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user8709214

Advice

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Must sellers disclose that the 2-car garage that was part of their listing only fits a single car?

I purchased a home advertised as having a 2-car attached garage. The furnace, water heater, built-in storage shelves, and stairs to the home are included in the garage area. On one-half of the garage, there are cemented in posts to prevent a vehicle from pulling in too far and colliding with the furnace and water heater. Unfortunately, even my compact car is too long to be parked in this half of the garage. The other half of the garage includes the built-in shelves. Similarly, these prevent a compact car from parking in the garage. As it is today, there is no way to even get a single Honda Accord to fit into the garage but the home was advertised as having a two-car attached garage. The appraisal shows the total square footage of the garage (including the areas occupied by furnace, water heater, shelves, and stairs) as 325.5 square feet. The garage is roughly 16.5 feet wide by 20 feet deep but is not perfectly rectangular. I never witnessed a vehicle in the garage prior to move because the seller had the garage full of junk to the point that I didn't even know the posts in front of the furnace existed. Did the seller have a responsibility to disclose that the garage cannot fit even a single compact car given the advertising of a 2-car garage? The state is Oregon if that makes a difference.

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Should I agree to a close date on short sale before receiving a proper seller's disclosure?

Here's my situation: I cannot rely on anything that my real estate agent tells me. The trust between us has completely broken down and she only remains my agent because I'm under contract on a house and don't want to lose the house or be held responsible for additional costs because I fire my agent.That being said, we just received bank approval on a short sale and I've been asked to sign an addendum to the contract that includes a closing date and that the property is sold as-is. Additionally, it prohibits any contributions from the bank/sellers toward my closing costs or for repairs of the property. My agent is resolute in that this document must be signed and submitted immediately. I am hesitant to sign it since I have not yet received a recent seller's disclosure (state is Oregon). I was sent a disclosure that was dated in May (it is now January) and asked my agent to have the sellers complete a new disclosure or initial and date the May disclosure to indicate that no material defects have surfaced since May. I have not yet received this and did not sign the original disclosure because it is so dated. I've advised my agent that I'm not comfortable signing the addendum that is being requested by the bank until I see an updated disclosure since the addendum clearly states that the property is being sold as-is and I have not received a disclosure telling me what "as-is" means for this property. I have an inspection scheduled for early next week but my agent is asking for the signed addendum right now. Am I imagining that there are red flags here or am I justified in waiting to sign the addendum until I receive the updated disclosure statement? Thanks for your help.

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When should title company get involved in short sale process?

I'm trying to purchase an "approved" short sale. The home had been under contract prior to my involvement but that short sell fell through. My agent described the "approved" short sale moniker as meaning the bank has a set price, which is the list price that will be automatically and quickly accepted by the bank. I made a clean, list price offer that was accepted by the listing agent and forwarded to the bank for approval. My agent said bank approval would take only a few days. It has been over one week since our offer was completed and we do not yet have a bank approval letter. Now our buyer's agent is saying it could be two more weeks before we have an approval letter from the bank. She also says it is possible the bank will want to re-appraise the property before accepting our offer despite the "approved" designation of the short sale. This is obviously becoming a much different scenario than what was initially sold to us by our buyer's agent (whose company also is listing the property). I've now received a request from the title company to provide a lot of detailed personal information. Should I complete this and return it to the title company prior to receiving an approval letter from the bank? Will waiting to submit the information cause any delays in the closing?

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Buying a shortsale- odd requirements in short sale addendum

Answer

I'm in a similar situation--same neighborhood and everything. The same clauses are in an offer that we submitted several days ago. The sellers have accepted the offer and we have now moved onto the bank approval stage.I questioned my buyer's agent on the second clause (required pre-approval with Bank X). I'm told that despite the clear language of the contract, it is not actually a requirement and is at my discretion. Should I choose not to get pre-approved by this lender, then it triggers a penalty of $250 if the transaction does not close on time. My issue--and you acn verify with your version of the clause--is that the language in the contract does not say this. It is neither explicit nor implicit in the contract that the penalty is waived as a result of getting pre-approved by the specified bank. I've questioned this so many times with my agent, that even I am tired of hearing the question. Each time the response is the same: so don't get pre-approved by Bank X and just be subject to the potential penalty.Should I trust my agent and not get pre-approved? I'm already pre-approved through my bank and have exceptional finances, so there is virtually no risk of not getting a loan through my preferred bank by the closing deadline. My agent has not been trustworthy of late--misinformation or lack of research on allowable offer terms, for example, and ample evidence that she is either unfamiliar or hasn't completely read the contracts that she has asked us to sign. We would have walked away from her but we have a contract on this home now. This makes me question whether I'm putting my contract on this home at risk by not getting the pre-approval. Any thoughts or advice? I can post the contract language if that would be helpful to any experts out there.

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