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Updated over 6 years ago, 04/14/2018
- Rental Property Investor
- Morris County, NJ
- 35
- Votes |
- 130
- Posts
No Response from Homeowners and Homeowner's Attorney
Hello BP community!! I am in need of some Legal Strategy, Comments, or even follow up questions regarding this situation I am in. Unfortunately, my attorney is hitting a wall and doesn't know how to proceed.
The homeowner and homeowner's attorney has not responded officially to a inspection reported that was submitted to them almost a month ago. Every time we ask for some response from the opposing attorney, the attorney just says, "I'll talk to my clients", and that will be the end of that.
The Situation:
The home inspection report was done, which has the following issues:
1. Active termite (which I believe was taken care of already, just need to see a documentation.)
2. Roof (which I am taking care of in my 203K streamline loan.)
3. The home needs to be cleared out with all the debris. Especially The Bag of Vermiculite thats is sitting in the attic.
4. Basement has evidence of water and mold.
5. Exposed electrical throughout the home.
6. Ejector pump is not working in the basement.
7. All proper permits must be provide (the OPRA report was done, there are obvious things that had been upgrade without showing up on the OPRA)
8. The new decking needs to be finished (which is in the process of being complete.)
9. Few window sills are missing on the home.
The sellers realtor just had quotes drawn up for remediation but that was all.
After the 203k Home inspection:
1. There are paint chipping and painting needs to be done throughout the exterior of the home, prior to closing.
Background of the Home:
This home never hit the MLS. It is situated in a B neighborhood on a cul de sac located about 1 mile away from a train station to NYC and half a mile to the main street. Asking price and agreed price is $299,000. The home is a 100 year old home, duplex side by side with a tenant already in place for $1700/month, and the tenant side is pretty much upgraded. It is a 2 bed, 1.75 bath, with EIK, living room, and dining room. The side I'll be living in is in need of a total upgrade, which is a 3 bed, 1.75 bath, EIK, huge living room, and access to the third floor and attic. The appraisal came back at $375,000, which doesn't include a unfinished third floor that has three bedrooms and full size bath (I plan on making that portion into a third apartment). With all expenses such as PITI, vacancies, Cap Ex, repairs, and MISC will be around $3400.
So, What can I DO?
How can I advise my attorney to proceed? (that sound funny asking that question. Im not saying she hasn't been good, but I guess she has never experience this situation.)
Closing date is April 30. Time is of the Essence!!
Thanks Ahead of Time Bigger Pockets Community!!!