wetdawgs, I proofed all the financials closely and they all added up. But I also hired an attorney, paid for title insurance, and worked with a buyer's agent to ensure that this went smoothly. This tax increase **wasn't listed** on the Natick town website-at the time of our closing last year. They only just got around to updating it last month. Hence, my issue. If we had known about it (since it's about an extra $160 a month to our payment), we might not have purchased house. I feel like we did our due diligence and we were mislead.
My husband and I purchased a home in Natick, MA in June 2013. Last year's taxes were listed as $5100. We only just received a bill for back-payment for last year's escrow for $1800 and our taxes were increased to $6900 (as of July 2013, a few days after the closing). We believe the seller was notified of this prior to the closing (in June 2013) but did not disclose it so that the house sale would go through. This is a significant difference of about $1700 that would have affected our purchase of the house. Who is at fault here? The seller? Our lawyer who didn't locate this major discrepancy? Our agent?
We closed in June and just found out that our house was reappraised in December 2012 (the previous owners did some work without permits). This was not communicated to us when we bought the house--we likely wouldn't have made the original offer. And it wasn't caught in the closing either. It only came up in our first tax bill. I guess we can file an appeal (but we just renovated the kitchen so our taxes might go up again). Any options here? It seems like we are getting hung out to dry.
The owners never disclosed that they owe money for a deferred hook up to public sewer on street. They have septic. They are responsible to pay, right?
Andrew, the system is fuctioning is but failed the Title 5. The lender we were working with was letting us escrow the money and repair within 90 days of closing. Without starting over with a new loan (which puts us in breach of contract and the bank can put the propert back on the market) do we have any other options?
We've been in the middle of a trying to buy a foreclosure for over 3 months. We just found out that the appraiser wrote a report that the property is in "poor condition." Mind you, it's a fixer upper; but not a gut rehab. I don't think he ever went in the house. (I guess he never made an appoinment and just went to the property?) Our committment is due next week and the lender won't give us a loan! What is our recourse here besides a new loan? Can we convince him otherwise or get a second appraiser? I am so frustrated!!
We have a signed P&S on a house that was listed as public sewer but has a failed Title 5 and major electric work. We've asked for a price reduction. We submitted estimates to tie into main water line and electric work (we're not asking them to cover this but wanted to show the extent of work). Now they want a second sent of estimates and appraisal from our mortage company that says the work is required. We don't even have closing dates yet because the negotiation has been drawn out. Should we have to pay for this appraisal? Seems risky since we already paid for another appraisal from a difference mortgage company, inspections, etc.
What if the property is deemed uninhabitable? Shouldn't it be the bank's responsibility to fix if they have a tenant living there?
We signed a P&S on a tenant occupied REO that was listed as town sewer but we found out it had a cesspool. We plan on connecting it to the town water/sewer but can't do it until April (we close in December). Our current lender is only allowing 3 months. Is there any way to make this work?
Upon inspection, found out that it had a cesspool. It doesn't have a Title 5. Do we have any recourse? We just signed the P&S. Can we negotiate this?