Home Buying in 80203>Question Details

Carla Burgh…, Home Buyer in North Haven, CT

Hi. We put a bid on a house and accepted we had our inspection done and we found that it needs a roof ,septic,leaching field s and furnace.

Asked by Carla Burgh Miller, North Haven, CT Fri May 10, 2013

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15
Sean M. Dougherty’s answer
So what is your question? If you think that these items are too much for you to complete, then you will need to complete an Inspection Notice cancelling the contract, to be submitted prior to the Inspection Notice Deadline.

If you think these are items that the Seller will fix, you need to fill out that same Inspection Notice, before the Inspection Notice Deadline, requesting that the Seller complete all these items prior to closing, at the Sellers' expense.

If you're not worried about these items, or you knew that there were problems and you got a good enough deal (and you're not getting a loan) then you can just move forward with the contract.

You should be asking your Realtor for advice on these items. Best of luck!
1 vote Thank Flag Link Fri May 10, 2013
I can tell that you are distraught over the results of your inspections. I can’t blame you. In fact, you seem to be so upset that you lost your train of thought and forgot to complete the question that I guess you planned to ask in the first place…
1 vote Thank Flag Link Mon May 13, 2013
You can always negotiate, or terminate due to inspection.
0 votes Thank Flag Link Fri Feb 27, 2015
Hi Carla,

I am helping some buyers right now and we are closing today on a home that had many of the same issues you are mentioning that we found during the inspection. My gut reaction was that there was that the Seller was not going to be willing to do all the work (and it was all major systems ~ sewer line, roof, etc) but the bottom line was that they agreed to it. Some as a credit (and my buyers will manage the work after closing) and some repairs prior to closing, which they completed. They wanted and needed to sell the home, knew that the work had to be done to sell it, and while not happy about it completed the work as agreed upon.

So, you might have to push out your close date a bit to allow the work to be done, but it can happen. Best of luck!
0 votes Thank Flag Link Mon May 20, 2013
I hope it doesn’t have a well, just saying…

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
Web Reference: http://jamessimms.com/
0 votes Thank Flag Link Mon May 13, 2013
In my opinion, it's best to speak to your attorney to let him/her know what repairs you require. I would give the seller an opportunity to fix/replace these items. If you can't agree on the repairs, ask your attorney if your contract allows you to get out of the deal. Most contracts have a home inspection contingency which would allow the buyer to back out and get the deposit monies back for major issues arising from the home inspection and that the seller wont address. Your attorney will be able to advise you best in this situation.
0 votes Thank Flag Link Mon May 13, 2013
Carla,

You need to speak with your Buyer's Agent and determine how to structure the inspection report and what you are willing to live with and what things must be done in order for you to move forward. If you can't come to terms, your next best bet is to have your earnest money released to you and move on to the next property. An FHA 203k or other type construction loan would be an option if the number will allow and you are up for purchasing a project as well as a house.

Robert McGuire
Broker/Consultant
Your Castle Realestate
http://about.me/robertmcguire33
0 votes Thank Flag Link Sat May 11, 2013
You could always get an FHA 203k loan that will allow you to finance those repairs and have the work completed after closing.

Matt Ackerman
303-759-7331
0 votes Thank Flag Link Sat May 11, 2013
What does your REALTOR say? Plus, I'm confused as to where the house is, in CT or CO? You say "I live in Connecticut and the house we put a deposit on..." Didn't quite finish the sentence. FYI -- You're posting the question in CO. Contracts vary from state to state. As others have said, you have different options. Back out of the contract, or ask seller to fix. There are so many unknowns here. If you're getting an FHA loan, the loan may not be approved due to the FHA appraisal (which is also an inspection). Again, talk to your REALTOR and your lender about what your best options are.
0 votes Thank Flag Link Sat May 11, 2013
Yes, this one could be a proverbial "Money Pit!"

Do you have a question that goes along with this disclosure? Is this an "AS IS" contract? What are the terms of your agreement?
0 votes Thank Flag Link Sat May 11, 2013
Two other issues that should be considered, in light of the problems brought up by your inspector: loan and insurance.
If you are financing this purchase, your lender may require that these issues be fixed before they will underwrite the loan. And you may find it difficult to get insurance if you only have 2 years (max) left on your roof.
As stated below, these issues should be discussed very seriously with your Realtor and, perhaps a real estate attorney.
Watch the dates and deadlines in your contract, if you missed the inspection objection deadline, your earnest money could be at risk.
Best of luck
Chuck Strauss
Your Castle Real Estate
720-318-7598
denverhomeguru@gmail.com
http://www.denverhomeguru.com
0 votes Thank Flag Link Sat May 11, 2013
Hi Carla,

Does your agent have any advice for you? You should start by asking him or her. Also, re-read your offer/contract, especially the part that says you're going to perform an inspection. In CO the offer is usually written to set a specific date by which you can notify the seller you want to cancel the contract and get your earnest money back. That's designed to provide an incentive for the seller to negotiate with you on the items discovered by the inspection. They may fix them, or you may come to an agreement (in writing) on adjusting the price - or some combination. If they refuse to make any adjustments, and the current price seems too high in light of the work you'd end up having to do, (in Colorado at least) you can cancel the contract and get your earnest money back. Laws may be different in CT so that's why you should seek local advice - either your own agent or a real estate attorney.

Best of luck!
Tony & Karen
0 votes Thank Flag Link Sat May 11, 2013
Hi Tni I live in Connecticut and the house we put a deposit on.. The inspection said that the roof is 18 yrs old with 3 layers and might have a 1or 2 yrs left. Also the furnace is from 1973 so 40 yrs old. An the septic and leaching feilds are at the 85%at capacity , we are not sure do we go back to seller ask for those items there where some minor one that are thing that are a quick fix that we can do. Anyone have any suggestion what do . Thanks Carla
0 votes Thank Flag Link Sat May 11, 2013
Hi Carla,

I don't quite understand what your question is.

If there are repair items that you discovered, that is exactly why you have an inspection performed -- to protect and inform you.

In CA, after defects are discovered, the parties can negotiate repairs/credits if the buyer still would like to purchase the home.

Good luck!

Tni LeBlanc
DRE #01871795
(805) 878-9879
Web Reference: http://MintProperties.net
0 votes Thank Flag Link Sat May 11, 2013
The contract in Colorado it totally written in favor of the buyer. You just need to pay attention to dates. You can ask the seller to fix/replace the items or a credit to fix/replace the items. If the seller does not want to, then you have the choice to terminate the contract, or move forward. The seller can not terminate the contract, just because you asked.

Thanks!
Dan Wisdom
President of Wisdom Real Estate, Inc.
720-252-3854
wisdomrealestate@mac.com
0 votes Thank Flag Link Sat May 11, 2013
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