Replies to This Discussion

Permalink Reply by Kevin - Greenville, SC on October 10, 2011 at 8:02am

I don't understand, what is there now to be resolved if the inspector says there is no damage?

Permalink Reply by Tracey Pryce on October 10, 2011 at 8:16am

Kevin - he said that its some fuzzy stuff on the leather furniture and tons of cob webs in the basement which means that due to lack of ventilation that it could possibly be mold and they we need to call the bank and have them send someone out to identify what it is exactly.  I am just as confused as you are and he stated firmly that there is absolutely NO evidence of any prior or current water damage.  He is stating the possible mold is due to basement "sweating" and not water coming from the outside.

 

I instructed the home owner to open up all vents, shampoo all the carpets, wipe down all of the walls and baseboards with a bleach solution, clean any air duct covers and wipe down all of the leather furniture.  I also suggested he place a dehumidifier down there to run nonstop to remove any moisture in the air and place some air fresheners in the outlets in the wall.

 

I will contact the Bank but the house is being sold as is and I know mold is a totally different animal but would you suggest I call out and get a free estimate on the basement just to make sure?  And did I mention, they have someone who has been living in the basement for 5 years now with no health issues?

 

Again, I am LOST.  I just want this to settle since the buyer still wants the house but not sure how to satisfy her that the basement is not infested with mold so we can get the appraisal done.

Permalink Reply by Bryant Tutas on October 10, 2011 at 9:03am

Tracey. You can certain submit 3 estimates to BofA and attempt to reduce the price to cover the cost of the repair. BUT..there is no guarantee that BofA will agree to a reduction and yo can be sure it will take weeks if not months to get a response.

As Kevin stated HAFA shprt sales are sold "As Is". The buyer can accept it. Reject it. Or try to negotiate if the seller is in agreement.

I wouldn't make any decisions without getting estimates first. From what you have written the cost of the repair will certainly not be worth the time delay. I would strongly suggest the buyer just close on the transaction.

Permalink Reply by Bryant Tutas on October 10, 2011 at 9:05am

I want to add that the chance of the bank sending someone out to look at it are ZERO> It is not their property . This is totally up tp the buyer and the seller. Notifying the bank is a complete waste of time and less you already have estimates and are asking for a reduction.

Permalink Reply by Kevin - Greenville, SC on October 10, 2011 at 8:26am

Tracey,

 

All Short Sales are sold As-is, where is.

 

 

Permalink Reply by joe beauchamp on October 10, 2011 at 9:12am

If the buyer is asking you to notify the bank - go ahead - who cares?  However, the buyer seems to be hoping for something to come back.  In your position, you should know what the buyer wants and be stuck with going back to the seller/bank about it.  For instance, the buyer should say, "It is going to cost $20K to fix this new problem, I need to pay $20K less so I'll have money for repairs."  But instead, the buyer said, "tell the bank."  Well, you can do that and the bank will say, "OK." And you have done your duty and the closing will go on.  The bank is not going to offer anything - and they are pretty bad at wanting to pay someone to go look for problems in a property.

What is the responsibility of this home inspector?  Is he liable if you find you need to eradicate mold (and, I assume that is the issue)?

Despite the "as-is" clause, that is at the time of the deal, not after the agreement.  If something has changed after the deal is agreed to, then the buyer can ask for a remedy or walk.  You need to find the severity of the situation, what the buyer is really demanding and what might be a resolution.  Make sense?

BOA HAFA is particularly tough.  It seems like you will either find a way to assure the buyer that there is no mold danger (as in minor clearance of too much moisture now) or you will need to tell the bank that you need $X more to fix the problem.  This might work, but with BOA, it might just get a "NO".  If you have a good closing officer, you might get somewhere.  There is no harm in asking, however, it would be good to know your buyer's reaction if he gets the likely NO from BOA.  Good luck..

Permalink Reply by Wendy Smith on October 10, 2011 at 9:41am

why does the buyer's agent want you to contact BoA?  there is no issue..... the buyer wants the property, seller wants to sell, BoA approved - close it.

Permalink Reply by Tracey Pryce on October 14, 2011 at 12:25pm

Thanks Everyone.  Problem has been resolved.