Mar
06
House Purchase but could be issues?
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We wish to buy a house and found a bank repossession on the market, when I had the water turned on for the house inspection and I was called and told that there was a water leak probably due to the fact that the house was not winterized soon enough. And that we needed to put the inspection off for now. We have now rescinded our offer because I am afraid that even if the leak is fixed that there will be other leaks popping up down the road. This will make me fearful and worried while we are at work or on vacation. I am also worried that there is a compromise in the plumbing and that there could be a very slight spray coming from a joint in the pipes and cause mold before I discover it. My realtor AND Mortgage broker do not seem to agree, but we are not willing to take a risk at this.
What are the thoughts of the Yahoo community?
Real Estate Professionals
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4 Comments
March 7th, 2010 at 5:49 am
one of the most important components in a purchase contract
is ‘BUYER IS ………..WITH THE HOME. The choices
are satisfied or Unsatisfied with the inspection. IN this case,
you are UNsatisfied. You get any deposits back but not any
fees paid for inspection…….and you find a better condition home.
check with your county to see if has any tax delinquent foreclosure
properties for sale………at 25% of market value!
March 8th, 2010 at 4:57 am
Your concerns are valid. If you don’t think the house is priced appropriately for these risks, walk away, or offer a much lower price where it is priced appropriately. And your agent should be telling you this (Double check to see if the real estate agent is working for you, a buyer’s agent, or for the seller, a seller’s agent)
Get an Agent that supports your decisions and doesn’t muscle or coerce you in anyway!
March 11th, 2010 at 4:35 am
Get a plumber out there to assess the situation. See what his professional opinion is, and how much it would be to fix.
When I bought my house, it had been winterized and vacant close to a year..I had nagging leaks too. And, the seal on the toilet had gone, because it can dry out if the water is turned off too long.
Had the seller pay for all the repairs and haven’t had an issue since.
Get a plumber! They should give you a free estimate or one at a nominal fee if you really like this place.
March 12th, 2010 at 12:05 pm
Sounds like your inspector was trying to sell you a winterizing system. Unless you live in an area like Colorado, Maine, or some other place that stays cold the majority of the year…here is newsflash…winterizing is NOT necessary everywhere. Even in places that has a good winter and it snows frequently.
If you are going to flip out over ONE leak..then you need to stop looking at foreclosures and focus on new construction.
I’m not being sarcastic…I’m being serious.
PS: I don’t know where Kemperk works in Real estate, but if you tried to hand a seller or listing agent an offer that left it up to the “buyer’s satisfaction”…which legally means that they can turn the contract down over a scratch on the wall…sellers and listing agents would promptly toss your contract into the CIRCULAR FILE aka TRASH CAN.
You list a DOLLAR AMOUNT of repairs that would allow you to walk away with no negotiation. If it’s under that figure, then the buyer’s agent gives the seller a punch list of line by line items that the buyer wants fixed.
THAT IS how you negotiate a contract. No listing agent is going to give a buyer, or recommend the seller give the buyer, a get out of jail free card.
That is what Kemperk is suggesting.