Hope that helps. Good luck!
First of all...congratulations on getting approval of a short sale. You've gotten over the biggest hurdle. As for the broken window, assuming it happened AFTER you signed P&S, inform your real estate agent and attorney right away. One of them should contact the sellers' agent and request that they make the repair prior to closing. If they are decent people, they will do it. If they are not decent, at least they know you are "on to them" and they will hopefully think twice before doing more damage. If you get to the final walkthrough, as Mike mentioned in his reply, and the window is still broken (but was supposed to have been fixed) call your agent and/or attorney again. This repair will hopefully be made prior to closing as there will not be any money for "holdbacks" since it is a short sale...the sellers' mortgage holder is already taking a loss and will not pay for any damages incurred by the sellers. Again, try to address it now...before the closing...or you are, indeed, SOL.
This is a legal problem ... ask your attorney about it. The "final walkthrough" which usually occurs up to 24 hrs. before the closing is designed to ID problems like this. You may need to have adjustments made (financially) at the closing to resolve this. Ask the attorney how to proceed ... you definately would not want to miss a buying opportunity due to a broken window. Do some offensive work and get three quotes for this type of repair.
Again, thanks for all the answers! We will update if anything else interesting happens!!
My opinion after 8 years in the business. A short sale is different from a bank owned (REO) property.
A bank owned property is almost always AS IS and no changes to the P&S. So if the local kids smash windows before closing you are stuck. However, I would venture that if the local kids stole copper from an unsecured REO you may have a case.
With a short sale you have a P&S Agreement directly with the owner/seller and it said that you are buying the property for x price and in the current state you preivewed it from the owner. Just like a regular transaction. If they cause damage to the property prior to your possession I believe they will need to fix the problem by either replacing the window or compensating you $$$$ monetarily at closing. Remember the short sale term really is the sellers contingency. They are requesting forgiveness (that is a reduce price ) from their bank that they promised to pay however many years ago .
If you have anymore questions feel free to contact me anytime.-Karissa Moore
You should contact the closing attorney or your own attorney. The final water bill should have been taken care of prior to the closing typically. You may want to re-read all those closing documents just to be sure it wasn't a responsibility you assumed in the purchase.
I do have another question if anyone can help out - yesterday we go our first bill. The problem is that it's the water bill which the last owner didn't pay. It's over $1000 with a late penalty. What do I even contact regarding this? I'm going to try to call City Hall but I'm sure they're more concerned about getting their money any way possible. Can I somehow get the previous owners to assume the responsibility?
I also sense a little buyers remorse. This is perfectly normal. If you are thinking of not proceeding with the home purchase, you should consult an attorney and speak to your agent. Your deposit, at this point could be at risk.