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The SELLER's Realtor told you that YOU should be checking on the safety of the house? I can't imagine why. The house still belongs to the current owners if you haven't closed yet. It wasn't your responsibility to do safety checks and why you would have agreed to that baffles me. You put yourself in a compromising position accepting the keys to a house you don't own. Now they can plausibly blame this on you, since you had access. Call the police. Do not accept any blame. In fact, if it were me, I'd be backing out of the purchase. Something's not on the up-and-up with this seller/Realtor.
That was my thought too but didn't want to go that far. What kind of realtor or seller gives the keys to someone when the house hasn't closed yet, and tells them to "watch" the house? And then magically, the copper pipes disappear without any evidence the house was broken into. Really? This sounds like a set up.
I've read that buyers have gotten sued for trying to get out of deals, we can't afford anything like that.. Between what's happened recently and how all of this has gone down, we feel the only thing that is going to make us want the house now, is if the seller comes down on the price significantly. There's a lot of work that needs to be done in this home-(renovations, electrical for sure).. And if the work the sellers have done is any indication of how they'll "FIX" the copper/plumbing, then it's going to be another sh*tty job.
The house was bought at foreclosure for 54k,, and all they did was slap fresh paint and put a new roof on. But they did a terrible job.. Oh boy, what a bummer..
Don't they use building permits, and inspections where you live? Permitted construction should keep you safe!
The SELLER's Realtor told you that YOU should be checking on the safety of the house? I can't imagine why. The house still belongs to the current owners if you haven't closed yet. It wasn't your responsibility to do safety checks and why you would have agreed to that baffles me. You put yourself in a compromising position accepting the keys to a house you don't own. Now they can plausibly blame this on you, since you had access. Call the police. Do not accept any blame. In fact, if it were me, I'd be backing out of the purchase. Something's not on the up-and-up with this seller/Realtor.
I agree something isn't right
What most likely it is
The Builder themselves stole the pipes now want OP insurance to pay for the replacements (double profit on the same set of pipes)
OP the pipes are not your responsibility
I think you've run into an organized scam
You are not responsible for the status of the house until you take possession*** - then it must be in the state it was when you purchased (or the state it was promised to be - ie FINISHED)
Down where I live copper is the Last Thing to go in
They don't even put a hot water service in until the day you move in bc they too are full of copper
Its a well known scam in the trade
Its your BUILDERS and likely the RE Agent in on this together
Bet my house they've run it before
They say to you "claim it on your Insurance" so they get the original pipes plus replacements (which they may well steal also)
Id go to Police. Its FRAUD no less.
***down here when you sign the dotted line part of the deal is You take out homeowners insurance - this will be what these guys are trying to defraud - AMATEURS tsk
Btw: ignore this advice at your own risk. I know what Im talking about and I can smell the scoundrels from here.
Folks here is the situation the OP is in....he posted it in the wrong forum....what a mess
Michael darker {quote}
We're first time home buyers and have not been comfortable with our experiences so far. I'll try to keep this short & sweet to not waste any time..
House was listed for 99,000. Was appraised for 105k.
We were asking FHA for 105k which would cover closing cost. Our realtor who we don't trust, caused us to lose a 1000 from the start by rounding that 99k to 100k. My wife, didn't say anything and I would have,,why lose a thousand dollars?
Anyway, the FHA deal didn't go through for lack of credit and history. We're new business owners and the banks underwriters aren't going by what we currently make-and estimating what we make by averaging the last 3 years which is ridiculous because it shows we only make 2500 a month! It was significantly higher than that then, and is much more higher than that now as of the last 8 months.
The deal with FHA fell through, now we're working with St Pius Federal Union Bank. Here's where my concern is,
They will only give us 80%, which ad's up to 84k, and want to give us the rest on a 2nd mortgage. The first mortgage will be at 3.5% and the second would be at 6%. making the loan total 94.5k-and we'd still have to come up with 5k to cover the rest plus closing costs which we're figuring about 5k.
