Posted by IB (NJ) on October 29, 2003 at 11:50:17:
“Of course this may be a sure-fired way to get a cancellation notice of the coverage, for any future loss…”
Yeah that’s just what I was thinking when I read your response. He’d probably be better off wearing the loss.
Furnace Stolen Realtor Says I’m SOL - Posted by Malik
Posted by Malik on October 24, 2003 at 12:22:53:
Hello All,
I recent purchased my first investment property(Bank REO). Here is the thing, between the time I inspeced the house and the closing the previous owner removed the furnace (no sign of forced entry) I discovered this after closing. The listing realtor is telling me that I am S.O.L. since all the paperwork has been signed. There was a clause in the contract stating that everything that was in there should be included with the property. Do I have an options or should I just pay for a new furnce and move on? Thanks in advance.
Re: Furnace Stolen Realtor Says I’m SOL - Posted by JD
Posted by JD on October 24, 2003 at 20:21:20:
There are holes in your time line that may account for the varity of answers that you have recieved. How long between the time you last inspected the property and closing? How long between the closing and when you figured out the furnance had been stolen? It isn’t hard to pick a lock, I highly doubt it was the previous owner.
Re: Furnace Stolen Realtor Says I’m SOL - Posted by roger
Posted by roger on October 24, 2003 at 19:56:03:
i believe you should call a lawyer this was reo property you did your walk through it was there, it was the responsibilty of the sell to secure the property to stop any damage since it was being sold , if they knew the furnace was removed it was suppose to be disclosed befor you closed, futher more r’e’o’ means the bank or whoever repo the property and the last owner stole the furnace, the sell will have to go after him to recoup the replacement cost. i’m not a lawyer but this is how i see it go after the agent and the bank to put in a new one.
I agree with Ron - Posted by IB (NJ)
Posted by IB (NJ) on October 24, 2003 at 18:45:53:
You’re supposed to check this out during the walk through BEFORE closing.
Re: Furnace Stolen Realtor Says I’m SOL - Posted by Ron (MD)
Posted by Ron (MD) on October 24, 2003 at 15:13:49:
Malik,
I sometimes go to settlement without checking back on a property I haven’t seen for a month. That’s careless and opens me up to the very problem you have (or worse).
If you talk to an attorney (or the seller or the agents involved), I think he’ll tell you that you should have done a walk-through prior to settlement. Further, that the terms of a RE contract don’t survive the settlement. That means that when you sign everything at settlement, those documents replace your purchase contract. The terms of the purchase contract are no longer enforceable.
I’m no lawyer, so I may be wrong…but, I don’t think so.
Ron Guy
Re: Furnace Stolen Realtor Says I’m SOL - Posted by Dimpil
Posted by Dimpil on October 24, 2003 at 13:32:44:
I agree with DaveD
Your attorney will say otherwise - Posted by DaveD (WI)
Posted by DaveD (WI) on October 24, 2003 at 12:53:49:
Have your attorney dash off a letter to both the seller and his agent. Misrepresentation and fraud come to mind. I think they need to be reminded that the deal you agreed to included a means for heating the house. Your lender and insurance companies are likely to agree. If the agent gives you any more static, they should be brought up before the professional standards board, too. Threatening their source of income usually gets their attention.
Re: Furnace Stolen Realtor Says I’m SOL - Posted by IB (NJ)
Posted by IB (NJ) on October 25, 2003 at 14:56:25:
I don’t see where Malik says he did a walk through.
Re: Furnace Stolen Realtor Says I’m SOL - Posted by roger
Posted by roger on October 25, 2003 at 23:36:30:
he said he inspected the house ,i assume that would mean a walk through
Re: Furnace Stolen Realtor Says I’m SOL - Posted by IB (NJ)
Posted by IB (NJ) on October 26, 2003 at 12:02:33:
He indicated that the furnace must have been stolen between the time he inspected the house and the closing. He also stated that he didn’t discover the stolen furnace until after the closing. It sounds like to me that a walk through was never done. If this is the case, I doubt he has a leg to stand on.
Sounds like an insurance claim… - Posted by JT-IN
Posted by JT-IN on October 27, 2003 at 14:07:43:
With his casualty insurance company. When they suddenly become on the hook, you can bet they will attempt to apply any pressure against the Seller that is legally permissable…
Of course this may be a sure-fired way to get a cancellation notice of the coverage, for any future loss…
JT-IN