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Old 05-26-2009, 09:00 PM   #1
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Buying REO From Bank, Got An Inspection, There Is Blackwater


I have a REO under contract from the bank pending a signed off approval. The Bank already paid a contractor to bring the property up to code without an inspection in place. I just had an inspection done on the property and the inspector came back and told us there is a 25 feet radius pool of black water directly underneath one of the bathrooms which still has the original cast iron system and ABS, which was caused by leaky 45 year old pipes. I understand this to be a health hazard, because it is hazardous waste. Please advise as to how I can negotiate the bank to pay for this before I purchase the property. I believe their listing agent is being a stickler and telling me to buzz off and trying to force me to purchase the property "as is" with this problem intact.

Q; What should I do? Can I force the bank to fix this problem?

Subject property is in San Diego, CA.

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Old 05-26-2009, 09:08 PM   #2
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Buying REO From Bank, Got An Inspection, There Is Blackwater


As I am a licensed plumber but I am not a lawyer. I would advise you to consult one. I don't think you are going to get alot of response for real estate contracts answers

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Old 05-26-2009, 09:30 PM   #3
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Buying REO From Bank, Got An Inspection, There Is Blackwater


Sure, you can try to make them fix it
And they can decide not to sell it to you
Or increase the price
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Old 05-26-2009, 10:03 PM   #4
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Buying REO From Bank, Got An Inspection, There Is Blackwater


If you signed an as-is contract they are not obligated. However you might tell them you want to check with the heath dept because it may condemn the property or declare it uninhabitable. Just the threat may cause them to take action if they don't take action make the phone call.
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Old 05-26-2009, 10:08 PM   #5
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Buying REO From Bank, Got An Inspection, There Is Blackwater


Now that's a good idea

Is it a Health hazard?

Of course they may still cancel the sale
Perform the cleanup
Then charge more
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Old 05-27-2009, 09:27 AM   #6
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Buying REO From Bank, Got An Inspection, There Is Blackwater


Call off the deal at once, getting a health inspector to try to condemn the property if the bank balks.

You may express a new interest in the property if the bank proposes mitigation methods to your satisfaction.

Some real estate school instructor told a tale of a seller who was forced to put in a new furnace after the old one was found to be leaking carbon monoxide into the ducts and a building inspector condemned the house. This was after a contract drawn up by a savvy buyer's attorney was signed.

It is a good idea to have your own attorney who knows real estate to review everything you need to sign before you sign.

If hazardous waste is of a kind that a current owner can go after a previous owner for, then you can refuse to close until the problem is mitigated, and the seller may not keep your deposit without selling to you.
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Last edited by AllanJ; 05-27-2009 at 09:32 AM.
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Old 05-27-2009, 04:41 PM   #7
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Buying REO From Bank, Got An Inspection, There Is Blackwater


Thank you all for the responses. I'm actually now very much at a stalemate with what do do about this. The Listing agent and my buyers agent are both being what it sounds like "lazy" about helping my interests. I am actually not even sure if the REO Bank's listing agent is communicating effectively on my concerns. The Banks listing agent may not even be talking to the bank at all for unknown reasons or because it's too much to ask. I am just seeing a verbal communication back and forth between the two agents.. neither one seems like they know how to get the job done and both sound like they are either trying to get me to cancel the contract by pushing my buttons and/or at the same time they are trying to slam an "as is" contract through to make money for themselves and care less about the outcome. My concern is twofold: The cost to fix this, the reason why the bank will not. Is there anything that anyone can help me with about applying polite pressure to these two realtors in order to communicate that I actually want the property?
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Old 05-27-2009, 05:03 PM   #8
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Buying REO From Bank, Got An Inspection, There Is Blackwater


Have you considered contacting the bank? There's no law that prevennts you from talking to the seller.
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Old 05-27-2009, 09:47 PM   #9
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Buying REO From Bank, Got An Inspection, There Is Blackwater


I have asked for the bank REO Asset Mgr name and contact info. My Realtor acted like that was against Realtor Ethics and regrettably told me he would ask the listing agent for that contact info.
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Old 05-27-2009, 09:49 PM   #10
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Buying REO From Bank, Got An Inspection, There Is Blackwater


Tax records should show who owns the property
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Old 05-27-2009, 10:19 PM   #11
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Buying REO From Bank, Got An Inspection, There Is Blackwater


Yes, I know GMAC owns the property. But i don't have the Asset Mgr name and contact info.
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Old 05-28-2009, 04:11 PM   #12
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Buying REO From Bank, Got An Inspection, There Is Blackwater


Don't forget, there is no buyer's agent unless you specifically hired someone as a buyer's agent with a commission paying agreement. Otherwise whom you think of as a buyer's agent is properly termed the "selling agent" as opposed to the "listing agent" and he works in the seller's interest, not yours. If he impedes the sale of the property, including failing to expeditiously obtain information for you, it's the seller's loss and also his own loss in terms of getting no commission.

While waiting for the agents to get back to you, can you put together some arguments for how the seller will benefit by completing the sale to you with the concessions you want rather than wait for another buyer?
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Last edited by AllanJ; 05-28-2009 at 04:19 PM.
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Old 05-28-2009, 07:59 PM   #13
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Buying REO From Bank, Got An Inspection, There Is Blackwater


Saw your sig
I had a skunk tear up my front yard
It took over 2 years to get the front lawn looking nice again
Ever since then I use grub killer

Quote:
Put lots of grub killer powder on your lawn in June so you will have no beetles in July, no grubs in August, and no skunks in September.

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