REO Bad Experience! Need Advice

4 Replies

Hello Guys! (excuse my English)

I'm new here in the community and I can see that here are so much knowledge and people get help. I want to tell you about a situation I'm going through right now to see if anyone has been there and can help me. I buy with my partner a REO property through hubzu. We visit with our realtor the property and take some photos. The property needed some improvements, but nothing so serious. We started the process of buying which was a bit tiring as the bank hidden until the end that had a special assessment with the HOA for $30,000 for repairs that would do to the property. To make the long story short we agreed to buy the property because of the potential was pretty good and the HOA was doing a great job with the roof. The thing is that when we close we send our realtor to see what HOA do and what we need to do. When he go to the property finds no kitchen cabinets, no bathroom cabinets, without some floors without many things were there when we went to see it. We asked the HOA to see if they were working on the property but they quickly sent us to his lawyers and they made us know that they completed his work on the property and recommended us to talk to the previous owner (bank). When we asked the bank they say they have nothing to do with it and that the property is sold as is. We want to take legal action because the property does not appear in those conditions when we saw it or neither the photos they put on the MLS. Jobs seemed to be made by professionals as removed walls contaminated with black mold and gave them the right treatments, but nobody knows who it was, no one knows where the cabinets go and all the stuff inside the property like dishwasher refrigerator etc. I want to know if someone here has passed a similar situation or know something about it, we do not want to spend money on a lawyer and then he say I can't do anything.

Did you do a final walk through of the property the night before closing? It sounds like you skipped this part, which is an integral part of the buying process. It is meant for situations exactly like this.

if the missing appliances and damage happened after closing you may have an insurance claim.  If it was befor closing your realator should have told you to do a final walk through or done it for you if you live out of town so you coul make a claim againts their professional liability insurance 

Hey Jose,

Hubzu is notorious for springing surprises like that (code violations, HOA dues, and other stuff that may or may not reflect on the title insurance). Maybe the property had water damage? BTW Which course for tax deed did you take a few years ago? I have some courses on marketing, if you interested, I can send you the links for these free courses.