All Forum Posts by: Jon Abadia
Jon Abadia has started 10 posts and replied 24 times.
Post: rCobleskill, NY market is this a smart choice
- New York, NY
- Posts 25
- Votes 8
Is Cobleskill, NY a Smart place to invest in a home to rent out as an investment property and also are bank owned reall estate a smart idea? Does it matter if its bank owned or owned by an investor
Post: Third time doing inspection on a "turnkey house"
- New York, NY
- Posts 25
- Votes 8
Originally posted by @Rod Hanks:
If the turnkey said they were going to do the repairs and failed to do it, not once but twice, I would cancel the deal.
Let's say I do just cancel the deal how does that work ? Do I just say I want to cancel it and right away the earnest money from the title company gets sent back to me? first time doing this.
Post: Third time doing inspection on a "turnkey house"
- New York, NY
- Posts 25
- Votes 8
Originally posted by @Account Closed:
It is always up to the buyer to perform their own inspections. Sometimes a seller will have inspections done prior to listing a property as a marketing ploy, but it is still up to the buyer to perform their own inspections. As always, buyer beware.
In your case, it (likely) comes down to the contract and the performance of that contract. So, I assume you have made an offer to purchase. I also assume you made that offer contingent on an inspection. Then you got an inspection and some issues were noted. What's important is what has happened from there.
Your inspection contingency gives you room to make a choice at that point. You can walk away, or you can ask the seller to fix some things, or you can offer less, etc. The seller has the option to either negotiate or let you walk.
If the seller agreed (in writing as an addendum to the contract) to fix certain items, then it is on them to fix them. It is on you to inspect them to your satisfaction. If they did not fix them, then you again have the option to walk or renegotiate.
The important thing to keep track of are the deadlines in the contract for performance meaning, make sure things are getting done according to the timelines written in the contract because once the timelines expire, so do the contingencies they represent.
The term "turnkey" can mean different things to different people. It's not a legal term, just a marketing term. Generally, a property advertised as turnkey means the property is in very good condition and little or nothing needs repair. It can also mean the property is rented. It can also mean both. If this property has numerous major repair issues, maybe it's not as "turnkey" as it sounds. Basically "turnkey" means you buy and don't have to do anything.
Hope that helps. Good luck. Fare well.
Yes thank you for the advice but in the contract I do no see a dead line for the contingencies. I mean It does State this contract is contingent upon the buyers approval of the inspection report at the buyer's sole discretion , but I do not see an actual deadline for them to finish the actual work that has to be done on the home .
Post: Third time doing inspection on a "turnkey house"
- New York, NY
- Posts 25
- Votes 8
thanks for the advice
Post: Third time doing inspection on a "turnkey house"
- New York, NY
- Posts 25
- Votes 8
The repairs are large items such as electrical panels ect. there's an electric panel that needed to be inspected the 1st time around but even on the 2nd attempt it was not able to be inspected because of the water flood condition
I'm worried about paying the inspector because this would be the 3rd time in paying for the property to be inspected which I dont believe is fare since there was time for the items to be fixed the 1st time around.
Post: Third time doing inspection on a "turnkey house"
- New York, NY
- Posts 25
- Votes 8
No I'm still using the same inspector and he is very reliable. But according to the inspector, everything that was marked " red "so to speak was not fixed after the initial inspection. American Society of home inspectors usually has good inspectors so I know he is doing his best. I would just want to know if the third time around if it's the seller who has to pay for the inspection. I am a fairly new investor.
Post: Third time doing inspection on a "turnkey house"
- New York, NY
- Posts 25
- Votes 8
If a turnkey home was inspected initially and there was time given to fix ALL the issues with the home but when re-inspected the home was not turnkey ready at all and the repairs that were supposed to be done were not . Is it up to the seller at that point to pay for the 3rd inspection?
wouldn't it be difficult to do a rehab while theres a tenant in the home?..... I mean there wasn't any time when there was a waiting period for a Rehah to take place. The property inspector stated it was not in good shape in terms of the inside /,mechanics of the home , but the flooring ect was fine.Can turnkey work this way?
Are turnkey single family properties suppose to be already tenanted before and after closing on purchasing the home? DURING the property inspection... is there suppose to be a tenant present and no one from the turnkey company present ? Who can this be a turnkey property ?
Post: Are there any real estate seminars in NYC ?
- New York, NY
- Posts 25
- Votes 8
Are there any Real estate seminars in NYC happening in 2020 January ?