Foreclosure in 98033>Question Details

Phil Leng Te…, Real Estate Pro in Kirkland, WA

What do you do when the inspection time for your bank owned property has come, but the listing agent has not gotten the property dewinterized yet?

Asked by Phil Leng Team 206-409-6600, Kirkland, WA Sun Apr 10, 2011

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The first time I had an issue with this we were able to get an extension from the bank for the inspection, pending them turning on the water. On winterized properties I now write in the offer that the Inspections will be completed within ten days of utilities being turned on. Good Luck.
1 vote Thank Flag Link Sun Apr 10, 2011
Call the utility companies and find out how long it will take to schedule the utilities to be turned on and plan accordingly. Then, if you need extra time, you can easily explain why.
0 votes Thank Flag Link Tue Jul 8, 2014
Was it the banks responsibility to have the property dewinterized? Many of the banks put this on the buyer or buyer's agent to have it done. Are there any remarks in the listing or other paperwork on who is responsible to dewinterize the property? I would ask your agent some more questions. I have seen this go both ways where the listing agent or the seller will and sometimes they pass this to the Buyer and buyer's agent. There are some inspectors that will do this for you with an additional fee. It all depends on if the property needs to be winterized again.
0 votes Thank Flag Link Fri Feb 21, 2014
The problem with a number of these answers is that we don't know what the existing deadline is, and also, we don't know how long it will take the bank to respond by signing an addendum. By the time they do the deadline could already be passed.
0 votes Thank Flag Link Mon Apr 11, 2011
Get your agent to add an addendum asap to the PSA
0 votes Thank Flag Link Mon Apr 11, 2011
I would get an addendum going right away extending the inspection window or withdrawing the buyers offer due to the fact they can't inspect (do something like 7 days from notification that property has been dewinterized and utilities are on). I would wait until you have the asset managers signature on that addendum before moving forward, no matter how long it takes them. I have done this before with success. Good luck.

Robert Range
Prudential Sierra Nevada
Web Reference: http://www.RobertRange.com
0 votes Thank Flag Link Mon Apr 11, 2011
Yea, as appraiser, I too have to have the utilities on, so this need to be done, so I and others don't have to come back out, and charge more fees. FHA and Conventional loans demand that this be in working condition, so it must be on. Something that should be standardized thru out the industry, so this question need not even have to be asked.

HLR, State Certified Residential Appraiser in OR & WA
0 votes Thank Flag Link Mon Apr 11, 2011
Julie, have you actually seen a bank not de-winterize? The one I wrote the blog piece on was just from an agent's website, indicating it was a possibility. It required a licensed plumber do to the work. IMHO a buyer would be a fool to agree to do either winterizing or de-winterizing due to liability concerns.
0 votes Thank Flag Link Sun Apr 10, 2011
I'd get your clients to an attorney ASAP--like tomorrow assuming tomorrow is your deadline. The problem is the bank addendum may not just allow your clients to walk based on the inspection in the same way as the standard contract. This could be a very sticky situation. You might want to even consider paying for the attorney's initial review, with the client paying for anything after that.

Hopefully you have a good record of asking for the house to be de-winterized. I recently wrote a blog piece in the link below about how some banks apparently are requiring the buyer to de-winterize!

Alternatively, you could do the inspection and have the inspector say all the supply and waste plumbing appears non-functional and needs to be replaced, and then ask for all the plumbing to be replaced! :-) (And just to be very clear, I'm only joking.)
0 votes Thank Flag Link Sun Apr 10, 2011
wow , i WOULD recommend for you confer with our broker who can assist you regarding these issues other procedures on foreclosures.

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Sun Apr 10, 2011
The listing agent, in my experience, will never do this, and it's usually stated in the bank addenda that its the buyer's responsibility to do this, and then re-winterize when inspection is complete. This is always a concern for me. Your home inspector may be able to carefully do this for you or ask the LA which company did the winterizing and they will come out and do it for you. Good luck!
Web Reference: http://www.JuliieAHall.com
0 votes Thank Flag Link Sun Apr 10, 2011
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