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Old Yesterday, 07:11 AM
 
Location: Williamsburg, VA
2,335 posts, read 1,057,432 times
Reputation: 5595

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I'm so sorry this happened to you. Sending hugs, and more hugs. I hope that the rest of your experiences go much more smoothly.
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Old Yesterday, 07:48 AM
 
Location: Cary, NC
32,272 posts, read 56,455,144 times
Reputation: 31008
Quote:
Originally Posted by goldenlove View Post
They had almost 2 weeks for repairs, had they looked at and accepted the repairs request. It was sent to them on the 17th and they had until the 31st to complete the repairs. They chose to wait to sign the repairs request until the 25th, the day DD ended. I'm not sure how that's stacking the deck against myself. We were trying to give them as much time as possible. We also had absolutely no problem with the attorney holding money in escrow to pay for the repairs that wouldn't be completed until after closing. The sellers were the ones who were fighting putting the funds into escrow.

And yes, after 4 hours of sitting at the attorney's office while our movers were in the driveway of the house, I was giving into my frustration over $75.


Who selected the closing attorney?
For a closing attorney to not confirm deed and lien waiver prep very early in the transaction, and with a formal engagement letter to do so? Seems like an error right there.

I am seeing more DD requests that ask for an answer by a deadline 48 hours before expiration of the DD Period.
Seems like a good idea to me.
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Old Yesterday, 10:39 AM
 
Location: The Triad (NC)
27,530 posts, read 59,556,787 times
Reputation: 30501
Quote:
Originally Posted by goldenlove View Post
They had almost 2 weeks for repair...
You need 2 weeks just to line up contractors for that sort of thing.
Were you able to even confirm that the seller had the CASH needed to do the work?


Quote:
I'm not sure how that's stacking the deck against myself.
You should have held back your self imposed settlements date until the work was complete.
Completed and reinspected to your satisfaction. Or to have made some other arrangement to buy
'as is' on your self imposed date for $X less. That's how.
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Old Yesterday, 01:46 PM
 
Location: NC
1,951 posts, read 985,834 times
Reputation: 4633
Quote:
Originally Posted by MrRational View Post
You need 2 weeks just to line up contractors for that sort of thing.
Were you able to even confirm that the seller had the CASH needed to do the work?


You should have held back your self imposed settlements date until the work was complete.
Completed and reinspected to your satisfaction. Or to have made some other arrangement to buy
'as is' on your self imposed date for $X less. That's how.
Seriously, that's ludicrous to suggest. They were flippers who apparently didn't do any inspections of the property on their own before buying it or putting it on the market. If they had, they would have known the septic needed to be replaced. It's not my job to verify whether the sellers have the cash to do the work, they accepted the repairs request. They accepted our closing date on the offer to purchase. We were moving here from 4 hours away and were moving my dad into an assisted living nearby. We couldn't be 4 hours away from him and it's not our responsibility to change the closing dates because the seller and/or his agent dragged their feet the entire way through. Anything else you choose to blame on us for offering to purchase this property and spelling every thing out in the contract? Interesting that you don't feel the sellers, who signed contracts agreeing to everything are to blame for anything.

And yes, the closing attorney verified everything with the seller, including the deed preparation. The seller decided the day before closing that they wanted to prepare the deed themselves and did not notify the closing attorney. They found out the day of closing. The paralegal had sent a preliminary HUD-1 to the seller's agent, my agent and me on Monday, January 30th. Two days later the seller's agent said it looked good, which was 2 days before closing. The preliminary HUD-1 showed a deed prep fee. If they were going to prepare their own deed, it could have been mentioned then.
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Old Yesterday, 01:54 PM
 
Location: S.W. Florida
1,942 posts, read 776,089 times
Reputation: 5455
When the sellers and their agent were 30 minutes late for the closing I would have contacted my attorney right then to call this off. Actually, based upon the many other items you listed, I would never have gone to closing on this house, especially in light of the septic issues. There is always another “The One” out there.
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Old Yesterday, 02:00 PM
 
Location: NC
1,951 posts, read 985,834 times
Reputation: 4633
Quote:
Originally Posted by Ron61 View Post
When the sellers and their agent were 30 minutes late for the closing I would have contacted my attorney right then to call this off. Actually, based upon the many other items you listed, I would never have gone to closing on this house, especially in light of the septic issues. There is always another “The One” out there.
We had been house hunting from 4 hours away for several months and had moved my dad into an assisted living 30 minutes away from this house. It's near his old neighborhood, friends and former coworkers. We had already paid his entrance fee and his first month's rent. We needed to close or else we would have had to go back to our house 4 hours away and that's just too far to be from him. We had already delayed his move in date to coincide with our closing (we moved him in the day before our closing). If we had been local, I would have strongly considered walking, but I was also already out the DD fee, home inspection, septic inspection and pest inspection fees and likely would have had to fight to get back the earnest money. That's a lot of money to walk away from.
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Old Yesterday, 02:02 PM
 
Location: Rochester, WA
4,397 posts, read 2,402,806 times
Reputation: 12353
I agree the timeline seems pretty dang ambitious, I would not be surprised if it takes a few weeks to get it all done... A month, for a major septic repair, we just went through it on a closing here!

I am glad you got through signing and into the house though! As it seems that is the important thing. The rest can all be worked out going forward. Good luck!
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Old Yesterday, 02:14 PM
 
Location: NC
1,951 posts, read 985,834 times
Reputation: 4633
Quote:
Originally Posted by Diana Holbrook View Post
I agree the timeline seems pretty dang ambitious, I would not be surprised if it takes a few weeks to get it all done... A month, for a major septic repair, we just went through it on a closing here!

I am glad you got through signing and into the house though! As it seems that is the important thing. The rest can all be worked out going forward. Good luck!
Thank you!

And as I mentioned all the way through, we had no problem at all with the sellers putting the money into escrow for the repairs. We knew some of them would take quite some time. Because of the timeline we were working under, we totally had no issue proceeding that way. It was the seller/his agent who fought it tooth and nail and then ultimately agreed.
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Old Yesterday, 04:37 PM
 
1,747 posts, read 3,114,755 times
Reputation: 1866
Serious question, for reasonably large repairs like this, is it typically written to hold back $x for repairs and then you can just not exceed that amount?

I'm assuming a seller would want a cap for their potential repair outlay.

I've never purchased a home with this type of clause. Always just asked for a straight reduction in price to offset the cost of repairs. That said, I've never had to deduct $5k+ in repairs.

Quote:
Originally Posted by goldenlove View Post
Thank you!

And as I mentioned all the way through, we had no problem at all with the sellers putting the money into escrow for the repairs. We knew some of them would take quite some time. Because of the timeline we were working under, we totally had no issue proceeding that way. It was the seller/his agent who fought it tooth and nail and then ultimately agreed.
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Old Yesterday, 04:56 PM
 
Location: Cary, NC
32,272 posts, read 56,455,144 times
Reputation: 31008
Quote:
Originally Posted by WestieJeff View Post
Serious question, for reasonably large repairs like this, is it typically written to hold back $x for repairs and then you can just not exceed that amount?

I'm assuming a seller would want a cap for their potential repair outlay.

I've never purchased a home with this type of clause. Always just asked for a straight reduction in price to offset the cost of repairs. That said, I've never had to deduct $5k+ in repairs.
Yes.
It does seem odd to have money in escrow, rather than a reduction in price.
All I can imagine is that the seller wanted to be sure the buyer was not just going to pocket the money and never do the repairs.
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