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Updated over 5 years ago,
Need Advice for "As-is" purchase
So I made an offer on a 6 plex and we went under contract. It obviously your typical "as-is" sale from a bank so I expected to have to do all the paperwork and CO. But then I get a notice to vacant and demolish due to unsafe structure. Or vacant and pull permits and fix issues. So the bank being a bank they say its my problem. So I contact the Twp and come up with the solution that I (Meaning my renovation company) will fix the rotted beam(which is what was causing the structure to be unsafe) as long as the bank reimbursed me at closing for work done. So I draw up an estimate clearly stating "REPAIRS FOR VISIBLE DAMAGE ONLY" After approval the twp wants the soffit removed and architect opinion. My initial Estimate was for $2k to replace one beam and some fascia. Simple job nothing too big. Now the entire perimeter needs to be rebuilt because it was done horribly before. Ill attach some pictures so everyone can follow and get an image of what I'm saying. So I now go back to the attorney and tell him whats going on. I don't expect for the bank to incur all the cost of this repair but when I made the offer on the property is was a fully occupied 6 unit property with some visible repair work needed and a new septic needed. Since my offer I've found out about $20-30k in structural repairs needed, the tenants needed to vacant, there is 3 units occupied by sqautters who believe they have a legal lease from the old owner ( who lost the property to the bank through foreclosure). Now what seemed like a sure thing is turning into a ton of work.
What options do I have? At the end of the day I still want the property but If I have to now deal with all these extra issues I want some sort of compensation to ease the extra cost. What can I say to this attorney to get him to work with me on this issue.