Home Buying in 22102>Question Details

Anna, Home Buyer in Falls Church, VA

I am in the process of purchasing a foreclosure that needs a repair to meet appraisal guidelines.

Asked by Anna, Falls Church, VA Fri Sep 12, 2008

The condo I am purchasing needs a ceiling repair from a leak by the upstairs tenant. In order to be appraised, this repair (which is the responsibility of the upstairs owner) needs to be done. I don't currently own the place, but the bank won't make the repair. Should I spend my money in order for the deal to go through? I am closing in week and a half.

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Answers

6
Yes contact the condo association and get your lender and Realtor involved, The condo association will have the necessary means to get the repairs done. The lender and Realtor will help get the condo association moving on the issue.
0 votes Thank Flag Link Wed Aug 22, 2012
I believe this is FHA case if I am not mistaken. Sean, you are right partly for conventional cases, but FHA guidlines has such that any obvious damage has to be fixed to be approved by FHA. The best bet for you, Anna, please contact your realtor, who should find some answer. If not ask your lender, who miight have some annswer. I had such issue for one of clients, and the real estate agent has gotten it done very shortly. She obviously made the call to listing agent, then listing agent has it fixed in one day.

Please email me I will give you some contact number you can contact with.

Thanks,

Sean

703 855 5030
0 votes Thank Flag Link Wed Sep 24, 2008
Your first call should be to the condo association. The condo association might have staff that can help solve this problem in a timely manner and the condo association probably has procedures in place for resolving the responsibility of the cost of the repairs.
0 votes Thank Flag Link Sat Sep 13, 2008
What appraisal guidelines are you talking about? I have never heard of this appraisal guideline. I have heard of "defered maintenance" which can be satisfied with a cost estimate from a construction company. Possibly you should contact the Homeowners Association regarding the CC&R and what can be done to make the upstairs tenant make the repairs. The upstairs tenant should have insurance which would pay for this repair.
0 votes Thank Flag Link Fri Sep 12, 2008
Anna,

I'm not an attorney ..........but believe it to be ill advised to be responsible for making any repairs to the property prior to taking ownership.

Let's take this sinerio. Mr. Plumber comes in to make a simple leaky pipe repair. Breaks a pipe in the wall requiring a carperter to open the wall to make to plumbing repair. At this point you are responsible for the leak, the pipe, the wall, carpenter, paint and wall paper etc. etc.

Consult an attorney for their advice before doing anything.....best case sinerio is the bank corrects the problem so you can close on time.

Good luck
0 votes Thank Flag Link Fri Sep 12, 2008
Is it the responsiblity of the upstairs owner or the condo association to fix the ceiling? If it is the upstairs owner then find out who their insurance company is and get them involved. If is the condo association and covered by their master policy the same thing applies. Your issue is since you are not the legal owner of the property you really don't have any standing and making repairs on a property you don't own is not a wise choice. Have your agent makes some calls to help you get some answers ASAP. A week and half isn't much time to get this done.
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0 votes Thank Flag Link Fri Sep 12, 2008
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