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#423999 - 05/20/13 11:52 AM Neither the listing agent or the seller knows about this? C'mon!!
Mapper Offline
Member

Registered: 05/02/13
Posts: 87
Loc: WA
This is getting extremely frustrating! We have our inspection today. Our agent just called us and said he finally got a hold of the seller after almost 1 week to ask what the issue with the plumbing is since it was marked by them as having issues on the sheet. First off, our agent says there's a language barrier with the sellers as well as with the listing agent. The seller says he has no knowledge of what the problem is and that the agent knows. Well our agent asked the listing agent and she has no idea either. So this was marked on the sheet and NOBODY seems to know what is wrong??!! This sale has been fishy from day 1! Hopefully the inspector will be able to discern any of the problems today!

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#424005 - 05/20/13 02:33 PM Re: Neither the listing agent or the seller knows about this? C'mon!! [Re: Mapper]
Artiste Offline
Major Contributor

Registered: 06/12/06
Posts: 2367
Loc: Arizona Bay
Did the BANK accept your offer??
_________________________
Let's take back the real estate between our ears and get green like a sonofa$%^&*

NAFTA is over!!
(if you want it)


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#424006 - 05/20/13 03:25 PM Re: Neither the listing agent or the seller knows about this? C'mon!! [Re: Mapper]
Mapper Offline
Member

Registered: 05/02/13
Posts: 87
Loc: WA
No the bank didn't accept our offer, but the inspector was there today and let us know what we needed to know. Turns out the downstairs bathroom wasn't connected to the sewer and it was just draining into the backyard. Lovely! Needless to say, we will be backing out of that property!

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#424018 - 05/20/13 07:55 PM Re: Neither the listing agent or the seller knows about this? C'mon!! [Re: Mapper]
Artiste Offline
Major Contributor

Registered: 06/12/06
Posts: 2367
Loc: Arizona Bay
Next time wait until the BANK approves your offer. You wasted your time and money.
_________________________
Let's take back the real estate between our ears and get green like a sonofa$%^&*

NAFTA is over!!
(if you want it)


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#424027 - 05/20/13 08:45 PM Re: Neither the listing agent or the seller knows about this? C'mon!! [Re: Artiste]
johnnyloans Offline
Veteran Member

Registered: 03/29/09
Posts: 870
Loc: Los Angeles ,CA
Short Sales are not for the faint of heart.
_________________________
Johnny James
Real Estate Broker in CA
(855) 898-3354
Greater Los Angeles Area
www.PalmdaleRealestate.biz
Have Car Will Travel
For Those That Google JohnnyJamesBroker@gmail.com

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#424038 - 05/20/13 10:21 PM Re: Neither the listing agent or the seller knows about this? C'mon!! [Re: Artiste]
Mapper Offline
Member

Registered: 05/02/13
Posts: 87
Loc: WA
Sorry it was written in the clause that we do the inspection within 10 days after we have mutual acceptance with the seller NOT the bank. We only had to pay the inspector $100 rather than the $425 he charges because he looked at the plumbing issue first and then it was a done deal for us.

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#424041 - 05/21/13 01:46 AM Re: Neither the listing agent or the seller knows about this? C'mon!! [Re: Mapper]
Artiste Offline
Major Contributor

Registered: 06/12/06
Posts: 2367
Loc: Arizona Bay
The seller is the bank -- the guy living in the house has no authority to accept your offer and close the deal.


Edited by Artiste (05/21/13 01:53 AM)
_________________________
Let's take back the real estate between our ears and get green like a sonofa$%^&*

NAFTA is over!!
(if you want it)


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#424048 - 05/21/13 06:55 AM Re: Neither the listing agent or the seller knows about this? C'mon!! [Re: Artiste]
Mapper Offline
Member

Registered: 05/02/13
Posts: 87
Loc: WA
No I'm sorry you are mistaken. In OUR contract it is written that we have 10 days from mutual acceptance with the seller before lender approval to do the inspection or we waive it.

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#424057 - 05/21/13 09:06 AM Re: Neither the listing agent or the seller knows about this? C'mon!! [Re: Mapper]
Artiste Offline
Major Contributor

Registered: 06/12/06
Posts: 2367
Loc: Arizona Bay
I'd not put that clause in the next contract.

Wait until you're in the 30-45 day escrow AFTER you get lender approval -- that's the part where you use the first 10-17 days to compete your inspection - it's called the "contingency period."



Edited by Artiste (05/21/13 09:07 AM)
_________________________
Let's take back the real estate between our ears and get green like a sonofa$%^&*

NAFTA is over!!
(if you want it)


Top
#424058 - 05/21/13 09:43 AM Re: Neither the listing agent or the seller knows about this? C'mon!! [Re: Artiste]
Mapper Offline
Member

Registered: 05/02/13
Posts: 87
Loc: WA
But if we would have waited until the lender approved this, we might have been waiting 2 months to do an inspection and the whole while not looking at anything else and then get screwed over and be 2 months closer to our lease ending and not having anywhere to live. We were only out $100 and I'd rather do that than wait for lender approval only to end up terminating the contract due to major problems.

