Please Help Me Negotiate or Save My Deal!
Hi Biggerpockets experts! I need some savvy wisdom on either helping me salvage this deal OR if not to help me negotiate terms with the seller
I believe there's many lessons to be learned for myself, now I'm trying to see what options I have.
I'm in escrow on a property off-market from an investor acquaintance. I only had pictures of the property since there's a current tenant and couldn't get video. Went into the deal expecting turn-key and my inspection revealed cracks in the foundation basement walls. My appraisal reviewed the property around the same time. We extended the inspection clause. Seller's team went in and patched the cracks and verified there was no bowing or caving of the wall. I had the inspector go back and reinspect, specifying that yes work was done but there's still patching needing to be done.
I also reached out to a structural engineer to give a report. He suggested additional patching be done as well, however he didn't take pictures or specify where. Seller's team went back in and said they couldn't find any cracks.
So now I'm at a stand-still. Seller won't go in and do any more work and I can't get my appraisal to pass until they hear from the engineer that everything is good.
Seller wants my EMD or that I pay for the fixes myself. I'm going off pictures so i can't verify where these cracks are. Everyone else can see it but the seller. My inspection clause has expired. I'm doing a 20% conventional loan.