Thursday, October 11, 2012

Escrow stress

Well, we may have hit a snag. Not that such a thing is unusual for escrow.

Like any smart buyer, we paid out of pocket for a comprehensive home inspection. During the inspection, a number of items were called out as potential hazards. Again, nothing unusual for escrow.

We requested some, but not all, of the safety repairs after we had an electrician come out and estimate the cost of such repairs. In addition, we asked to see a termite report on the property. When our agent noticed that the report failed to call out an area of the property that had suffered some water damage, and therefore possible termite damage, the seller's agent told the termite inspection to disregard the information regarding the water damage. He, the selling agent, even went so far as to tell the termite inspector not to revise the report. In so doing, the selling agent was suggesting FHA fraud. Our agent pointed that out to him and he has since agreed to have the termite report updated.

But that isn't the snag. Well, not all of all it, at least.

The sellers have countered our repair request with some of the most ambiguous language possible. We suspect that this, too, is the work of their agent.

We have decided that the best course of action at this point is to send a cover letter asking for specific language, pointing out our insistence that the property be verified as safe and that necessary repairs either be made, or that money be returned to us. Our agent is going to point out his failure to disclose required information in the MLS for the property, too. In short, we are letting the agent know that we will not be so eager as to ignore the problems with the house.

Both our agent and myself do believe that the sellers are amenable and fair. But we also suspect that as their agent sold them the house, he may be attempting to cover the fact that he had sold them a house that was less safe than they thought.

I do not want to lose this house, but I also do NOT want to pay top dollar for an unsafe property that needs repairs and upgrades. I am keeping my fingers and toes crossed that their agent will get his act together, that the sellers will agree to our requests (or something similar), and that we will get back on track.

Cross your fingers for us, too, okay?

No comments:

Post a Comment


Related Posts Plugin for WordPress, Blogger...