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#453489 - 07/19/16 11:36 PM Lack of utilities stopping short sale
Granta Omega Offline
Member

Registered: 05/01/15
Posts: 160
Loc: Cleveland, Ohio
The buyer is a cash buyer, but the seller has an FHA loan. The utilities were turned off due to nonpayment, and the seller cannot pay 700 dollars to turn them back on.

The buyer waived inspections and is paying cash. Why do they need to inspect the utilities?

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#453492 - 07/20/16 06:20 AM Re: Lack of utilities stopping short sale [Re: Granta Omega]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7524
Loc: Vermont's North-East Kingdom
Originally Posted By: Granta Omega
". . . Why do they need to inspect the utilities? . . ."

They probably just want to know that they're hooked up and functioning; but more importantly . . . . that they're NOT in arrears.

The REAL Seller (meaning the Mortgagee) understands this and will pay to have the utilities turned on in order to bring this loan that's gone sour to a conclusion.

The Owner of Record (or Mortgagor) has obviously lost interest in the property and isn't going to pay anything more just out of courtesy; but they may want to be cooperate enough to avoid a Deficiency Judgement.
_________________________
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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#453580 - 07/24/16 03:47 PM Re: Lack of utilities stopping short sale [Re: Granta Omega]
barb43 Offline
Veteran Member

Registered: 08/01/08
Posts: 1147
Loc: SW Okla
If the buyer waived inspections, who is wanting them turned back on?

Here, the utility companies wait out the seller of record's desire to turn utilities on somewhere else - and then they first require payment for the amount in arrears. wink (They know how to get their money!)

The mortgagee does not turn on utilities here because they function as a machine. Here, if the buyer wants a home inspection, or they're getting a conventional loan & their lender wants to do an appraisal, the buyer is welcome to turn on utilities for the purpose of inspections & appraisal. No,they are not required to pay up any past due amounts, but yes, they are required to pay any deposits charged and for the utilities consumed for however long they leave the account active.
_________________________
Remodeling houses & helping tenants get ahead in life since 1983. Licensed Realtor since 2005.


LIMITATIONS: Until You Spread Your Wings, You'll Have No Idea How Far You Can Walk. - despair.com

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#453610 - 07/26/16 01:06 PM Re: Lack of utilities stopping short sale [Re: Granta Omega]
Granta Omega Offline
Member

Registered: 05/01/15
Posts: 160
Loc: Cleveland, Ohio
It's required because the seller has an FHA loan, therefore and FHA appraisal needs to be done for the bank to approve the sale.

The bank said it's the seller's responsibility to have the utilities on, but they cannot pay for them to be turned back on, so they said if it's not done soon they are going to close the file.

The buyer said they'd reimburse the seller for the cost of the utilities after closing, but that really helps none because they don't have the money to pay for it to be reimbursed anyway.

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