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  • April 27, 2008 at 9:57 AM #12576
    dharmagirl
    Participant

    Happy Sunday. I’m appealing to any of you experts out there for help.

    We are buying an “as is”, bank-owned home in Temecula. This house appealed to us because it’s a bit older, has good ‘bones’, not too huge for two people (under 3000 sf) and sits on nice lot, almost 1/2 acre, with a pool.

    There are a lot of things that need to be done to this place, luckily the home inspection didnt reveal anything too scary. Most of the things can be done over time.

    We’re doing VA finaincing, and are currently awaiting the VA appraisal results.

    All along, our agent (who is relatively new) has been saying that the appraiser will cite some things as “safety issues” and that the seller will HAVE to fix those things for the loan to close.

    These include: broken windows (shot out with bb gun), faulty CGI wiring, oven door that wont close and a rodent problem in the attic. The fence attached to one part of the house is also literally falling over (She doesnt seem to think this is worth asking for).

    Last night, she and I spoke and she advised that we shouldnt “ask for too much” because the Seller might just say, “OK-that’s it. We’re canceling this transaction because we dont want to fix any of these things.” She also said, “if this doesnt work out, we’ll find you a new house.” I have no idea what THAT means. I told her that this is the house we want.

    Maybe I misheard her, but can the seller just cancel the escrow because we asked them to fix three broken windows, eradicate some rats and fix an oven door that doesnt close/seal?

    I understand that we are buying an “as is” home. The realtor is providing a warranty on the home and pool thru Old Republic.

    What I’m not clear on is:

    –will the VA insist that certain things are fixed before closing?

    — Can the seller just cancel the contract because they are “annoyed” with our requests for repairs?

    –How discriminating is the VA with appraisals?

    Sorry this is so long. Thanks in advance your expert advice and help.

    April 27, 2008 at 10:46 AM #195164
    NotCranky
    Participant

    I think you can make it through unless you just have a big valuation problem.The VA and lender might let these repair issues slide or you might have to agree to fix some things out of your own pocket if the seller refuses.Maybe the seller would do it or go 50/50? If I wanted the house I would fix things for which the cost didn’t substantially affect the deal,especially if I agreed to take the property “as is” previously.As a seller I have had people come back and ask for repairs after writing an “as is” offer. It really pissed me off but I met them something like half way.The seller probably realizes it is good for them to cooperate but if they can’t afford to, have doubts about selling, or back-up offers you lose leverage.

    I think your agent is being realistic in telling you “there will be others” if this doesn’t pan out.She probably could have made a better evaluation earlier but nobody is perfect. In any case you should talk to your lender about these questions immediately.

    Not all deals are going to make it. Hopefully your agent is taking good care of your concerns given the situation . Ask her if your earnest money deposit is being protected regardless of how this plays out.

    April 27, 2008 at 10:46 AM #195280
    NotCranky
    Participant

    I think you can make it through unless you just have a big valuation problem.The VA and lender might let these repair issues slide or you might have to agree to fix some things out of your own pocket if the seller refuses.Maybe the seller would do it or go 50/50? If I wanted the house I would fix things for which the cost didn’t substantially affect the deal,especially if I agreed to take the property “as is” previously.As a seller I have had people come back and ask for repairs after writing an “as is” offer. It really pissed me off but I met them something like half way.The seller probably realizes it is good for them to cooperate but if they can’t afford to, have doubts about selling, or back-up offers you lose leverage.

    I think your agent is being realistic in telling you “there will be others” if this doesn’t pan out.She probably could have made a better evaluation earlier but nobody is perfect. In any case you should talk to your lender about these questions immediately.

    Not all deals are going to make it. Hopefully your agent is taking good care of your concerns given the situation . Ask her if your earnest money deposit is being protected regardless of how this plays out.

    April 27, 2008 at 10:46 AM #195238
    NotCranky
    Participant

    I think you can make it through unless you just have a big valuation problem.The VA and lender might let these repair issues slide or you might have to agree to fix some things out of your own pocket if the seller refuses.Maybe the seller would do it or go 50/50? If I wanted the house I would fix things for which the cost didn’t substantially affect the deal,especially if I agreed to take the property “as is” previously.As a seller I have had people come back and ask for repairs after writing an “as is” offer. It really pissed me off but I met them something like half way.The seller probably realizes it is good for them to cooperate but if they can’t afford to, have doubts about selling, or back-up offers you lose leverage.

    I think your agent is being realistic in telling you “there will be others” if this doesn’t pan out.She probably could have made a better evaluation earlier but nobody is perfect. In any case you should talk to your lender about these questions immediately.

    Not all deals are going to make it. Hopefully your agent is taking good care of your concerns given the situation . Ask her if your earnest money deposit is being protected regardless of how this plays out.

    April 27, 2008 at 10:46 AM #195220
    NotCranky
    Participant

    I think you can make it through unless you just have a big valuation problem.The VA and lender might let these repair issues slide or you might have to agree to fix some things out of your own pocket if the seller refuses.Maybe the seller would do it or go 50/50? If I wanted the house I would fix things for which the cost didn’t substantially affect the deal,especially if I agreed to take the property “as is” previously.As a seller I have had people come back and ask for repairs after writing an “as is” offer. It really pissed me off but I met them something like half way.The seller probably realizes it is good for them to cooperate but if they can’t afford to, have doubts about selling, or back-up offers you lose leverage.

