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Answers (11)
- Sergio Hernandez, "Sergio Hernandez"
- Contributions:619
Have the basement rechecked for possible damage from the water.
- Susan Blanford, "Susan Blanford"
- Contributions:55
It isn't clear if you are the buyer or seller. In any case, reread the contract and enlist the services of a Real Estate attorney--very important. If you are the Seller, it would not be in your best interests to close without disclosing this. You could potentially be sued.
Why is the house being repaired two days before closing? If possible, pleae include additional facts as to if you are the buyer or seller, why are there repairs being made two days before closing?
Good luck!
- Sharon Lewis, "Sharon Lewis"
- Contributions:3923
Don't close til its fully remediated. I am assuming your Realtor is handling this. Ask about potential 'organic growth' issues. They need to get a professional water damage company out there to assess the issue.
- Keith & Kinsey Schulz, "Keith And Kinsey"
- Contributions:76
I'm not sure where you are located, but here in Wisconsin, if the damage exceeds 5% of the value of the home the buyer has the option to cancel the contract.
- Brian Teyssier, "Brian Teyssier GRI"
- Contributions:964
Thanks for posting your question here "Jay1029" and sorry for your luck.
They seller has to maintain the home in the condition it was in during the consummation of the sale meaning it has to be "broom swept" condition and insured.
This is why walk-throughs are done as close to closing as possible.
Good luck, hope this helps.
They seller has to maintain the home in the condition it was in during the consummation of the sale meaning it has to be "broom swept" condition and insured.
This is why walk-throughs are done as close to closing as possible.
Good luck, hope this helps.
- Caveat Emptor
- Contributions:500
you send the buyer a letter explaining that you aren't closing until repairs have been completed to your satisfaction, or you negotiate terms for the loss
- Dan, "the_country_hick"
- Contributions:4699
I hope they did something to address why the water did not get removed also. Good drains and a sump pump should have limited any water or water damage to a minimum amount.
- John Stewart, "nwhome.us"
- Contributions:2166
The seller and seller's home owners insurance company should cover the loss.
I have more confidence in the insurance company than I do in the seller. If you alert your own insurance company, they can help you be certain that the insurance repair is done. I'd almost be willing to stick with the closing date if the loss is covered.
If the seller did not have flood insurance I'd default to the safer plan of extending the closing until the repairs are made by licensed, bonded and insured contractors.
I have more confidence in the insurance company than I do in the seller. If you alert your own insurance company, they can help you be certain that the insurance repair is done. I'd almost be willing to stick with the closing date if the loss is covered.
If the seller did not have flood insurance I'd default to the safer plan of extending the closing until the repairs are made by licensed, bonded and insured contractors.
- Frieda Triebel, "Frieda Triebel"
- Contributions:234
Call your attorney immediately and alert him/her as to the flooding problem. Your attorney may be able to hold $$ in escrow for the flooding problem and/or may be able to delay the closing to get some estimates to fix the flooding problem. Good luck.
- Jay1029
- Contributions:2
My original closing date was 1/13, flooding took place on 1/12 and because they took forever to do the repairs it was extended til 1/27. I have already given the seller ample time as it is to repair the smaller items. Today they have fixed the original issues but haven't fixed the replacement of the carpet in the basement, and hasn't replace the missing HVAC unit they promised. Now my original interest rate is going to expire on 2/7, I love the house, love the location, hate the process. I feel like I am being screwed. I sent an email to my realtor asking them to go to the seller(bank) and see if their insurance company will pay for the repairs...Thank you for your advice..David Barr
- David Barr, "dpbarr2000"
- Contributions:280
Extend the closing date for as long as it takes for the seller to repair any damage and ask them pay for another inspection after repairs are made. 10-15 days should be plenty.
You might also be able to request a repair credit at closing if you want to make the repairs yourself and close sooner.
If you are purchasing the property as is, and they do not agree to a repair credit or some kind of purchase price reduction, you should be able to void the contract with written notification.
What happens if the house is being repaired & there's flooding in the basement for 2 days b4 closing
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