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Updated about 4 years ago on . Most recent reply

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First deal; seller lying about issues/postponing closing

Nathaniel Molnar
Posted

Please help! My wife and I are buying out first investment property. Seller accepted our offer 3 weeks ago but only let us in for a 2 hour windows during our 10 Day inspection period. After inspections he informed our agent that there might be lead based paint, there is a foundation issue that costs 20k to fix, there is thousands of dollars for the water bill unpaid, the house has been vandalized with about 7k worth of damage, along with saying there is a bunch of water coming into the basement. He has filing a police report for when the house was vandalized and needs to postpone closing (after stating he was backing out of the deal) due to insurance on the house but stating they are not fixing any of the damage. We have a demand letter going to the seller from our layer but what the heck else do we do in this situation?! What if they don’t close? What if they don’t fix the vandalized items etc? ANY insight would be helpful.

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Jay Hinrichs
#1 All Forums Contributor
  • Lender
  • Lake Oswego OR Summerlin, NV
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Jay Hinrichs
#1 All Forums Contributor
  • Lender
  • Lake Oswego OR Summerlin, NV
Replied

and you want to buy this house WHY  foundaiton issue  broke into and stripped  can you not see this is not an appropriate investment for someone starting out at ANY Price you going to get hosed you buy that property .. its a blessing just walk away and look for something in a better area in better shape.

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JLH Capital Partners

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