All Forum Posts by: Kevin S.
Kevin S. has started 24 posts and replied 394 times.
Post: Re-Inspection after storm just passed through while under contract?
- Posts 398
- Votes 240
Thanks for your insights.
If lender does the re-inspect, do they pay for it? I am more concerned about roof damage since that is usually the biggest ticket item. I don't mind paying for re-inspection. I rather do that then find out roof damage after close.
Any idea what extent of damage has to occur for the "Force Majeure" to apply? I don't want to buy a house that need major roof work.
Post: Re-Inspection after storm just passed through while under contract?
- Posts 398
- Votes 240
Thank you Lynn. I agree with you about the seller has to deliver property in same condition. Hoping someone here has actually gone through such experience (had actual storm damage before closing) and how they navigated the process. Appreciate your response.
Post: Re-Inspection after storm just passed through while under contract?
- Posts 398
- Votes 240
Quote from @Shawn McCormick:
@Kevin S. You need to read your contract to see what it allows for. You are likely out of your inspection period and the ways out for you are appraisal and financing contingencies. Ask your agent to draw up an addendum asking the seller to allow for a re-inspect. Maybe also ask the seller if there was any damage and if they are planning to file a claim.
Did the area get hit hard by storms? I wouldn't limit it to roof as wind and water can damage other areas of the home..what if a window was left open and the interior now has water damage etc...
Did you already bind your insurance (likely not if you are two weeks out) So there may not be a reason for them to dictate you get it reinspected.
Thank you Shawn. All I have is a quote from ins. company for now. They did not bind because they/we all had knowledge the storm was approaching. They would only do after the storm passes. I was told they would do an 'after storm' analysis and decide if it was within the affected area and if they would require another inspection.
My question is what if there is damage to the property? Can I ask for reduction in price or walk away? I don't see anything in the contract about any storm damage within inspection and closing. The contract is the usual Florida realtor approved standard contract which you might be very familiar with being a Florida realtor.
You did bring a good point about who will file claim? My guess is the seller?
Post: Re-Inspection after storm just passed through while under contract?
- Posts 398
- Votes 240
Hi members,
I have a SFH under contract, already completed inspection and scheduled to close in 2 weeks. In the meantime the recent hurricane/storm Debby just hit Florida. The property is in central Florida and Debby made landfall in northern Florida.
Is it required or recommended to do another inspection? Do insurance company dictate this decision?
Will it be another full inspection or just the roof?
If there is damage can the price be re-negotiated or can I get out of the contract?
I am assuming I pay for inspection again?
Is there anything else I need to consider?
Anyone has experience with this situation? Any advice/recommendations is appreciated. Thanks in advance.
Post: 👍 Learning from Mistakes: The Importance of Due Diligence
- Posts 398
- Votes 240
It is SFR. Thanks for your response.
Post: 👍 Learning from Mistakes: The Importance of Due Diligence
- Posts 398
- Votes 240
Quote from @Jorge Abreu:
Here are a little more details about the deal and what happened. It was a heavy value add deal at a great basis. Our lender wanted clean financials or they wouldnt lend on the deal. The seller couldnt supply us with this so we gave up and dropped out of the deal during due diligence. Another buyer came along and found a lender that was willing to lend on the deal and they closed on it and had success with the deal from there. Looking back we should have found a lender that understood we were buying from an unsophisticated seller and that was one of the many reasons we were going to be able to add a ton of value to the deal.
Thank you Jorge. Do you now get approved by more than one lender at any given time? I am pre-approved by only one lender for my first property. Do you recommend I have more than one lender run credit check and get 2 pre-approvals?
I live 3 hrs away so not able to physically walk into the office and discuss in person. I wasn't aware of but learning now that being ignored is a huge part of RE investing. It's my first experience :)
I don't recall specifics of how long things last but will now re-read it again. Thanks for your comments, Nicholas.
This happened a week ago. I was out of town right after it happened and came back 2 days ago.
I just emailed the brokerage today and waiting for response. I'll take your advice and call if I don't hear from them. Thank you.
Post: 👍 Learning from Mistakes: The Importance of Due Diligence
- Posts 398
- Votes 240
Can you elaborate on the difficult seller, backing out of the deal which eventually turned a home run for another investor part? That would be a more valuable learning experience for your audience than the rest of your post. Thanks.
I think I'll do that, email the brokerage owner. Someone else also suggested I do that.
Since the EMD was withheld and the date expired(you mentioned I am still under contract), when does the contract expires or become null and void?
Is it possible to use another agent without commission due to the original agent? I have a strong feeling the seller/listing agent is in the dark. They just know what happened but not why it happened. I think it's my agent who has put a brake on this. The title of my post is "abandonment'. I was hoping there is a way to show abandonment so I can move on with another agent without further attachment to the first agent. Your thoughts.