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Its always worthwhile to hire a certified home inspector. We did that for our property in BH on MDI. He found that the house was basically sound. If you are moving in right away, you don't need a rental agent. But if you do need a rental agent, finding one that you will trust to take care of things is harder than it might seem at first glance.
We will move forward and be happy that we finally found what we were looking for and deal with issues as they arise. Hopefully we won't find many more surprises. We had a plumber check the plumbing, a boiler man check the boiler and an electrician check all of the electrical. I will go over there now and continue cleaning and just be happy to have my own home again!
I can attest that YOU did everything right, and yes, just moving forward and being happy in your new home is truly what it's all about.
We did buy the house through a Realtor. It was not in forclosure but would have been as of today according to the bank. The sellers listed it hoping to sell it and help save their credit somewhat.
We will move forward and be happy that we finally found what we were looking for and deal with issues as they arise. Hopefully we won't find many more surprises. We had a plumber check the plumbing, a boiler man check the boiler and an electrician check all of the electrical. I will go over there now and continue cleaning and just be happy to have my own home again!
Sounds like a short sale and yes, it's very difficult to get a seller to contribute anything towards repairs in that situation - I've had a couple of distressed sales this year where my buyers did or paid for work knowing that if the house fell through they would be out, but they wanted the houses and when using FHA or USDA Rural Development financing, there are certain items that must be repaired (peeling paint, satisfactory water test for the well) before the underwriter will let the loan close. If it was short sale, you jumped through countless hoops and hopefully got a significant discount on the house for your trouble.
I'm not clear if you had your own agent or not when you say you bought through a REALTOR, but if one or both agents knew (or should have known) about the material defect in the house you could file a complaint with the Mail Real Estate Commission, as well as attempt to recover your out of pocket expenses - make sure you save your receipts. As you know, with older houses things do come up regularly and I make sure I counsel my buyers very carefully when they express that desire.
Ah, foreclosure. I think that folks, banks under foreclosure are not bound by regular laws as far as disclosure is concerned. Good thing is, you proibably got the house for alot less than it would have been had it sold under a realtor.
The house was not in foreclosure, it was a short sale which means the seller's proceeds were not enough to cover the outstanding debt on the property and the lender(s) approved the purchase price after the buyer and seller came to agreement. In a short sale or regular sale, the seller is required to disclose all material defects on the property and apparently neglected to answer correctly the question about the roof leaking while they owned or before they owned the property. If the house had actually been owned by the lender (known as REO or bank-owned) the disclosure would usually state that the current owner has never been in the property, however the agent that they hire does do an inspection and should disclose any known defects. The buyer has to decide if the price they are paying for the distressed property + the anticipated repairs offset the price they would pay for a house in better condition.
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