (such as a bad roof). But appraisers do not function as inspectors.
2 past homes that I had financed lenders required inspection/termite reports.
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Old 08-05-2012, 12:27 AM
 
Location: Tempe, Arizona
4,511 posts, read 11,577,067 times
Reputation: 2180
Quote:
Originally Posted by nitram View Post
2 past homes that I had financed lenders required inspection/termite reports.
Never had lenders ask for general inspection reports, have had termite inspection required. On FHA loans the appraiser will check safety related items and note those in their appraisal report.
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