    I think your agent is being realistic in telling you “there will be others” if this doesn’t pan out.She probably could have made a better evaluation earlier but nobody is perfect. In any case you should talk to your lender about these questions immediately.

    Not all deals are going to make it. Hopefully your agent is taking good care of your concerns given the situation . Ask her if your earnest money deposit is being protected regardless of how this plays out.

    April 27, 2008 at 10:46 AM #195192
    NotCranky
    Participant

    I think you can make it through unless you just have a big valuation problem.The VA and lender might let these repair issues slide or you might have to agree to fix some things out of your own pocket if the seller refuses.Maybe the seller would do it or go 50/50? If I wanted the house I would fix things for which the cost didn’t substantially affect the deal,especially if I agreed to take the property “as is” previously.As a seller I have had people come back and ask for repairs after writing an “as is” offer. It really pissed me off but I met them something like half way.The seller probably realizes it is good for them to cooperate but if they can’t afford to, have doubts about selling, or back-up offers you lose leverage.

    I think your agent is being realistic in telling you “there will be others” if this doesn’t pan out.She probably could have made a better evaluation earlier but nobody is perfect. In any case you should talk to your lender about these questions immediately.

    Not all deals are going to make it. Hopefully your agent is taking good care of your concerns given the situation . Ask her if your earnest money deposit is being protected regardless of how this plays out.

    April 27, 2008 at 11:59 AM #195212
    Bugs
    Participant

    The VA probably will make your seller fix everything other than the fence. The VA financing program is considered to be an entitlement program for our veterans. They care about health and safety items.

    I doubt a seller will back out because of these items – the total cost is probably less than $1,000. If your offer made mention of your VA financing then they should have been advised by their agent what to expect.

    April 27, 2008 at 11:59 AM #195240
    Bugs
    Participant

    The VA probably will make your seller fix everything other than the fence. The VA financing program is considered to be an entitlement program for our veterans. They care about health and safety items.

    I doubt a seller will back out because of these items – the total cost is probably less than $1,000. If your offer made mention of your VA financing then they should have been advised by their agent what to expect.

    April 27, 2008 at 11:59 AM #195260
    Bugs
    Participant

    The VA probably will make your seller fix everything other than the fence. The VA financing program is considered to be an entitlement program for our veterans. They care about health and safety items.

    I doubt a seller will back out because of these items – the total cost is probably less than $1,000. If your offer made mention of your VA financing then they should have been advised by their agent what to expect.

    April 27, 2008 at 11:59 AM #195184
    Bugs
    Participant

    The VA probably will make your seller fix everything other than the fence. The VA financing program is considered to be an entitlement program for our veterans. They care about health and safety items.

    I doubt a seller will back out because of these items – the total cost is probably less than $1,000. If your offer made mention of your VA financing then they should have been advised by their agent what to expect.

    April 27, 2008 at 11:59 AM #195298
    Bugs
    Participant

    The VA probably will make your seller fix everything other than the fence. The VA financing program is considered to be an entitlement program for our veterans. They care about health and safety items.

    I doubt a seller will back out because of these items – the total cost is probably less than $1,000. If your offer made mention of your VA financing then they should have been advised by their agent what to expect.

    April 27, 2008 at 12:25 PM #195193
    dharmagirl
    Participant

    Thanks, Bugs and Rustico!

    Yup, the seller is well aware that this is a VA deal.

    Seller has already agreed to pay about $5K for termite damage repair, which our agent says is unusual. However, the VA apparently requires that this be fixed prior to COE.

    So, we’re looking at a few broken windows, wiring and…rats (ewwwww). Hopefully, none of these things will be obstacles…

    April 27, 2008 at 12:25 PM #195222
    dharmagirl
    Participant

    Thanks, Bugs and Rustico!

    Yup, the seller is well aware that this is a VA deal.

    Seller has already agreed to pay about $5K for termite damage repair, which our agent says is unusual. However, the VA apparently requires that this be fixed prior to COE.

    So, we’re looking at a few broken windows, wiring and…rats (ewwwww). Hopefully, none of these things will be obstacles…

    April 27, 2008 at 12:25 PM #195248
    dharmagirl
    Participant

    Thanks, Bugs and Rustico!

    Yup, the seller is well aware that this is a VA deal.

    Seller has already agreed to pay about $5K for termite damage repair, which our agent says is unusual. However, the VA apparently requires that this be fixed prior to COE.

    So, we’re looking at a few broken windows, wiring and…rats (ewwwww). Hopefully, none of these things will be obstacles…

    April 27, 2008 at 12:25 PM #195309
    dharmagirl
    Participant

    Thanks, Bugs and Rustico!

    Yup, the seller is well aware that this is a VA deal.

    Seller has already agreed to pay about $5K for termite damage repair, which our agent says is unusual. However, the VA apparently requires that this be fixed prior to COE.

    So, we’re looking at a few broken windows, wiring and…rats (ewwwww). Hopefully, none of these things will be obstacles…

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