Question for a realtor
04-15-2010, 04:54 AM
#11
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Join Date: Mar 2010
Location: Cincinnati, OH
Posts: 1,123
Originally Posted by Up North
Actually the girl that owns it lives out of state now, Her mother is a Lawyer and Realtor but my son is dealing with a different person in the same office. My son and his brother rented this same house about 4 years ago and it has had one short term renter since. They were trying to purchase it but there were some dumb stipulations that couldn't be worked out. The loan company they were going through wanted the price of the home raised about 2 thousand dollars some dumb thing about not granting less than $50 thousand dollars for a loan (Weird I know) and at that time she wasn't willing to do any improvements, After they moved out She then had new windows, siding, furnace put in. 4 years later the price is even lower and it has those improvements.....
04-15-2010, 04:56 AM
#12
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Join Date: Mar 2008
Location: North East Lower peninsula of Michigan
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Your son and "his brother" (not your son?)
Yes both are my sons.LOL
I know I think I am loosing faith in this real estate company, They need to get it together if they want to sell this house, It has sat empty for quite some time. Maybe there is a reason for that hu? If they pull this on everyone that tries to buy it I think it is time for him to look elsewhere. He really likes the house, it sits on over an acre of land has a detached 2 car garage.
Yes both are my sons.LOL
I know I think I am loosing faith in this real estate company, They need to get it together if they want to sell this house, It has sat empty for quite some time. Maybe there is a reason for that hu? If they pull this on everyone that tries to buy it I think it is time for him to look elsewhere. He really likes the house, it sits on over an acre of land has a detached 2 car garage.
04-15-2010, 04:58 AM
#13
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Join Date: Mar 2010
Location: Cincinnati, OH
Posts: 1,123
If I was him, I'd talk to HUD. Is he going for a HUD loan? This realtor could possibly lose their ability to sell HUD houses if they try to mess him over.
I still would NOT do any repairs on the house until I owned the home ... what happens if the sell falls through? They get the repairs for free ...
Don't do it ... no matter how much you like the property.
I still would NOT do any repairs on the house until I owned the home ... what happens if the sell falls through? They get the repairs for free ...
Don't do it ... no matter how much you like the property.
04-15-2010, 06:01 AM
#14
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Join Date: May 2009
Location: La Pine Oregon, USA
Posts: 5,907
It's part of the TRICK! They think the buyer wants it bad enough, they'll get him to do the work. The seller probably said "as is". He should tell them "for the price of the plugs, is the seller willing to lose the sale"......they'll do it.
04-15-2010, 06:42 AM
#17
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Join Date: Apr 2007
Location: blink and you've missed it
Posts: 2,564
Repairs are a requirement of an FHA loan. This is common in our area. The repairs are a condition of getting the loan. 99% of the time they are done by the Buyer. The best way to protect yourself in a case like this- especially if you are taking out a FHA loan, is- HAVE A HOME INSPECTION. It will point out repairs that are needed and you can negotiate them with the Seller- before FHA can require them to be done.
Sounds like an inspection was not done and now it is up to the Buyer to make the repairs as, usually, Seller has moved on from feeling any obligation to the house.
I do real estate closings- I am a title insurance agent in PA.
Sounds like an inspection was not done and now it is up to the Buyer to make the repairs as, usually, Seller has moved on from feeling any obligation to the house.
I do real estate closings- I am a title insurance agent in PA.
04-15-2010, 06:46 AM
#18
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Join Date: Mar 2010
Location: Piney Hollow, NJ
Posts: 48
No deal. I have a Realtors Lic in NJ - HUD requires that the SELLER pays for the repairs - they don't really care who gets them done - but on the HUD-1 closing sheet - it is the SELLERS responsibility. Any government home sale (HUD/VA/FHA) is the same - the bank WILL NOT let the BUYER pay.
04-15-2010, 06:49 AM
#20
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Join Date: Apr 2009
Location: Horseheads, NY 14845
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Originally Posted by KeenKountryKreations
No deal. I have a Realtors Lic in NJ - HUD requires that the SELLER pays for the repairs - they don't really care who gets them done - but on the HUD-1 closing sheet - it is the SELLERS responsibility. Any government home sale (HUD/VA/FHA) is the same - the bank WILL NOT let the BUYER pay.
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