Do you have a buyer's agent representing you? What is he or she saying about the situation?
Sounds like a sticky situation. If Seller has local connections; I would certainly make a point to get the names of the companies and the individual claiming they passed the home w/ flying colors. Obviously this is a case of 2 sides to the coin. If you are hiring an inspector, one would hope you trust his opinion and his expertise to lead you in the right path. Sometimes, if we are pressing so hard for the deal we tend to try and second guess what our gut instincts are saying.
In my opinion, either get the seller to pay for the repairs your inspector recommends unless you're comfortable getting the seller's contractors and successful at getting to sign something tying them to that opinion. Otherwise, if you still have time to legally withdraw; then it may be time to do it if you don't have that great gut feeling.
Best of luck,
Until the area is actually opened up and corrections made, it could run higher than a visual estimate. Did your contract call for a termite letter? Another avenue may be to have money withheld from the seller's proceeds to cover the costs. The problem may then be not enough was withheld and trying to get the balance from the seller.
Marla Walker, Associate Broker, Anderson, SC
How is the contract written?
What is written in the Seller's Disclosure?
What does your Realtor and Closing Attorney have to say about this?
If your contract is written that the offer is based on a satisfacory home inspection, then the home inspection issue and any resulting costs for repairs will need to be resolved. It is the role of your Realtor and the listing Realtor to work this out between the buyer and seller. An extension can be created and signed by all parties if it will take longer than the 18th.
Best of luck,
Based on what you said, if your lender won't fund the loan, unless the joists are repaired, then there isn't much to discuss. There will be no closing with no mortgage. The sellers firmly need to be told this.
What the seller's son or family has or doesn't have, while annoying to you, isn't the issue. The issue is your agent needs to let them know you can't close without funding - and you should be prepared to walk away if they refuse to comply. Are they ok with you walking away?
Hopefully, when your inspector speaks with the other inspector, they will come to some resolution or agreement on exactly what is going on with the structure.
Honestly - I hope you can easily remain where you are curently living if this doesn't work out. If your numbers are so tight that the $8000 tax credit is all you will have, maybe this isn't the time to buy. Imagine if you are living in the house and the furnace dies or the roof needs to be replaced. What will you do then?
There is no way you should pay for this repair - if the seller won't address it, then walk away. Make sure you get legal advice so you can get back any deposit money being held in escrow.
Can't your agent suggest an attorney to call - just to have a conversation with - and to see what your legal options are?
I am sorry you have been put in this position - it does seem unfair - and I truly hope it works out in your favor.
What was done was the SELLER had his repairs done. We had our Final inspection done and we were told that the lender will not loan with the floor joists like this. The seller would have to fix this. Yet again, the seller sent out their engineer and he said there were no issues, but they were clearly there.
The lender and my realtor told me I could get out of this home if I wanted/needed to. The only thing is, if we do, we LOSE the $8K from Obama. If we even get the $8K and we paid the $5K (Plus if anything else comes about) we would still have $3K left over. The problem is the Lenders will not loan with this issue. We took it back to the sellers and yadda, yadda, there are no issues. The son and brother who are selling this home for their mother in a nursing home, as I stated are both wealthy and 1 lives in a million dollar mansion, and as I stated above, the brother owns a million dollar electrical supply business. So I can see that they could get someone to "vouch" the inspection for them. Our final inspector personally wants to speak to their inspector. He is supposed to call his tomorrow. I look foward to hereing what is said. The thing is my wife and I are 1st starting out, these guys have millions and they wont help out with a few thousand dollars and they are being crooked. I was told by my inspector that the only recourse is to sue them, but they know I wont do that and they have the money to cover it if I tried too. I just dont know how someone can get away with having someone lie about an issue on a home, where I have had 3 seperate inspectors go out and they all are differnt and honest. They are not overstating anything. They are giving bare mininmum prices to fix as they know my wife and I dont have alot of money if we ended up getting the home and if we had to pay for the home to be fixed. I just cant understand people lying like that. Its a shame.
If you are passed the inspection period you may have an issue.
Tell the seller straight up..the floor joists are rotten, there is mold or whatever else you have found and this is unexceptable. If he will not fix it, you will notify the bank, the insurance company and see if they will accept a house with such problems...and if not you will walk away...leverage others to get things done right.
Secret 1 of 3: Always be willing to walk away.
Secret 2 of 3: Always push like you have nothing to lose.
Secret 3 of 3 in a Buyer's market: Never tell the seller about Secrets 1 and 2.
I know you're in SC, and things might be different there, but I can't imagine that you didn't have a time period following contract signing to have the inspections completed, and then to request repairs . I can't imagine that you didn't have an opportunity to walk away if the seller refused to make repairs - whether they agreed with your inspector or not.
I am at a loss as to how to advise you.
I suppose you could refuse to close until all this is clairified, but you don't want to be in breach of your contract, and no one can give you legal advice other than an attorney.
We use real estate attorneys here - it might be time for you to call one if you have no other representation.
There is not enough of an explanation or information here to comment any further.
I wish you good luck.
Maybe it will do nothing. Maybe you will find out they never actually did the inspection. If they admit they did not do a proper inspection try to get them to go to closing and say so. Then you have a way out as the contract was based on false information.
p.s. yup, need a lawyer here. I could be very wrong...
Again, given the info, I'd want out of buying this home. Go get an attorney if you don't have one. It will be a lot easier to get the issue resolved before you close on the home than after.