1st time home buyer needs advice

[PaDisney02]

Hi! We found our house....put in an offer...offer accepted....

We then started the loan process. We were pre approved before we started looking. After our offer was accepted we officially submitted all our info. How long does it usually take to hear back about the loan? We submitted all our info (pay stubs, w2s, bank statements,etc.) 2 weeks ago.

We had a home inspection done. A few things came up. Some major stuff such and a few minor things. I'm asking the seller to have these thing fixed.

What usually happens when things are found wrong in a home inspection? Does the seller have a contractor fix them? The major things found were, mold in the basement (inspector said it usually is a much deeper problem once it is investigated) and some of the shingals on the roof are cracked and buckled.

My realtor said a lot of the things found in the home inspection are just "knit pickey" things. Do home buyer usually have the seller fix all things before buying the home?

Thanks!

 

[dakcp2001]

You can ask the seller to fix all of these things, and they have the option of saying yes or no. If you are offering a reasonable price and the things that need to fixed are deal breakers, then the seller may fix them, or may fix some of them. Sometimes they may offer x amount of dollars at closing for you to fix it yourself.

My home is currently for sale, it is listed at a lower price because it needs a new roof which we were very upfront about, so when someone comes in and makes a low offer and then asked us to fix the roof, we declined. The price we asked was based on the fact it needed one.

Everything is negotiable, so see what they offer, you can always counteroffer if you are not satisfied or keep looking. Best of luck! I hope you find your dream house! The process of buing/selling is so dragged out and stressful.

 

[abdmom]

The major things found were, mold in the basement (inspector said it usually is a much deeper problem once it is investigated) and some of the shingals on the roof are cracked and buckled.

My realtor said a lot of the things found in the home inspection are just "knit pickey" things. Do home buyer usually have the seller fix all things before buying the home?

Thanks!

I've owned a few houses now and have looked at many more. Mold in the basement is a deal breaker for me. I would walk. Just my 2 cents.

 

[The Mystery Machine]

Hi! We found our house....put in an offer...offer accepted....

We then started the loan process. We were pre approved before we started looking. After our offer was accepted we officially submitted all our info. How long does it usually take to hear back about the loan? We submitted all our info (pay stubs, w2s, bank statements,etc.) 2 weeks ago.

We had a home inspection done. A few things came up. Some major stuff such and a few minor things. I'm asking the seller to have these thing fixed.

What usually happens when things are found wrong in a home inspection? Does the seller have a contractor fix them? The major things found were, mold in the basement (inspector said it usually is a much deeper problem once it is investigated) and some of the shingals on the roof are cracked and buckled.

My realtor said a lot of the things found in the home inspection are just "knit pickey" things. Do home buyer usually have the seller fix all things before buying the home?

Thanks!

I would walk away from this house with the mold. Also a deal breaker for me.

Roofing issues along with mold?

Run like hell.

 

[Mary•Poppins]

I too would walk away from a mold problem. It could be a problem that is "fixed" ... but comes back later.

 

[Mimi1965]

I have bought a house that needed a roof-but NO WAY would I buy a house with mold




That is why you have an inspection-it gives YOU, the buyer, the option to bow out of the deal.

 

[mtemm]

I would walk away because of mold, too. just scares me!

we ended up walking away from the first house we (almost) bought because of some issues found at inspection that the sellers would not take care of. We did not expect them to do every little thing, but this was important to us and we felt it was theirs to take care of. they felt otherwise. and that was fine, but it meant we walked.

it was hard to cut ties with the house at first, but it ended up being the best thing for us. a few weeks later we found a place that ended up being a better fit for us in the long run (or short run, we ended up being transfered 10months later).

good luck with whatever you decide. as for your other questions, I have found it helps my own peace of mind to touch base with my broker and find out what the status is, if they need anything further from me, etc, etc.

 

[clh2]

What did your purchase offer state relative to the home inspection? I'm guessing there is some language there that spells out the next steps. To me, it sounds like while you have made an offer to purchase, which has been accepted by the sellers - with the condition that you get a home inspection. Now the fun begins. It sounds like the final - final - final negotion isn't complete yet, seeing as there is a mold issue that needs to be discussed.

Check your contract as to what the options are - or ask your realtor what happens next.

If I were the bank - I wouldn't be processing any paperwork until 1) all contigencies (i.e. the home inspection) are cleared; and 2)the bank did their appraisal.

So - I wouldn't be too concerned about the 2-week lag. Your loan officer should be able to keep you informed - yet I wouldn't stalk them but a quick e-mail wouldn't hurt I would, however be concerned as to your exact status on your purchase offer.

I would echo what the other posters have said. Mold just doesn't go away. I would also run!

 

[barkley]

i would not do a mold problem home either. mold is invasive, and despite it being cleaned up in one area does'nt mean it has not spread and is as yet invisible in other areas. we had a housing development near us that was plagued with mold problems. people settled with the developer on what they thought were total fixes, only to have mold finaly become apparant in other rooms a few years later (it had been there all along, in the walls and the vents-and they were breathing it in).

with roof issues it needs to be determined what is the cause, and the lender may not be willing to finance (as with the mold) depending on what the circumstances are and what is proposed as a fix.

we purchased a home with roof problems, the lender would not approve until it was fixed to their desired level.

with repairs, depending on what's being done (and the lender's requirements) it's sometimes better to do it as a cash back to the buyer vs. having the seller do it. these can be issues where a warranty comes into play-unless the repair is warranted for a subsequent owner of the property to enforce, it can become a legal nightmare having to go back against the seller to go back against the company.