The attorneys many of us work with here in South Jersey are below. Simply Google them and tell them Eric Axelson from Sotheby's sent you. I was at a previous company when I worked with them in the past, but John at least should recognize the name.
-John Rothamel, Rothamel Bratton, Kings Hwy, Haddonfield
-Bill Sragow, Law Office of William Sragow, Cherry Hill
The Bank does not want to incur any more expense.
They will probably refuse the work and send you a Cancellation.
They will feel that the Selling price was low enough to include some normal work.
The Inspections you did were to give a reason to back out if you found something.
If you cannot accept the House AS-IS, (and I don't blame you), you should be ready to go looking for another house.
Good luck and may God bless
Sarah I find my self giving my realtor advice on how to address these issues, and it almost feels like she is afraid of conflict. I'm more the pitbull, believe me I'm doing way more than I should be as a buyer.
Out inspection was completed after the bank accepted the offer, which was agreed upon on both sides - and we had to wait for the owner to tonn on the utilites - which occured 2 days before inspection.
Eric I would appreciate the name of the two attorney's in South Jersey as a backup.
Best of luck, Eric
I would go ahead with your plan, but you should be prepared for the bank to say no. When they issue an approval they have a bottom line number they will accept. However, it is not impossible to get them to absorb the cost of repairs. If the Seller was a primary resident in the home, they may be getting incentive monies back from the sale (HAFA incentives) and there may be room for negotiation. Your realtor really needs to go to bat for you.
You need to do something quickly though, because you only have a certain time frame to challenge your home inspection results.
Good Luck to you.
If so, you may find that they are not willing to negotiate and further, and most likely it will take a while to hear back from them on your request. That being said, they may, there is really no way to tell. Is your agent guiding you through the process?
As a note, I advise buyers to do a home inspection before they submit a formal offer to the bank for this very reason. It can be a long process in a short sale and to find a 'deal breaker' after bank approval if you wait to do an inspection at that point makes for a very frustrating process.