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Updated over 9 years ago,

User Stats

316
Posts
165
Votes
Dennis Weber
  • Real Estate Investor
  • Indianapolis, IN
165
Votes |
316
Posts

Should I/Can I Renogiate or Pull Out of Deal

Dennis Weber
  • Real Estate Investor
  • Indianapolis, IN
Posted

I won a 4 Bed 21/2 Bath House in Indianapolis on Auction.com on March 20th. It was a foreclosure from Bank Of America. The first communication was that closing would be Apr 9th then after contract signed closing was going to be Apr 20th. Then an extension was signed until Apr 27th because title company was waiting on estoppel from HOA. No communication from company until I called the title company last week on Wed and was told only waiting for BoA to sign off on a $50 code violation (abandoned car) and they should be receiving that back that day or Thurs. No word. I called yesterday (Wed.) to auction.com. They transferred me to an answering machine.

But here's the problem.  I did know of some water damage at the time I bought it.  Took photos.  I went by the house today and looked through the windows and where some walls were white  and no water damage obvious on Mar 21st, they are 1/4 covered with mold now.  The sheet rock that did have damage doesn't look like any obvious mold.  Probably because they are getting air.

Since extension ran out, I assume I can pull out and get my earnest money back.  Would I also get what I have already paid for title service and recording?

Now it as-is but I bought as-was.  Could I successfully renegotiate to have them do the mold remediation and to have certified?  I know, it's BoA.

Anything else I can do?  Any creative ideas?  I really wanted this property but I can walk away.

Thanks BPers

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