HUD house woes!!
I won a bid on a HUD house. I bid on it based on the HUD home report. It looked like there wasn't too much to it. I also had my own home inspection done.
Turns out, it has some major flaws ($$$) The sub floor and beams under the bathroom are rotten and will result in the bathroom being totally torn up to get to the beams and repair and then putting the bathroom back together.
The other thing was-there is no access to the attic. None, zip, nada. The AC/heater checked out fine as far as the temp staying accurate. But not being able to see up in the attic really worries me.
According to my realtor-You buy as is and you lose your ernest money. But upon further reading, It looks like if you can prove there is a major safety issue (like a bathroom collapsing from rotten beams or the fact that the house had two fires in 2003-according to the next door neighbor) I might be able to get the ernest money.
Numbers on the house. HUD had the house listed at 61,500. I bid on it for 55,400 and they took it. The tax appraisal office has it listed at 72,270. I wasn't planning on spending a lot of money for repairs for this house. It was in great shape. New paint, new windows, Central heat/AC. New cabinets (all probably because of the fire)
I have a couple of options I see, Go back to HUD show my home inspection and say I want the money back based on the safety issues or wait for the price to drop further then try to get it cheaper.
Has anybody been able to get their ernest money back?
Not being able to get into the attic for an inspection really scares me. Especially if their was 2 fires in the attic. There is no telling if the trusses are stable.
Thanks for you help in advance. Sloozy8
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