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#424061 - 05/21/13 10:13 AM Re: Neither the listing agent or the seller knows about this? C'mon!! [Re: Mapper]
Artiste Offline
Major Contributor

Registered: 06/12/06
Posts: 2367
Loc: Arizona Bay
Several months to approval is normal. Don't get in the business of paying to inspect pre-foreclosures, you're wasting everyone's time and money.

Shotgun offers on every potential home you want and wait for the LENDER approval. THEN inspect and decide which home is best.
_________________________
Let's take back the real estate between our ears and get green like a sonofa$%^&*

NAFTA is over!!
(if you want it)


Top
#424083 - 05/21/13 07:41 PM Re: Neither the listing agent or the seller knows about this? C'mon!! [Re: Artiste]
johnnyloans Offline
Veteran Member

Registered: 03/29/09
Posts: 870
Loc: Los Angeles ,CA
Short Sale First Time Buyer would need a very strong agent with some experience leading the way. I agree with Artiste paying for inspections and anything else on an offer not even approved by the bank may not be the wisest thing to do.
_________________________
Johnny James
Real Estate Broker in CA
(855) 898-3354
Greater Los Angeles Area
www.PalmdaleRealestate.biz
Have Car Will Travel
For Those That Google JohnnyJamesBroker@gmail.com

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#424095 - 05/22/13 06:47 AM Re: Neither the listing agent or the seller knows about this? C'mon!! [Re: Mapper]
Bigtoe Offline
Major Contributor

Registered: 10/14/07
Posts: 2189
Loc: Outer Banks
When you have a deadline to move you should not be trying to buy short sales.
_________________________
Your Outer Banks real estate agent. Helping people buy and sell OBX real estate since 1989.

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#424103 - 05/22/13 09:28 AM Re: Neither the listing agent or the seller knows about this? C'mon!! [Re: Mapper]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7456
Loc: Vermont's North-East Kingdom
That $100 may have been a good expenditure in dispatching this first one fairly quickly . . . . so that you can move on and not look back. I'd say time is of the essence in your case.

Was the 1/2 bath legal ?

What would it cost to properly hook it up to the municipal sewer; if that is even possible ?

It doesn't seem to be serious enough to constitute a "deal breaker" for an invester or someonne with more time than you . . . . but you can use it as a learning experience.
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#424106 - 05/22/13 10:06 AM Re: Neither the listing agent or the seller knows about this? C'mon!! [Re: Vermont]
Mapper Offline
Member

Registered: 05/02/13
Posts: 87
Loc: WA
It wasn't a 1/2 bath, it was a full bath (shower, bathtub, sink, toilet). I have no idea why it is like it is or how long it's been like that. The listing agent called out agent yesterday while we were looking at other houses with him and she was basically pleading with him that if they lowered the price if we'd take it. Why not fix it on your end so you can sell it? I know, they have no money. Our agent said that if we went that route that we'd have to keep that from the VA inspector or they wouldn't approve it. Then get an appraiser in there and all sorts of messes would happen. We don't have the time or energy for that.

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#424109 - 05/22/13 01:02 PM Re: Neither the listing agent or the seller knows about this? C'mon!! [Re: Mapper]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7456
Loc: Vermont's North-East Kingdom
You just now mentioned VA (Veterans Administration) . . . . but I thought you were planning on using an FHA Loan Guarantee.
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#424370 - 05/28/13 08:17 PM Re: Neither the listing agent or the seller knows about this? C'mon!! [Re: Artiste]
12 step 4 BPOs? Offline
Veteran Member

Registered: 06/28/10
Posts: 1284
Loc: Land of Tree Huggers
Originally Posted By: Artiste
The seller is the bank -- the guy living in the house has no authority to accept your offer and close the deal.


This was a short sale...so this is not accurate.

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#424463 - 05/30/13 12:59 PM Re: Neither the listing agent or the seller knows about this? C'mon!! [Re: Mapper]
BpoBill Offline
Major Contributor

Registered: 09/24/06
Posts: 2297
Loc: US
Originally Posted By: Mapper
But if we would have waited until the lender approved this, we might have been waiting 2 months to do an inspection and the whole while not looking at anything else and then get screwed over and be 2 months closer to our lease ending and not having anywhere to live. We were only out $100 and I'd rather do that than wait for lender approval only to end up terminating the contract due to major problems.


The bottom line is you're lucky it was only a $100 loss. Around here I would not let my buyers do an inspection without lender approval first. The buyers can back out of a deal for any reason on a short sale, including a better house coming on the market. Short sales come with risk, and you need to figure out if you want to take on the risk or not.

I just noticed all of these threads you started. Maybe you should find a new agent if you are not getting answers to all of your questions? You are asking agents who do not represent you for legal advice. Go find yourself a bank owned house or a normal retail property and forget about short sales. There will be much less stress on everyone.


Edited by BpoBill (05/30/13 01:04 PM)

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#426528 - 07/30/13 04:35 PM Re: Neither the listing agent or the seller knows about this? C'mon!! [Re: Artiste]
Captain Mortgage Offline
Member

Registered: 08/30/11
Posts: 169
Loc: Upland, CA
Originally Posted By: Artiste

Shotgun offers on every potential home you want and wait for the LENDER approval. THEN inspect and decide which home is best.


Please tell me that this is a joke, and you aren't suggesting this as something for buyers/agents to do.

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