All Forum Posts by: Scott Taylor

Thanks @Jay Hinrichs.  Just for clarification this property is in PA...not sure how state by state laws affect things.

Is there something similar to a "disbarring" that can happen for real estate agents? 

I know this seller (with the same agent, AFAIK) had another deal fall through - which they claimed was for financing reasons.  I wonder how many other poor suckers have had to go through this process with this seller and/or real estate agent.

Just for clarification, it's the cottage, not the duplex, which was the manufactured home.

@Denise Mayo-Walley: yeah, it's called the hud tag. I googled it - check out the image search.

I'm pretty sure this is why the legal system exists.

The seller has cost me at least $2200, to say nothing of my time - three plus months that this has been in closing. They obviously knew this and knew it would be a problem getting a loan on it, and yet went through with it anyway. They screwed me out of $2000 of my money.

My agent even said this is the kind of stuff that the seller's agent could get sued over. The real question is: is it worth the time + money to do something about it?

@Account Closed Good point on the title search.  I had actually authorized it - but haven't gotten charged for it (at least as of yet).  That's another $1000+ out of my pocket (maybe).  

I never heard anything back on the title search - I'm not sure if it's been conducted yet.

@Chris Mason - yes, ultimately I'm looking for cash flow, but why limit my options?  I'm not going to bet on appreciation, but that doesn't mean that I want to cut myself off from it's possibility of happening.

I was about 5 days from closing on my first place (an up/down duplex + cottage)...when the lenders (a typical residential / investment lender) said he would not fund the transaction...because the appraisal came back saying that it was a "raised mobile home" - and they don't fund mobile homes.

It wasn't obvious that this was a mobile home by sight - apparently it was just the foundation of the mobile home that was used and then was re-finished (new siding, new roof, etc).  The appraiser found the hud tag on the i-beams when he did his inspection.

This was never disclosed either before or after signing the purchase & sale agreement and nothing was said about it in the building inspection.

So a few questions:

1.  Does it still make sense to go through with this transaction? The seller's agent said he had a lender that would lend on it.  But from what I've read, there's basically no market for it because most lenders will not lend against it (so it will make it very hard to resell in the future).

2. I'll get my deposit back, but I have at least $2k in other fees (appraisal, home inspection, legal, etc).  Since it seems like the seller obviously knew about this and never disclosed it - and the seller's agent at the very best was ignorant about it - does it make sense to sue to recoup these losses? 

Hi @John Moore - I'm looking for tenants that plan to rent long term (1+ year).  Any recommendations?