So.. I'm buying a duplex in Cleveland. Gone through inspection, gone through appraisal, getting ready to sign final documents tomorrow AM. I had previously been sent a LBP disclosure that was muddled, so I asked for clarification. Agent confirmed seller had no knowledge of LBP.
Get an email from my agent today, that the seller has created a problem over their fee structure - and is now changing his LBP disclosure. I was just sent a new LBP disclosure, saying there is LBP. Agent's position is that the seller is doing this to get me to back out of the deal. I tend to agree with this (based on evidence) - but that doesn't help me decide what to do.
What do I do with this?? My concern is that even if I get a clean bill of health from the seller at this point, I've been sent a disclosure saying that there is LBP. What is my exposure if I do go forward? What should I be doing that I don't know about at this point? This is my first deal, so.. help appreciated!
@Chris Hines If the deal is good enough, i would not worry about the LBP issue. You can get a professional painter to cover it up inside and outside and make it a non-issue. Ask the seller to give you some time to get quotes and remove it from the issue. Maybe you can get a reduction in the PP to handle the issue.
Whatever you do, do not do the work yourself. Only used a licensed painter who works on older properties (assuming this was built prior to the mid 70s). Don't go cheap and get EPA after you or your contractor.
Evaluate the deal, if its still a good one, move forward, if the costs to repaint inside and out are too much, move on.
So... interestingly enough, he sent me evidence that there was LBP.. Including a order from the city the residence was in, ordering him to clean it - from 2015. Called that office, found that he'd never done the repair, and then kept renting the house out to homeowners - against the orders of the city.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Join the Largest Real Estate Investing Community
Basic membership is free, forever.