Asked by Andrew Scherber, Roseville, MN • Tue May 3, 2011
My buyer is closing on a lender-owned home on May 10. The listing agent/seller said that there was NO well uncapped/or capped on the property, but when the buyers and I had our inspection, we discovered that there is an uncapped abandoned well on the property.
I alerted the listing agent, and they are working on getting bids to have the well properly capped off at the seller's expense before closing.
The problem is that it is getting close to closing date, and my buyers are getting nervous that this hasn't been handled yet. The listing agent is an REO specialist, so I know he and his staff are REALLY busy, and thus haven't been very responsive to my requests for updates.
My question is, what should I do to ensure that the bank will complete this job? Do I need to get an amendment signed? What will happen if the house closes and it still isn't done?
Has anyone else dealt with this issue?
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