After SS Approval, Pool Equipment Was Stolen

I represent the Buyer. The listing agent and Seller live out of the area. After approval, I visit the home to check on it, and the pool equipment had been stolen, pool green. Gated, neighborhood. Of course, when my Buyer made the offer that was accepted, the pool was gorgeous, and in good shape, with all equipment intact. The listing agent does not want to go back to the Banks (two loans), because it took three months to get it approved, and auction date has been postponed 3 times. Any ideas? Tell Buyer tough luck, you get to pay for new pool equipment ? I know the Seller cannot credit Buyer for repairs. Any suggestions? Seller has a $5,000 insurance deductible, so not covered.

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Permalink Reply by Joseph Alfe on March 17, 2012 at 8:51am

check your contract, it's probably as-is.  That being said, get a police report and have the seller submit to the bank, they should be able to make an exception.  Them not wanting to do the work is not an excuse, because if you walk away, they will most likely go to sale.

Permalink Reply by T Arnold on March 18, 2012 at 4:43am

Three pool pumps, one for jacuzzi, pool, and pool water feature. Salt water system, and heater. The Pebble Tech Pool is probably no more than 15 gallons. I was told the Seller filed a police report, and will ask for a copy of it. The thieves did a very clean job, and knew exactly what they were doing. Left the filter. Harry, what is your opinion about going back to the bank with this new loss? LA suggests against it.

Permalink Reply by Joseph Alfe on March 18, 2012 at 6:24am

Absolutely go back to the lender.  The fact that the LA or seller doesn't want to suggests to me that they really don't want to sell or they just don't care.

Permalink Reply by T Arnold on April 1, 2012 at 4:43am

The end result: The first lien holder, Wells Fargo, agreed to pay through escrow, $2,000 to a licensed contractor for pool equipment, and the HOA  accepted $1,800 less in their overall fees that had totaled nearly $5,000. We just closed escrow. Buyer is happy. It was definitely worth the effort asking for Bank and HOA to contribute since it worked.

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