Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
First time home buyer. Long story short found a home I liked. Placed a contract November 9. Using USDA contract date for closing was December 27. There was some small repairs we agreed upon and one major which was the bathroom they gutted for whatever reason. Since I'm using USDA loan so certain things need to be done. Needless to say that we did not close. We were supposed to close this week, again repairs not done.
The seller works long hours 6 days a weeks and is trying to do it themselves. The appraiser has already been out there twice! The sellers agent is no help at all the agent either says the work was done, they didn't get a specific document (even after they signed and email them to everyone ) or they don't respond at all.
I'm trying to be patient and understanding in all this but I'm getting annoyed. If they want to postpone the closing date I'm understanding but this pseudo dates are stressing me out. I'm staying with family at the moment since I had to move from my old place. It's an inconvenience and the storage rates are increasing.
They don't seem motivated at all even though they say they are.
I'm seriousl considering walking but houses like this are so hard to come by.
Using USDA contract date for closing was December 27.
There was some small repairs we agreed upon
and one major which was the bathroom they gutted
The seller works long hours 6 days a weeks and is trying to do it themselves.
Needless to say that we did not close.
We were supposed to close this week, again repairs not done.
I'm trying to be patient and understanding in all this but...
They don't seem motivated at all even though they say they are.
What EXACTLY do they say?
How much longer will it take before the work is both complete...
but also done well enough to satisfy the appraiser?
Quote:
I'm seriously considering walking but houses like this are so hard to come by.
You need to consider it.
Clearly the seller was not ready to go when they listed the house and clearly their agent knew this.
But unless your contract includes delay penalties your only choices are to wait or walk.
I would walk. Missing one closing date shame on them, missing the second closing date shame on you for hanging in there like a fool. If you want to give them one last chance to get the work done tell them to take vacation days from work and do it, plus he should have spent any vacation days from work or days off fixing the bathroom. You seem to be getting the runaround. Your mistake was trusting untrustworthy people to finish work that they promised and making an offer on a home that would not be mortgagable. His work schedule is his problem, tell him you don't care about his job. Plus who knows if the work he does even will pass inspection?
You do need to put your foot down if you are going to give them another chance. I would ask my agent if there is any way to sue the seller for inspection and appraisal fees for their unpromised completion. Or I would tell my agent to amend the contract to make them pay a fine for every day that they are past the next closing date and force them to pay for your costs if they don't finish by the next closing date.
Sometimes as a new buyer you have to start over. The first home I wanted to buy it turned out had plumbing issues that we couldn't even turn on the water for inspection. The second didn't appraise for the loan amount. 3 months later I found a better home in a better area, sometimes it's not meant to be for a reason. As much as I wanted the second home, in retrospect it was great that it did not appraise and I had to let it go, I had 3 more months of hell living with a roommate, but in the end it was worth it.
If you don't put your foot down they will put their foot down on you and walk all over you. Insist on seeing the property and find out how many days it is from completion. If he wants to sell he can finish the work or pay someone to finish it. If you need to pass on this one do not buy a home that is not move in ready. You don't need updating, just minimum standards or it being livable enough to pass approval for the loan.
Last edited by LifeIsGood01; 01-06-2017 at 05:01 AM..
I'd walk. No real security that the work is going to get done and get inspected and approved in a timely manner. Plus it sounds like the current owner is half-a**ing the work - do you want to buy into those potential problems?
Why is the seller doing repairs on his own? You should do some type of amendment that states something about the final repairs need to be done by a licensed professional by X date and closing will be by Z date. Say what they say. Rates have gone up, so you're losing money if the rate lock expires.
First time home buyer. Long story short found a home I liked. Placed a contract November 9. Using USDA contract date for closing was December 27. There was some small repairs we agreed upon and one major which was the bathroom they gutted for whatever reason. Since I'm using USDA loan so certain things need to be done. Needless to say that we did not close. We were supposed to close this week, again repairs not done.
Walk.
The gutting of the bathroom worries me, and the seller doing repairs himself. Both bad in my book.
Unless you have a suitable alternative you gain nothing by walking. As 0714 said, what's a couple weeks of frustration if you get the house you're going to live in for years. If you walk, it'll be a couple of months earliest before you can close on a new USDA deal. Grit your teeth and hang in there.
That bathroom you say was "gutted for whatever reason".
At what point was it gutted? After your contract?
I'm wondering if the guy has a psychological issue and just doesn't want to let the house go.
I knew someone like that. Beautiful house. Not a single problem. When he put the house on the market that's when he decided to redo the living room and kitchen. It never sold. He's still in it years later.
Did you agree to have the seller complete the repairs themselves with no schedule, completion date or stated expectation for the work? If that is the case, you put yourself in this situation and it is probably a good time to learn from your mistake and move-on.
The question you may have to deal with, however, is, "What did you legally obligate yourself to under the agreement you signed?"
Apart from the agreement, it may be painful, but also irrelevant that you are unhappy with the ongoing circumstances ... and quite costly for you to simply walk. The saving grace for you may be that the seller is responsible for and unprepared to close on time. Even if you decide NOT to walk, take advantage of the renegotiated closing date opportunity to insist on conditions that protect you from non-performance.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
