All Forum Posts by: Derrick K.

 Exactly. This was a big and expensive lesson learned. I was just caught off guard that they've Kim's actually make me close and hold  my deposit after they did then job where they were ready to walk away prior to accepting by offer. 

to close the loop on this Since I hate to leave it hanging.... we ended up getting another mold test which of course showed mold still present. We sent it to the seller and the attorney called it a red herring?? Anyway, we  are moving forward with just buying the property and will pay the $10k or so for proper remediation. I may take the bank to court (nj special civil court allows for claims of <$15k) after the fact. No more dealing with banks for me, they're ruthless!

@Greg Scott yes I signed standard purchase agreeement. The EM is significant ($11k)

@Wayne Brooks actually the banks  atty communicated this in writing to my  atty

So I don't want to lose the EM since it's $11k.  They won't lower the price either, they are saying that we are closing and that's it.  So I think some options I have are to take it to the judge and I think They wouldn't have a case as they didn't properly do the remediation that they agreed to. Of course this will be expensive and long which may be more than the EM at the end. Second option can be to close and then have a mold company inspect the work they did and verify it wasn't done right and then take them to court for not following through on their promise. 2nd option at least I think will allow me to move forward with the house and I can try to work with a litigation atty that will only get paid if we win. 

hello, I am hoping to get some help related to a sticky situation. This is related to a bank owned property which after inspection indicated there was black mold in the basement and first floors.  The cost to remove the mold was approximately $25,000 but when approached to the bank they refused to cover the costs.  We provided a final offer that they would use a certified mold remediator to remove the mold and then re-test to make sure it was acceptable levels. They went ahead and cleaned the mold utilizing a company that does that do this type of work i.e. they were not certified and they did not remove  the mold as per standards. They retested in certain locations, strategically, so that the results  would come back clear. We went back to check remediation and found that the drywall where the mold was was not removed and other areas where it was mold was also not  treated. We then went ahead and said you have to go back to our vendor and we would even split the cost with the bank to remediate the mold. They responded with a letter stating the closing date 10 days away from today's date and if we do not close they will pursue legal action. 

This was quite shocking to us and we will be talking to the lawyer tomorrow but I also wanted to get your thoughts on response and if you ever have to do a deal with this kind of situation. Thank you!

Hi folks - I am putting in an offer on a short sale that needs some work. Will require floors, roof, painting to start. The listing agent thinks that it will require a rehab loan but who makes this determination? If rather avoid this as I hear he costs are quite high. Secondly, not all lenders do hear loans so does anyone have any reputable contacts that can help me getting a quote? Thanks!!

Thanks all. I think since this is my first short sale I will go ahead and get a buyers agent specializing in short sales.

Hi BP community! I have situation I wanted to get your thoughts on. I found a shortsale on Zillow and contacted the realtor directly (I don't have one yet). I know the sellers realtor gets commission but I believe this is split with the buyers realtor. In my case, do you think I can use this to my advantage as the property is far below the market value and I envision a bidding war ensuing? Perhaps the bank can gain more by paying a smaller commission? Thanks Derrick