Home Buying in 44035>Question Details

Laura Griffin, Home Buyer in Elyria, OH

so if its a reseal house is it up to the bank to have it rewinterrize or is it up to the buyer i have no

Asked by Laura Griffin, Elyria, OH Sat Jan 5, 2008

papers saying its my house for sure but the realtor wants me to have water turned on next week so im trying to figure out if this is the right thing to so the seller did except my offer on it

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Are you buying a bank owned property (REO)? Are you saying the bank has not accepted the offer and you do not yet have a bnding contract?

If you do not have a binding contract, I would not invest in any inspections until such time that you know you are solid. The only reason to turn the water on is for inspections, but why would you want to do inspections without first knowing you have a deal?

If the property is such a good deal, and you must do the inspections to secure it, then you need to make a decison whether the investment in inspector fees is worth it. If you can delay the inspections without losing the property, take that route. Don't invest or risk unless tyou must and then, only if he potential reward is worthy.

Minimize your liability by asking the listing agent for the proeprty to arrange turning on and off the water. Again, if they decline, you might have to make a risk/reward decision. In most cases, the listing agent can do this. There are a lot of REO properties in many markets and if the banks want to sell the properties they are holding, they need to realize that they are competing with a lot of inventory out there....both REO and not.

Good Luck
1 vote Thank Flag Link Sat Jan 5, 2008
Deborah Madey, Real Estate Pro in Red Bank, NJ
MVP'08
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Laura - I am assuming your Realtor wants the home dewinterized for the inspection - that is in your best interest to do so - you want the inspector can check the water systems. However, If I was your Buyer's Agent, I would ask that the Seller take care of dewinterizing the home - it is the Seller's property and you do not want to risk that damage occurs because the person you (as the Buyer) hired to dewinterize it did not do it properly.

You may have to incur a fee to do so but that is one of the aspects that come with buying a bank owned property. The Bank may also require you to re-winterize it after the inspection and charge yet another fee to do so - again, my recommendation is for the Seller to handle the process so that the Seller controls how it is completed.

Bank owned properties sometimes are a good deal but the process may involve a few more steps and or a few more fees. Good luck and hopefully there will be no issues.
1 vote Thank Flag Link Sat Jan 5, 2008
Laura, usually the bank will cooperate in turning the electricity and water on in order for your inspector to check to see if everything is in working order or to let you know what you are getting. Ask the seller (bank) to do that. If you are represented by a buyer's agent then she/he can advise you there. I f you do not have someone representing you, you may not be getting the full story. You should have a copy of a signed contract in order for you to ask for inspections. Let us know if someone is working on your behalf, or if you are working alone with the selling agent.
0 votes Thank Flag Link Sat Jan 5, 2008
Laura....

In my humble opinion it would be the responsibility of the bank or Realtor to winterize the home unless you have a binding contract (signed by bank). Our purchase contracts state it is the seller's responsilility to maintian and keep the utilities on so the buyer can have their inspections. What stage are you in negotiating with the bank?
0 votes Thank Flag Link Sat Jan 5, 2008
Pam Winterba…, Real Estate Pro in San Ramon, CA
MVP'08
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Laura - sorry for the second response , I meant to add that I would not spend the money for the de-winterization and/or inspection until I knew that I was "Under Contract" to purchase the home. Good Luck!
0 votes Thank Flag Link Sat Jan 5, 2008
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