Enforcing Repairs on Apartment Purchase
Started by thisisurchance
over 10 years ago
Posts: 0
Member since: Feb 2009
Discussion about
I am in the process of purchasing a new condo. The evening before our first scheduled closing, we were informed that the seller was too overwhelmed and couldn't be bothered to move out in time, so the closing was moved to the following week. On the morning of the second closing date, we did our final walked through and the apartment was a mess, looking like it had been ransacked in a hurry to move... [more]
I am in the process of purchasing a new condo. The evening before our first scheduled closing, we were informed that the seller was too overwhelmed and couldn't be bothered to move out in time, so the closing was moved to the following week. On the morning of the second closing date, we did our final walked through and the apartment was a mess, looking like it had been ransacked in a hurry to move out. All the through the wall wires to the built-in AV system were cut at the ends, all the A/V equipment was removed (they were built into a tower in a closet), there were significant deep scratches in the floors in three rooms and two of the venetian plaster walls had significant damage from the removal of wall-hung TVs (large wholes and cracks). Needless to say, we didn't close that day either. Our contractor estimates that repairing the damage would cost up to $40K. Initially the seller refused to give us any reduction in price. After more than two weeks of holding firm, the seller has now implied she may make the repairs. Two problems with that: 1) given the how the seller has behaved up until now, I do not trust the seller to complete the repairs in the appropriate fashion and would like the seller to use our contractor, 2) at this point, the repairs are unlikely to be finished by the time my rate lock and mortgage underwriting approval expires (meaning I will have to go through re-underwriting). We have gone back to the seller and insisted the only remedy is a reduction in price, but now the seller's attorney has threatened to issue us a "Time of Essence" letter to force closing. What remedies do we have in this situation? [less]
Simple, your attorney tells Seller's attorney that no closing can occur without confirmation the apartment is delivered in working and repaired condition, which includes a new walk-through after repairs are complete.
Let their atty threaten TOE, and huff and puff and blow their house down, too. Notice it was a threat, not an actual letter. Second, get your mortgage salesperson on the line (whatever their title, that's what they are) and tell them your situation and tell them you need their help--you need an extension. Tell them you might not have a deal if things go really sour. Tell your attorney to eat her Wheaties and stop running to the beach early and work on your deal.
Oh and I like what crescent said too
Walk
Pretty amazing that someone takes old AV equipment.
What is the purchase price?
When was the condo built?
And what neighborhood is this in?
Well, unfortunately, they can't walk. I'd be so mad there would be steam coming out of my ears.
To think of what I went through with my buyer from hell! We paid to stay in the apartment for an extra 10 days and fixed everything up while we finished moving out of our store room in the building. The apartment was in perfect order looking as if the floors had just been done and the place just painted. We left spare tiles for the kitchen and bathrooms from our renovations along with all appliance booklets. We extended the warranties for the a/c's and appliances for 1 year. The buyer wouldn't return our $5,000 damages deposit because he claimed we broke the locks on the door, changing them to a non-standard set not usable in the building. He wanted $500 to repair the locks.
That was a load of baloney. Those locks had been on the door when we moved in and worked when we left an hour before the buyer did his final walk through. The idiot did not know how to use the buttons on the side of the lock that we set not to slam lock the door. Fortunately, our lawyer was holding the $5,000 in escrow. Our lawyer held firm.
Yeah I've finally figured out that it doesn't matter who your lawyer is if everything goes smoothly. Which it usually doesn't. Therefore it matters who your lawyer is.