All Forum Posts by: Veena Vaidyanathan
Veena Vaidyanathan has started 1 posts and replied 8 times.
Post: Purchased a condemned property (without knowing it). Next steps?
- Posts 8
- Votes 8
Bob Stevens has been helping me sort this out. Thanks everyone else for pitching in, sharing your ideas.
Post: Purchased a condemned property (without knowing it). Next steps?
- Posts 8
- Votes 8
Quote from @Leo R.:
@Veena Vaidyanathan as others have mentioned, this sounds like the title company screwed up--and they might be liable to you, and to your lender (the lender presumably lends under the contingency that the property title is clear and the property is not condemned--and it's typically the title company's responsibility to confirm those things).
At this point, it's probably advisable to get an attorney, and have your attorney contact the title company for you (or at least advise you on how you should contact the title company).
Given that you presumably have zero experience negotiating with a title company, you'll probably want an attorney to help you on that. Moreover, contacting the title company yourself with no experience, and no real knowledge of what you're trying to accomplish, could backfire--all the more reason to get the guidance of a lawyer. Specifically, you'll want a lawyer with real estate law and real estate title experience.
Good luck out there!
Thanks. Any recommendations on how to look for a good real estate lawyer?
Appreciate any recs based on prior experiences.
Post: Purchased a condemned property (without knowing it). Next steps?
- Posts 8
- Votes 8
Quote from @Bob S.:
Quote from @Henry Lazerow:
Sue the seller and maybe go after your agents brokerage insurance. But if it said AS IS going to be hard to get anything. During attorney review didn't your attorney send a letter stating something along "No violations with city" how did seller respond? If they denied it you definitely have good chance of winning a lawsuit against seller.
Waste of time suing, will collect nothing, Also in Cleveland there are no attorneys involved, something with this sounds fishy. Once this person responds to my post, I can then figure it all out. I have extensive experience there
Thanks Bob.
Please accept my connection request and I'll give you all details. I appreciate your willingness to help.
Post: Purchased a condemned property (without knowing it). Next steps?
- Posts 8
- Votes 8
Quote from @Bob S.:
Quote from @Bjorn Ahlblad:
@Veena Vaidyanathan How did you get into this situation? Did you have a Real Estate agent represent you? Did the lender not discover this prior to close?
It was probably a cash deal ,, most are in Cleveland
We financed the purchase. Its not a cash deal.
Post: Purchased a condemned property (without knowing it). Next steps?
- Posts 8
- Votes 8
Thanks Bob. I sent you a connection request to discuss offline. I can provide more details on the property, real estate agent and PM.
Thanks others for replying.
Post: Purchased a condemned property (without knowing it). Next steps?
- Posts 8
- Votes 8
Quote from @Terry Miller:
Post: Purchased a condemned property (without knowing it). Next steps?
- Posts 8
- Votes 8
I had a real estate agent represent me however they did nothing to uncover this.
Post: Purchased a condemned property (without knowing it). Next steps?
- Posts 8
- Votes 8
Hi All, Noob out of state investor and this is my first investment property.
I recently closed on a duplex in OH. Both units were being rented. However Renter 1 stopped paying rent during the ownership transition.
Property management tried to register the property with the city to start the eviction process.
Shocker: When they attempted to register, the city responded back saying this property is condemned.
It appears seller purchased this condemned property, renovated it however didn't get the necessary city approvals and permit. None of this was surfaced prior to the purchase.
PM is saying we'll need to evacuate both renters and run a complete city inspection which is going to take several months if not a year.
Looking for help here.
Question 1) At what point should this have been caught? Can I go behind the seller or real estate agent with a legal action?
Question 2) Should i evacuate the tenants and proceed with city inspection. Any prior experience dealing with this situation. Both time and money?
Question 3) What should my priority be in terms of next steps here?