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Old 07-10-2008, 07:15 AM
 
12 posts, read 31,493 times
Reputation: 11

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After reading a lot of the posts here, I hired the most highly recommended home inspector. He was worth his weight in gold.

The inspection turned up a leak in the roof and stated an assumed a leak in the pool. We had to make an assumption about the pool because the seller drained the pool (strange). Once the seller read the inspection report with the roof damage, he started dragging his feet on the process. He wouldn't negotiate about the pool untill the roof issue was settled. He then cancelled the appraisal that was scheduled for Thursday until after the weekend. He eventually "said" he would contribute about half of the roof cost. On Tuesday, we got the appraisal done and that day, he finally started to fill up the pool. Knowing we were not going to finish everything during the inspection window, my R/E agent asked for an extension 3 days before the window expired. The seller verbally agreed to sign the extension each day he was asked, but by Wednesday, he had not yet signed the extension. So, now the contract inspection window is expired, nothing was signed regarding the repairs for the roof, the pool has not yet been inspected, and no extension was signed. Sounds like I am up the creek. What is my next course of action....
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Old 07-10-2008, 09:13 AM
 
Location: Oxxford Hunt, Cary NC
4,477 posts, read 11,595,691 times
Reputation: 4263
Did you give the seller a written list of the items you wanted repaired after the home inspection?

What I did with my most recent home purchase was give the sellers a copy of the inspection report and my list of repairs within the inspection window. Two items - the roof, and rotten trim/siding required more investigation. We listed those two items as "pending" on the addendum. This was my way of responding within the window thereby protecting myself, and also giving the homeowners notice of what was going on. We eventually settled on a price reduction for the rotten trim, and a new repair request was done up, which we all signed.
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Old 07-10-2008, 10:23 AM
 
Location: Barrington
63,919 posts, read 46,571,700 times
Reputation: 20674
It sounds like this seller is not too eager to sell his home.

Where are the real estate agents in all of this?

Is it customary in your state to use an attorney for real estate transactions?

Are you financing the purchase? Is the appraisal being done to protect the lender's interests?

An unfilled pool in July sends up a lot of red flags, especially when the home is for sale.

Is this house a steal of a deal and/or are you emotionally vested in its acquisition? In other words, is there a reason why you are not walking away and finding a nice home being sold by someone who really wants to sell?
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Old 07-10-2008, 12:21 PM
 
Location: Charlotte, NC
195 posts, read 536,682 times
Reputation: 56
How badly do you want this home? In NC our contract clearly states as long as the buyer gives written notice within X amount of days of specific requested repairs, the seller has X amount of days after to given written reponse as to their intentions. If the seller doesn't give response, you are entitled to either accept the house as/is or terminate the contract and get your earnest deposit back.
Your real estate broker should know this and advise you what your options are.
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Old 07-10-2008, 01:30 PM
 
Location: Salem, OR
15,529 posts, read 40,285,449 times
Reputation: 17415
In Oregon you would be purchasing the home with bad roof and pool at this time.

You need to see what your contract states since all states handle repairs differently. You have an agent who should be guiding you through this.
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Old 07-10-2008, 02:30 PM
 
12 posts, read 31,493 times
Reputation: 11
As of today, the seller has received a repair estimate for the roof. He is only willing to contribute about 2/3rds the total cost for replacing the roof. The pool inspection is scheduled for tomorrow AM and depending on what is discovered there, the repair estimate may change. The seller should be pretty motivated to sell. He is a FSBO and a real estate flipper currently carrying at least 2 mortgages... He bought the house through probate and did a lot of cosmetic upgrades. True the upgrades have value, but I am concerned about fundamental issues like the roof and a possibly leaking or non functional pool that will cost me several thousands immidiately after closing.

I am not emotionally vested in this property, but it is a great property at what seems to be a great price...assuming repairs are covered. My lender is BoA and they finally completed their appraisal report. The appraised amount happend to be the same as the sale price. I feel good about the value of the house because of what I have read about BoA, they are very conservative with appraisal values and often come in below sale price. The problem is that no homes have sold in this neighborhood that can be used for a comp. in the last 6 months.

My R/E agent is guiding the process but since I am not an expert in this process, I wanted to get some outside input. My R/E agent has the seller on voicemail agreeing to the extension but i'd rather see it in writing. The seller is not pushing back about the inspection window and is still negotiating repairs. My fear was the Oregon scenario...

Thanks for the input...
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Old 07-10-2008, 05:18 PM
 
Location: Salem, OR
15,529 posts, read 40,285,449 times
Reputation: 17415
Quote:
Originally Posted by jrainer View Post
My R/E agent has the seller on voicemail agreeing to the extension but i'd rather see it in writing.
Writing would be better but verbal agreements are still binding, just harder to prove. Thankfully it was on a voice mail so you have some proof in case you need it.
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Old 07-10-2008, 07:22 PM
 
Location: Columbia, SC
10,931 posts, read 21,900,803 times
Reputation: 10560
Quote:
Originally Posted by Kari Strong View Post
How badly do you want this home? In NC our contract clearly states as long as the buyer gives written notice within X amount of days of specific requested repairs, the seller has X amount of days after to given written reponse as to their intentions. If the seller doesn't give response, you are entitled to either accept the house as/is or terminate the contract and get your earnest deposit back.
Your real estate broker should know this and advise you what your options are.
In SC, the seller not responding to requested repairs is considered the same as accepting the addendum and the seller therefore must make the repairs. The seller must also make the house available for inspections or the buyer can void the contract or take it as is.Best to check with your agent on local laws.
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Old 07-10-2008, 07:28 PM
 
Location: Nashville, TN
1,177 posts, read 4,147,381 times
Reputation: 945
Voicemails can disappear. I would suggest you demand everything in writing and signed in a timely manner. If the seller balks, and you are not already contractually obligated, then I would have difficulty trusting the seller. With all of the inventory out there I would also expect the seller to pay for all of the repairs/replacements you cited.
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