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Who pays to turn the utilities back on when the bank shut them off?

Posted by Jean Costanzo on May 7, 2012 at 5:15am in Short Sale Discussions

Hi 

I have a HSBC short sale approval to close in the next few weeks . The seller has moved out of state .  HSBC had the property winterized last fall and the electric is off.    Will HSBC pay to have everything turned back on ?  Thanks again ! Jeannie 

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Replies

  • Satar Naghshineh May 7, 2012 at 8:15am

    HSBC does not own the property. Seller/Buyer or agent will need to have them on. Final walkthrough does not need utilities as you are checking to see the physical structure of the property to make sure that it has not been vandalized or burned down before taking ownership.

    • Jeff Payne > Satar Naghshineh May 7, 2012 at 9:19am

      Actually our contract says that the utilities need to be on for walk thru.    We require the buyer to sign that they will turn utilities on if they need them turned on.  As an agent who does alot of transactions, I wont turn utilities on for a short sale, been there, done that and wont do it again.

       

  • Jeff Payne May 7, 2012 at 5:17am

    I ALWAYS add that the buyer has to turn them on if they need them for inspections, etc.  Part of the contract

    • Jean Costanzo > Jeff Payne May 7, 2012 at 6:25am

      Hi Jeff

      They did the inspections   Do they need to be on for the closing ?

      In NY we do inspections before going to contract 

      Thanks so very  much !! 

      Jeannie 

      • Jeff Payne > Jean Costanzo May 7, 2012 at 6:46am

        I dont see why they need to be on if you already did inspections, is appraisal done? 

         

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