Home Buying in 89117>Question Details

jgfedak, Home Buyer in 44138

I'm buying a short sale home. Our original offer was bank accepted back in September. The bad news is that the seller went bankrupt days before

Asked by jgfedak, 44138 Thu Mar 28, 2013

close. We hung in there and his bankruptcy discharged about a month ago and he kept the house with the promise to sell. We signed short sale extension documents and we're waiting for the bank to re approve. We found water in the basement months ago but the problem was fixed. Now we've got water in the basement again and we think its been down there for months. House is definitely getting smelly. Can we ask the bank to fix this? What are the chances that they'll say yes? I don't have the money to repair the drywall and spray for mold (and I don't want a reduction in price because I still don't have that much extra money to fix the problem.

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I am somewhat confused. Do you now own the home having purchased it from the Seller?????

My suggestion to you is IF you do NOT own the house now, walk away and consider yourself lucky.
You don't need all these problems and expenses. You can always find another home - trust me - walk away if you can. Good Luck! Becky Zisk
0 votes Thank Flag Link Thu Mar 28, 2013
If you don't ahve a close date then your probably don't have lender approval yet either. The close date is listed in the lender approval letter. In NV you have short sale addendum attached with your offer. In it states the terms that both parties agree to in order to cancel and get your emd back. Read those documents. Do you have an agent? What are they telling you?
Flag Mon Apr 1, 2013
I don't own it and we don't have a close date yet.
Flag Thu Mar 28, 2013
Try to buy another house.. there are more available
0 votes Thank Flag Link Mon Mar 23, 2015
Does anyone know of a house with a basement in Las Vegas. Question doesn't make sense



David Cooper 702.499.7037
http://www.lasvegaswinner.org
0 votes Thank Flag Link Fri Mar 29, 2013
Yes there are a few homes in the valley with basements. It is rare but there are a few.
Flag Mon Apr 1, 2013
"We found water in the basement" doesn't sound like we are talking about Las Vegas The zip for jgfedak is 44138 is NOT Nevada.

David Cooper 702.499.7037
http://www.lasvegaswinner.org
0 votes Thank Flag Link Thu Mar 28, 2013
Sounds like you have a problem. If I were you I would go ahead and cancel the transaction and ask for the reimbursement of my Earnest Money Deposit without any penalties.

Call me if you need any help.

Good luck,
Eberth Mendez
702-521-8919
0 votes Thank Flag Link Thu Mar 28, 2013
Have your realtor ask for the bank to fix these items. Many times they do, if the realtor pushes for it. Hope it all works out for you.
0 votes Thank Flag Link Thu Mar 28, 2013
This is a complicated situation and needs detailed discussion. Please call any time after 8am to discuss. Matt and Kim - 702-501-0973
0 votes Thank Flag Link Thu Mar 28, 2013
I have to appologize. I didn't realize I posted this in the Nevada zipcode. I'm in Ohio.
Flag Thu Mar 28, 2013
Is the home in Las Vegas? Basements are rare here. If it is not in Vegas you should repost your question in your city so a local agent can best advise you.

Best regards,
Robert Adams
Broker/Salesman
The Adams Team at
Rothwell Gornt Companies
C: 702-349-9175
F: 702-932-8826
RobertAdams@LVrealestateHELP.com
Http://www.LVrealestateHELP.com
0 votes Thank Flag Link Thu Mar 28, 2013
I don't think the bank will fix it. It never hurts to ask though. If there is mold you would want to get a mold inspection if you can even close this deal. In Nevada we are seeing the BK trustees take over the listing and give it to their preferred agent. That usually wipes the out the deal that is in place. It complicates things even more with the BK. Look at the water problem and ask yourself what is causing it. How much will it cost to repair? I know it is tough and you have alot of time invested but is sometimes just better to walk away and find a better home.
Thank You
Suzie Marquardt
fahrnyteam@yahoo.com
0 votes Thank Flag Link Thu Mar 28, 2013
you should notify the bank of a possible mold and the water damage. In many cases the bank will allocate the money for repairs or repair the damage.
in my openion, you should write an addendum reqesting the bank to repair the water damage and treat the mold. It can cost thousands of dollars if the mold is advanced and is a health hazard!!!!! If you have an agent..consult
with them.

Rena Levy
Broker/Associate
Realty Executives
702-612-7099
Cvegashomes@gmail.com
Web Reference: http://www.cvegashomes.com
0 votes Thank Flag Link Thu Mar 28, 2013
"with the promise to sell" What does that mean legally? He could have kept the house, not make his payments again and lose it in foreclosure again.


David Cooper 702.499.7037
http://www.lasvegaswinner.org
0 votes Thank Flag Link Thu Mar 28, 2013
Honestly I wish the bank had taken the house in the bankruptcy.
Flag Thu Mar 28, 2013
During the bankruptcy proceedings the bank allowed the house to stay in the seller's name. The house is vacant and the homeowner has moved 8 hours away. If I don't buy the house the bank will foreclose.
Flag Thu Mar 28, 2013
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