All Forum Posts by: Irfan Saeed

Hello Bigger Pocket friends - I have an urgent question to ask. I sold a house couple of months ago. Buyer wanted some plumbing repairs done at the property and he send me an amendment for repairs. I had the repairs done and the buyer did a re-inspection and close the property. A month after the closing he send a text message and start complaining about plumbing issues again. I told him that you did the inspection before closing and now I am not responsible for any more work. He did not follow up after that. Now after couple months he send me an email and demand about 3800 worth of plumbing repairs and threatens me to sue. What are my options

Thanks

I have been rehabbing for last two years in DFW. one of the issue I always come across in my rehab is the sewer leaks due to the foundation repairs. I want to know how the other investor are dealing with these issues at an optimal cost and how much contingency they keep for an average SFH of about 1100-1500 sqft.

I would greatly appreciate you guys response.

Thanks

@ Guy - Thanks for your suggestion. I have learned this lesson the hard way. This was the assignment contract but the actual contract is not a TREC contract either. The good news is that the wholesaler has agreed to return the deposit. Thanks everyone for your help. 

As per your suggestions even if I had not done the appraiser and did not know about the actual size of the property the next buyer would have come up with the appraisal with the right size and it will either be a sale falling apart or I have to give a discount. 

I would ask you another questions as a buyer what would you suggest to avoid this problem in the future.

I understand what you are saying but now he does not have a legit reason either to sell it to someone else (In case I back out) at tax roll size. in that case other investor will comp the property at the appraiser provided size and he is not going to get the same price. so its better for both of us to renegotiate the price to minimize damage on both sides

Originally posted by @Cody L.:

@Irfan Saeed, first, forget about what the tax records say.  If you put a 2,000SF house under contract and it's stated in the contract that it's a 2000SF house, but the tax records say 1000SF, that doesn't' matter.  What matters is if the contract says it's a 2000SF house but its really a 1000SF house (as shown by a survey or similar, not the tax records)

Normally when you put down non refundable deposit there is an understanding that you've done some level of due diligence.  If there was FRAUD, then you can ask for your deposit back and if he says "no", then you could try to pursue a civic case.

If I was selling a house for $x, and the buyer said "I want a discount because the tax office says it's smaller" I'd simply say "no".  Well, I take that back.  I'd give the same answer as if the buyer said "I don't feel like paying $x.  Drop the price by $y or I'm going to walk".

It's odd that a contract would give the SF of the home.  Normally it'll give an address (physical / legal).

Is there some REAL reason you want out of the deal and you're trying to use this as your way to get your deposit back?

 Cody - Sorry If I have confused you. The Tax roll says the property is 1730 sqft. However the appraiser came up with 1592. So there is a difference of about 150sqft. I picked up the property on a very thin margin of profit. Now with this deficit in the size, I may loose money.

Originally posted by @Cody L.:

I see your Texas. Doesn't matter dude.

I'm curious about the question as I assume there is more to it. I.e are you trying to get out of th contract based on the difference or?

That is correct. either I want to get out of the contract with my deposit back or want wholesaler to adjust the price. So my question was what if he does not want to negotiate the price what are my options to get the money back from him. is there a legal fallback options

Hello All - Would be very thankful if someone can respond to this I am buying a property from wholesaler. Upon appraisal the property was found to be 150 less than the tax roll. This will eat up most of my profit. I have 6K non-refundable deposit with wholesaler. I talked to him and he is trying to make excuses. My question is if he is not willing to return my deposit what are the options do I have considering the deposit was not paid to the title but to the wholesaler directly. Thanks

Hi Guys - I would appreciate if someone can help on this

I am about to sell a property which according to my measurement is bigger than the size listed on local county appraisal site. Since I am not a professional so I contacted an appraisal to just do a professional measurement on the property. He denied to do the measurement saying that if he does the measurement and the property is really bigger than the size listed on county office than I need to prove why the property is bigger. He said there must have been some addition made on the property. While I can tell that there is not addition made on the property and it is in its original shape. it seems to me that the previous owner may have reported the wrong size or its a county office mistake.

It seems like I would leave money on the table If I list the property according to county appraisal. The difference is about 300sqft. I would appreciate any suggestions

Thanks

Hello Folks - Need your help on this. I am intending to buy a house from a whole seller which is in a preforclosure state. The house is going for foreclosure on 7th of next month. Is there any issues in buying this house ( considering I can close before it is foreclosed)