So here is the situation. The property was water damaged and insurance company fixed everything. The property was listed with an auction broker that would go to auction in mid Jan. However I made an offer and the seller accepted it and we signed the contract but to be on safe side I put a condition for home inspection and If serious issues are found like mold and all I will back out from the deal. The seller accepted it. The agent asked the seller to turn on the electricity and other utilities before I can run home inspection but It is more than a week he has not turned on the utilities yet. I asked the agent he said he is having some issues with title deed. Since then I have not heard back from the agent.
Honestly I am kind of hesitant investing in this property given this was water damaged and it is on the ground floor (Condo unit). The closing date is in mid January, I thought the seller would push for closing this sooner but may be he is is looking for another offer (not sure if that is legal while he has signed a contract with me) or he is really having issue title deed.
Should I contact my agent again and follow up with him or should I just wait until the closing date and simply walk away from the deal.
I have done my math the property is in good shape and is ready to be rented except for few minor repairs. However my concern is the water damage would that happen again and it is on ground floor like a few steps below the ground. But you get what you pay for... This is the cheapest unit I can find in the area. It is also one bedroom not sure if one bed rooms are considered a good rental property.
Confused would appreciate your suggestions...
issues with title can cause delays and can be time consuming
I am am a public adjuster who deals primarily with water losses. I've had several of my clients subsequently sell those properties and ask me for a report that states that the water loss was mitigated properly. This is something you might want to consider asking for, too. Did they treat any visible mold or mildew? Did they treat with an anti-microbial? Did they do a clearance test with an environmental hygienist? Those are important questions. I've handled several condo water losses from sprinkler system malfunctions. The bottom floor always gets it the worst. I'd find out what was the exact cause of the water loss. Was it a failed supply line to the toilet, icemaker, etc? Or did the loss originate in a different unit? Also, who paid for what? Did the HOA pay for the damage or was it split between the unit owner's policy and the master policy?
Let me know if you have any specific questions. I will help all that I can.
Tavisha Grant, Public Adjuster, Property Claim Adjusters, Phoenix, AZ
what date did the seller receive the signed contract from you?
@Tavisha Grant Thank you so much for your reply. I did asked for a report or any kind of documents from the insurance company who fixed the house but the buyer and the agent seems to be ignoring it. The fact that it is taking too long for them to turn on the utilities makes me believe there is something wrong. The damage was caused by a water pipe burst on the third floor and the water leaked all the way down to the ground floor.
If the current homeowner turns on the utilities, I am going to do a complete mold and all the necessary inspections. I have already spoken with a few home inspection companies just waiting for the current owner to turn on the utilities. Is there any other specific inspection that you want me to look into?
I have seen the condo, the insurance company had replaced the carpet, the floor and the cabinets in the kitchen and they also painted the house except for the doors I was just curious why not the doors.
@Michael Noto I signed the contract on the 19th dec and the closing was suppose to take place mid Jan.