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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: In escrow with second thoughts Posted by Ward-CA- on November 25, 2001 at 10:14 PM In Reply to: in escrow, but having second thoughts posted by lisa gorlick on November 25, 2001 at 3:47 PM : I recently bid 160,000 for a 27year old, 2 bd and 2 bath condo in S. Cal. The average comp is 200,000, but this place need a bit of TLC. About $7,000 to make it marketable for a quick sale. The owner is a 83 year old widowed lady and had used the condo as a rental property, but plans on selling to move up north with family. : The condo is vacant. When I had my inspector do a home inspection he noted several minor to mid-range repairs. Leaking water heater, torn screens, dishwasher and suspicion of water damage in the master bathroom around the toliet and the shower. All repair were made except the suspicion of water. The floor was not pulled up. : The owner claims there is no water damage and wrote a note stating that fact. After receiving her note, I asked her to sign an addendum making her responible of the cost of repairs if water damage is found after the close of escrow. The addendum gave me, the buyer, up to 30 days after close to notify her of any damage and it also outlined the remedy. : We are both working with the same realtor. The realtor, conveyed to me that her son the attorney did not feel comfortable with her signing this addenmdum and was looking out for his mothers best interest. The realtor than stated that there is not record of damage and if there was it would be covered by additional warranty of the condo association. I told him without the addendum signed I was not moving forward with the deal. The realtor hung up on me. : If there is an issue, I do not fee comfortable moving forward with the close of escrow- just to take on a battle with the association or warranty company. I don't think this deal is that juicy to justify the additional risk. The time it takes to fix the problem would cost me interest and eat into my profit margin. : I currently have 6,800 in escrow. I would appreciate any input. : Thank you in advance. =•=•=•=•=•=•=•=•=•=•=•= Lisa, I’m in agreement with you that the potential water damage area be taken care of prior to you closing escrow. I think you have the advantage in standing your ground. The old lady will feel the pressure supporting the vacant condo before too many more weeks go by. Follow Ups: Re: In escrow with second thoughts Lisa 11:54 AM, 11/27/01 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : I recently bid 160,000 for a 27year old, 2 bd and 2 bath condo in S. Cal. The average comp is 200,000, but this place need a bit of TLC. About $7,000 to make it marketable for a quick sale. The owner is a 83 year old widowed lady and had used the condo as a rental property, but plans on selling to move up north with family. : : The condo is vacant. When I had my inspector do a home inspection he noted several minor to mid-range repairs. Leaking water heater, torn screens, dishwasher and suspicion of water damage in the master bathroom around the toliet and the shower. All repair were made except the suspicion of water. The floor was not pulled up. : : The owner claims there is no water damage and wrote a note stating that fact. After receiving her note, I asked her to sign an addendum making her responible of the cost of repairs if water damage is found after the close of escrow. The addendum gave me, the buyer, up to 30 days after close to notify her of any damage and it also outlined the remedy. : : We are both working with the same realtor. The realtor, conveyed to me that her son the attorney did not feel comfortable with her signing this addenmdum and was looking out for his mothers best interest. The realtor than stated that there is not record of damage and if there was it would be covered by additional warranty of the condo association. I told him without the addendum signed I was not moving forward with the deal. The realtor hung up on me. : : If there is an issue, I do not fee comfortable moving forward with the close of escrow- just to take on a battle with the association or warranty company. I don't think this deal is that juicy to justify the additional risk. The time it takes to fix the problem would cost me interest and eat into my profit margin. : : I currently have 6,800 in escrow. I would appreciate any input. : : Thank you in advance. : =•=•=•=•=•=•=•=•=•=•=•= : Lisa, I’m in agreement with you that the potential water damage area be taken care of prior to you closing escrow. I think you have the advantage in standing your ground. The old lady will feel the pressure supporting the vacant condo before too many more weeks go by. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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