Buying & Selling Real Estate
Market News & Data
General Info
Real Estate Strategies

Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal


Real Estate Classifieds
Reviews & Feedback
Updated 10 months ago on . Most recent reply

Duplex purchase going south
Hello BP community, I'm in the process of buying a fuiiy remodeled multi family. Before I put a offer in I looked to see if there were any open permits, there were none. I put a offer in and earnest this got accepted. The title company did a search and found out the sellers haven't passed a electrical and mechanical inspections and owed money to the county for delays. The title company couldn't clear to close. We gave the seller a 30 day extension to get the property to pass inspection. Its getting close to the deadline and I dont know if they can meet this date. My lender will charge me if they 2500 at closing if this deadline isn't meet. I tried to get closing credits from the seller but they didn't want to do it. This property is a great deal and I dont want to let it go that easy. I would pay the 2500 but I dont trust the seller to get the place to pass. Can use some suggestions on this deal please.
Most Popular Reply

Quote from @Stephen Butkus:
Hello BP community, I'm in the process of buying a fuiiy remodeled multi family. Before I put a offer in I looked to see if there were any open permits, there were none. I put a offer in and earnest this got accepted. The title company did a search and found out the sellers haven't passed a electrical and mechanical inspections and owed money to the county for delays. The title company couldn't clear to close. We gave the seller a 30 day extension to get the property to pass inspection. Its getting close to the deadline and I dont know if they can meet this date. My lender will charge me if they 2500 at closing if this deadline isn't meet. I tried to get closing credits from the seller but they didn't want to do it. This property is a great deal and I dont want to let it go that easy. I would pay the 2500 but I dont trust the seller to get the place to pass. Can use some suggestions on this deal please.
What is the 2500 for that the lender would be charging?
- Jay Hurst
