Finding Structural Problems During Escrow - Small Rural Home
By Raynor James, Fri Dec 9th
In rural home purchases, the transaction is often subject to asatisfactory home inspection being done. Any imperfections areusually corrected during escrow. Now and then, however, a homeinspection uncovers severe structural problems. What happensthen?
Structural Problems - Small Rural Home
With a small rural home purchase, the discovery of structuralproblems can be more problematic. Typically, neither the sellernor buyer has sufficient funds to undertake major repairs.Still, solutions such as the following one can be found.
The house was a 3 bedroom, one bath, rambler built on a crawlspace set on a one-acre
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lot in a rural setting. The sellers werea husband and wife both of who were disabled. I'm not talkingabout a "slipped on a banana peel" trumped up disability here.The husband had been electrocuted at work, spent 14 daysunconscious and suffered a massive heart attack. The wifesuffered from a progressive problem with arthritis. The buyerwas a young widow with 3 children.
The home inspection turned up old termite and water damage. Thetermites had been killed and the drainage problem fixed, but thesill plates and floor joists were seriously damaged. The floorswere somewhat soft and sagged in various areas. The young widowcould not afford and did not want to deal with the problem. Sheasked to be released from the contract.
To complicate matters, the husband's former employer haddeclared bankruptcy and had not paid his medical bills. Thehusband was borrowing money to pay the bills, but the medicalbills were still growing. The sellers discussed the situation.They understood the buyer's point of view, but did not know howto fix the problem. Their mortgage lender declined to make asecond loan and the sellers didn't have any savings left.
A business friend suggested the sellers ask a young builderfriend to evaluate the structural damage. The goal was to get aballpark idea of the cost to repair before throwing in thetowel. It turned out that the builder couldn't remedy theproblem because the house needed to be raised to give room fornew sill plates and floor joists. The builder suggested ahouse-moving firm make suggestions.
The business friend also gave the sellers the name of a lenderwho had been useful to people in uncomfortable circumstances.The sellers contacted the lender and were able to get thenecessary loan. The house moving firm and builder worked out areasonable deal and the loan was used to get the necessary workdone. The deal closed, the sellers paid off the loan, paid downbills and the buyer was happy.
The moral of the story? No matter what happens, don't get angry,don't lose your cool and don't give up. If you can keep yourhead, behave like a reasonable adult, and keep communicationlines open, your chances of holding your deal together areamazingly good.
About the author:Raynor James is with http://www.fsboamerica.org - providing FSBOhomes For Sale By Owner. Visit our "sell my home" page athttp://www.fsboamerica.org/seller.cfm to list and sell your homefor free for one month. Visithttp://www.fsboamerica.org/buyer.cfm to see homes for sale byowner.
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