Is it wise to have a 2nd mortgage right from the get go? And now, I'm upset about our realtor rounding the 99k to 100k because that IS another thousand we have to come up with!!!
Can I change realtors if I don't trust her? We never chose her, on open house, she was present with the seller's realtor-and they seemed to work together and do not seem like they're at all worried about us. Sorry if I'm all over the place, I'm doing this as I'm working and need some help because I feel like we're getting in over our heads-not to mention, if we went through with this, what would our monthly mortgage be?? I'm thinking, wait a few months, do our taxes and the numbers will be on our side...but then again, I don't want to get sued.! But can they sue if we don't have the money up front? SO many questions, with so much worry..! Thanks for any help!
Folks here is the situation the OP is in....he posted it in the wrong forum....what a mess
Michael darker {quote}
We're first time home buyers and have not been comfortable with our experiences so far. I'll try to keep this short & sweet to not waste any time..
House was listed for 99,000. Was appraised for 105k.
We were asking FHA for 105k which would cover closing cost. Our realtor who we don't trust, caused us to lose a 1000 from the start by rounding that 99k to 100k. My wife, didn't say anything and I would have,,why lose a thousand dollars?
Anyway, the FHA deal didn't go through for lack of credit and history. We're new business owners and the banks underwriters aren't going by what we currently make-and estimating what we make by averaging the last 3 years which is ridiculous because it shows we only make 2500 a month! It was significantly higher than that then, and is much more higher than that now as of the last 8 months.
The deal with FHA fell through, now we're working with St Pius Federal Union Bank. Here's where my concern is,
They will only give us 80%, which ad's up to 84k, and want to give us the rest on a 2nd mortgage. The first mortgage will be at 3.5% and the second would be at 6%. making the loan total 94.5k-and we'd still have to come up with 5k to cover the rest plus closing costs which we're figuring about 5k.
Is it wise to have a 2nd mortgage right from the get go? And now, I'm upset about our realtor rounding the 99k to 100k because that IS another thousand we have to come up with!!!
Can I change realtors if I don't trust her? We never chose her, on open house, she was present with the seller's realtor-and they seemed to work together and do not seem like they're at all worried about us. Sorry if I'm all over the place, I'm doing this as I'm working and need some help because I feel like we're getting in over our heads-not to mention, if we went through with this, what would our monthly mortgage be?? I'm thinking, wait a few months, do our taxes and the numbers will be on our side...but then again, I don't want to get sued.! But can they sue if we don't have the money up front? SO many questions, with so much worry..! Thanks for any help!
Rochester, NY
Michael darker {quote}
uh, that's fraud you could get her in a lot of trouble for that
the smart thing to do would likely be opt out entirely imo (id have to look closer)
something aint clean and those contracts they made you sign aren't worth a toss
get some professional help, If I were you Id call your local RE Assn
go straight to "your" Realtor's BROKER in charge. If that person is either your Realtor or the Seller's Realtor, then go to your closing attorney. If y'all aren't using closing attorneys or you're using the Seller's Realtor choice of lawyers, then contact your own.
you are in WAY over your head, and have been from before the above quoted post.
Your situation gets scarier with each post I read. "We never chose her, on open house, she was present with the seller's realtor-and they seemed to work together and do not seem like they're at all worried about us." Big red flag there.
Copper pipes missing. Someone took an ax to a hump in the middle of the basement floor (what in creation is that hump there for, in the first place?)? The seller's realtor wanted you to check on the home before you own it? Yikes. Get out of this contract, IMO. Something is not right, and you're getting in deeper and deeper. Get an attorney, if you don't already have one, to review the entire situation. Good luck and keep us posted.
When I equals zero, why would anyone be disappointed in R?
I is not zero.
Cost of tools.
Labor.
Motor vehicle fuel.
Motor vehicle maintenance.
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you could get her in a lot of trouble for that
But, I do get your point
