HAPPY MONDAY (says no one) BP Peeps!!!
I put an offer in on my 1st investment property almost a month ago. Purchasing it from an older gentleman (in his 80's) who is very sick. Got a portion of the inspection done on Sept. 29th. No one knew that the gas was off to test the furnace, stove and the hot water tank. Notified the sellers realtor by way of a call and an addendum. I didn't sign the addendum until the next day so we were out of contract. My realtor followed up with the sellers realtor about said addendum, but she never got the seller to sign it. We've since forwarded another addendum to the agent requesting signatures on both. She's EXTREMELY late in responding and trying to get her to do her job is not working out. I've had someone look at the roof, the stove and the hot water tank already, but need to forward their estimates to my attorney to escrow the funds to them for fixing. I don't want to be out of the $309 I've already spent on the inspection along with time that everyone on my side has invested. We set a closing date for October 22nd so it's fast approaching. Is there any way to put some fire under her tail or to get my $$ back? I'm frustrated that this is the way my 1st investment is going. Though I'm not emotionally attached, I just don't want to lose out on the inspection money.
Any advise is greatly appreciated ...
Thanks in advance ... Cassandra
Hi @Cassandra Sifford You will not get your money back. You must gather information to help you decide if the condition of the property is worth putting gobs of money into its ownership. It is your agent who needs to go to bat for you, she will be paid later, IF the deal closes. Check the language of your offer. Is there a deadline for the inspection phase? Who is the attorney that you mention? Any help from this person in understanding what needs to be completed, and when, before the closing date? Will the offer expire if there is no response from Seller?
I've never had this issue but I did some research. You can report a realtor and/or request mediation. I'm assuming the deal is in DE so here's a useful link: https://www.delawarerealtor.com/consumers/file-a-complaint
It may not be an agent issue....you said you didn’t sign/forward an addendum unit After you were already out of contract? Do you mean beyond your inspection period?
You seem like you expect the seller to pay for all the repairs on your inspection.....does your contract say this? The owner may be taking the position that since you passed your inspection period/attorney review period if you have one (I am assuming this) that either you close as per contract or you don’t, and perhaps you lose your EM.
Since my post, we finally received a signed addendum. I signed it on the 1st; seller signed it on the 10th. Idk what took the agent so long to forward it to my realtor smh My realtor didn't trust the agent so she sent her a copy of the check, but never gave it to her so I still have my EM.
@Kathy Henley ... The condition of the home isn't in that bad a shape. The roof isn't leaking, but is on it's last leg of life (maybe another 3 - 5 years). My plumber checked the stove (good to go), but the water heater is 24 yo. We're waiting on a estimate from him on a replacement. There is no deadline on the inspection phase. My title attorney is working on the closing. We are all working on getting the final items checked off, but the sellers agent has been dragging her feet.
@Karl B. ... Thank you for the link! Yes it's in DE. I already advised my realtor that I was going to report the sellers agent as she's been very unprofessional throughout the entire process. It's a small home so there's no reason she should have taken so long with everything.
@Wayne Brooks ... The realtor (who is also the broker) has been hard to work with since the start. She didn't upload the disclosure to the MLS which pushed back my offer. It took her over a week to get it to us. Then details were missing so I didn't sign off on it until 2 weeks after I initially wanted to. I was in the wrong for not signing the addendum the day it was supposed to be submitted back to my agent after my inspection. I don't expect them to pay for all repairs as there weren't many. The addendum to address issues from the inspection were few ... an electrical switch. The roof had cracks and soft sheathing. The seller / realtor was supposed to send a licensed roofer out. She sent out the property manager. He "checked" the water heater by saying it looks like it works. Never turned on the pilot and it was covered in dust and rust. We asked the seller / realtor to get the gas cut on in that addendum on 10/1. She didn't get it cut on until 10/18.