Replies to This Discussion

Permalink Reply by James ferebee jr on October 31, 2012 at 3:32am

Good luck trying to get the lender to undo this.

Get a plumber to do this after you close because if you do it before they may come back and do it again.

When the seller is in foreclosure and have vacated the property the lender will come and winterize it since it is starting to turn colder and since you have a contract that's all it is at this time and you are waiting on the BPO and what if the BPO comes back too high and your seller walks, the property could be sitting there with water in the lines and freeze and that would not be a good thing as most times the sellers don't turn off the water and you could have major damages so the lender is protecting its assets. So if all goes well and you get an approval letter have a plumber take care of this for you as its not a diffiucult or costly process..

P.S. don't forget to call the lender's preservation arm when you close or they could come back and do it again after you have closed and the buyer has moved in new furniture everywhere and those idiots came back and winterized the property again..ASK ME HOW I KNOW THAT ONE, GO FIGURE 

Permalink Reply by Tara Samney on October 31, 2012 at 3:48am

hi James, thanks- I had this happen over a year ago before buyer's appraisal and the lender did get it reversed.  BUT that was a long time ago!

I agree I don't want it sitting around with the water in the pipes- do you know if BPOs can be done with the water off though? It's not a cheap house so.  I know the water has to be on for lender's appraisal on FHA (which is why I had to have it reversed before). 

 

 

Permalink Reply by joe beauchamp on October 31, 2012 at 12:20pm

I've read here elsewhere that LPS was dumped because of incompetence, etc. My guess is you aren't getting LPS to do anything anyway anyhow. Why would the bank send someone out to power things back up? They want to preserve the property - they did that. Why would they pay to send someone out to undo that? And if your closing fails? They pay to have someone go out and re-do it? Nah, ain't gonna happen. Be grateful if they did it right - we've had bank idiots not drain the water tank and found out by it exploding when it froze. If you really don't want to turn on the water yourself, flip the circuit breaker yourself, light the pilots yourself, maybe you can contact the company that winterized it and pay them to come out and do those things.