Homebuying Butthurt

[Sonofdad]

Question for the panel; I'm buying a foreclosure in NC. The loan is approved, and I have a contract with the bank/owner. My next step would be to get the home inspected, but this bank will NOT turn the water on or allow me to. It seems they are trying to avoid any problems or leaks or whatever that could occur after the water is put back on. It's an as-is sale so I get why they don't want to.

But lenders do not give loans to homes that aren't inspected. And any inspection would have to include the water systems. So their own policy is making it impossible for me to buy and I'm just going to have to terminate the contract. Anyone have any similar experiences or specific knowledge they'd like to share?

 

[BrokenCouch]

as is sale doesn't preclude full disclosure of material defects of the house, nor does it prevent normal inspections of the home before purchasing. the bank is legally obligated to allow you to inspect the home using your own inspectors. if they don't, then you can back out of whatever contract you entered into.

if there are leaks, the the bank needs to disclose that to you and you have the right to inspect just how bad the leak is. common sense really, don't let them bully you around. i'm sure they are rather used to being high pressure on as is sales of foreclosures just to get the turnover.

of course, i'm speaking from the perspective of different state laws, but as a whole these are generic legal principles that are rather uniform. as a matter of common sense, nobody would ever purchase a house without getting all material disclosures made to them about problems of the house.

as a practical matter i also sold a house as is. i was still required under my state laws (CA) to disclose any material defects in the house. the point of an as is sale is that i won't be paying for any improvements to the house, not to play hide and seek and then throw my hands up in victory as i declare "CAVEAT EMPTOR MOTHER FUCKER" as the house falls apart.

 

[gotBooched]

Of all the systems in a house that can go wrong, and depending how accessible the main piping is in the house - plumbing is amongst the least expensive costs in owning a house. If you like the house - go for it. But if you can't afford worst case scenario plumbing repairs then obviously pass.

 

[LardAss**]

Is it REO or a preforeclosure?

Reason I ask is "bank/owner" can mean the bank-owner or the bank and the owner.

If it's REO, LOL.
You're entering a labyrinth more than 'buying a home'. Banks were largely caught TOTALLY unprepared for getting thrust into the real estate business circa 2007. They're just now sorting out how to manage inventory, but they're still comically inept at it.

I mean, seriously. A complete and utter absence of sensible operation.
Guys standing there with cash wanting to buy a 200,000 house for 200,000 but the decision-making process is so disintegrated and vacant that he bails and it winds up selling for 40 at a site auction.

They've been forced to streamline a tad but it's still awful. If you were liquid enough to get the attention of a decision-maker in the late 2000's and offering to buy in bulk, the deals to be had were staggeringly unbelievable. I know one 27 year old kid who took an early-in on a 6mm trust fund for 2mm in 2008 and is now flowing like 60K net a month... at 32.

 

[Sonofdad]

Well the bank IS the owner in this instance, and and Lardass said, it seems quit mismanaged. I don't have the option of rolling the dice and hoping for the best as the nationwide policy of this bank is to refuse turning on the water. But my lender will not sign off on the loan without an inspection including the water features of the home. Not to mention that the appraiser will not deem the home as habitable without water. So somehow they have a policy that makes it impossible to buy the home and will not budge on it. Has anyone heard of something like this?
They insist that a pressure test is sufficient to test the integrity of the plumbing, but seem to think this is good enough for inspectors and appraisers and therefore lenders. Fuuuuuck.

 

[Ace70 V2]

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