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Old 11-05-2008, 07:44 PM
 
Location: texas
6 posts, read 17,623 times
Reputation: 10

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Ok this is my problem, We were to close on an REO home today but could not. A few weeks ago Hurricane IKE knocked the fence down. The problem is that the REOs agent hired a contractor to repair things & replace the fence, they did the work but now the neighbors sprinklers are on our side of the fence!!! That is a problem for our neighbors of course and they would like the fence put back on the propety line, so that their sprinklers are back on their side. Thats understandable right?
There was a survey done prior to the damage from IKE that showed the fence was on the property line, but not one done to put the fence back up, so the contractors put it where they say it was originally which is obviously not exactly where it was or should be or their sprinklers would not be on my side now..Follow?
The neighbors contacted the REOs agent and tried to get the fence moved or at least a survey done to prove whos wrong. REOs agent says they are being unreasonable that he wont move the fence, bear in mind the contractor has not been paid and will not be paid till closing.
I guess my guestion is why does he not make the contractor do the job correctly so we can move on.
I am not understanding why he does not stand up to the contractor and make him make it right. Seems to me the contractor is at fault but the REOs agent is not standing up to him. I cant close till this is settled & I need to close tomorrow. What to do?
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Old 11-05-2008, 07:59 PM
 
Location: East Tennessee
3,928 posts, read 10,977,208 times
Reputation: 5250
I'd say if the fence doesn't match the survey, there's an encroachment problem. And if installing new fencing requires a permit, there's another problem. Bring these issues up with the title agent and your lender. I would not want to close until the problems are corrected appropriately. Would a delayed closing jeopardize your financing? Do you really have to close tomorrow? If the answer is yes, ask the REO agent to give you credit for the cost to move the fencing back to its original location. Wouldn't you just love to say, "Mr. REO, we can delay closing a week so you can correct these deficiencies, or we'll have to find another house and there are plenty out there to choose from, yes?"

Last edited by TampaKaren; 11-05-2008 at 08:07 PM..
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Old 11-05-2008, 08:04 PM
 
Location: texas
6 posts, read 17,623 times
Reputation: 10
I do not want to close untill it is settled and Yes I have a lock that expires tomorrow! We have no more extensions we already had to extend it since we were to have closed the day of the hurricane.
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Old 11-05-2008, 08:24 PM
 
Location: East Tennessee
3,928 posts, read 10,977,208 times
Reputation: 5250
Maybe you could do a dry closing....
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Old 11-05-2008, 08:37 PM
 
Location: texas
6 posts, read 17,623 times
Reputation: 10
no, funding has to take place tomorrow

Last edited by slim1963; 11-05-2008 at 09:32 PM..
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Old 11-06-2008, 06:55 AM
 
Location: Central Florida
800 posts, read 2,964,260 times
Reputation: 309
Once you close, the problem becomes yours. It's up to you whether you want to do that or not.

The negotiator for the lender can approve a credit quickly if they want to but most are so overloaded that it just takes time. In the end, it's your choice.

Please let us know how this ended up for you and good luck!!
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Old 11-06-2008, 08:11 AM
 
Location: Hernando County, FL
8,488 posts, read 19,415,480 times
Reputation: 5397
See if you can close with the funds to pay the fence contractor escrowed until the fence is taken care of satisfactorily.
I am sure the only one that would complain about doing this would be the contractor.

If he wants to get paid he will then have to move the fence or prove that it is on the property line.
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Old 11-06-2008, 09:39 PM
 
Location: texas
6 posts, read 17,623 times
Reputation: 10
Finally we have the answer to the question.
The damn Realtor was the contractor!! He owns the company that was to do the work...boy whata coflict of interest...I think that is unethical if not maybe illegal.
BUYERS BEWARE has never been more applicable.

We were at closing when we were signing papers there was the invoice for the work billed to the selling bank, I started reading it & noticed work being billed that had not been performed; upon closer review of the tiny print there it was
***the sellers REO agents name as co/owner of the construction company.
No wonder he did not want to move the damn fence. I could not belive my eyes really.
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