All Forum Posts by: Lee Warren

Update. Purchase contract was cancelled with no issues and earnest money deposit returned quickly with out any problems. I'll probably stick with crowdfunding for a while instead of traditional out of state deals. I've had better returns without the issues.

I paid 475

@Vivek Khoche Not sure I understand your comment.  The property is in Kansas City, not Memphis.... Whine?  I'm asking for advice, not whining... Good luck for buying the deal of the century??/?? again not sure what your trying to say.  

@Chris Clothier Thanks, this goes to show you that an inspection is a MUST, and I would also ask for receipts and proof that the scope of work which is proposed and given to the buyer has actually been done.  I sent the scope of work to the inspection company and they looked at the items which were supposed to be knew and rehabbed, which obviously were not. 

Scary situation because this would've surely been a money pit that would've been a passive cash drainer not passive cash flow.  I sent the notice of cancellation today so I'll post any updates as I go along.  Hopefully its a smooth cancellation and the deposit is refunded without me having to take it to another level.  

@Kyle M. Thanks for the advice, calmer heads do prevail and I'll have to keep that in mind when I continue the conversation on Monday with the provider.  It really left a bad taste in my mouth seeing the Scope of Work break down, and then seeing the inspection report detailing how these items which were supposed to be knew or under 5 years old, being much older and not new.  This will most likely kill the deal and hopefully I won't have an issue getting my earnest deposit back from escrow.  It is detailed in my contract that if the inspection reveals material deficiencies, I can cancel the purchase contract and get my deposit back.  

@Scott C. I don't know how much the repairs for everything would cost, but I would assume it would be over 10k to get it to truly turn key, which is what I thought I was getting into.  I definitely would not pay for a structural engineer, but I think the seller should foot the bill for that... not sure if it is even worth proceeding at this point due to the possible misrepresentation of the condition of the house.  I emailed the provider a copy of the inspection report and my concerns.  He said he would go visit the house Monday and said the driveway, sidewalk, and foundation cracks are typical of mid-century homes in the mid-west.... which is true.... but a foundation crack is not a minor thing in my opinion and it needs to be addressed and not ignored as a typical mid-century issue.  Driveway and sidewalk cracks are less important obviously.  

@Stanley Parsley Thank you for your input.  Since it is an oos property my only eyes on the ground were the appraiser and inspector (and turnkey provider), which takes a certain level of trust.  Thankfully the inspector did a great and thorough job and the report was well detailed.  I am seriously considering getting out of the contract since there are many things that are raising red flags now.  Hopefully I don't have a hard time getting my earnest money deposit back if I do get out... I shouldn't since it is clear in the purchase contract re inspection being up to par.  I'll talk to the provider Monday and most likely have my decision made then or Tuesday.  

I received the inspection report on a SFR thats in escrow. Property was said to have new roof, HVAC under 5 years old, new counter tops, soffit reparied, new doors, and a few other items rehabbed on the house. I got the inspection report back stating roof was approximately 8 years old (supposed to be new), furnace approximlatey 15 years old, AC unit 10, soffits hanging down, rotted door threshold, bedroom door that doens't latch, front door that has gaps to the exterior, electrical ground cut, a/c condenser line broken, basement foundation cracked, counter tops lift off (not sealed to cabinet), toilet loose, driveway and walkway leading to front door cracked, iron sewer line leaking, bathroom sink has leak in pipe (in the line, under the sinkbowl) and a few other items.

I know not everything on the inspection report is a big deal, and inspection reports always have items on there, but..................... what concerns me is the fact that the roof was marketed to me as being new and is not, its approximately 8 years old.... the HVAC was marketed to me as being under 5 years old and its not...... its over 5 years old (with issues), counter tops weren't sealed to cabinets,soffits were supposed to be repaired (according to the scope of work) , and the foundation is cracked (which could or could not be a big deal).  Not sure if I should just cancel our purchase agreement based on the scope of work and marketing not being what actually was done to the house, or ask for concessions on the purchase price and move along with closing escrow.  After the inspection the house definitely is not "turn key."  Any advice/help would be appreciated.   

Thoughts on 64134 near cerner center ?

Does anyone have a referral for a solid, thorough home inspector and appraiser in the KC area ?

Does anyone have experience with the work of the above company or their PM side of their operation ?

Hi Ali, I sent you a pm, look forward to learning from your out-of-state experiences.

What are the specs on this home Sean? Nice job on the rehab by the looks.