Buying A Home
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
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Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
To sign or walkout of an accepted offer
Hello all,
We found a townhome we liked and made an offer. Our agent informed us that the offer has been accepted late friday night. She received an email confirmation, but no documents yet. We haven't signed the contract to go into due diligence period. This evening we visited the house again and found that a patch of the floor (easily 4'x5' (20sq. ft) )near the kitchen was wet. We inspected the basement and could see the damp ceiling above us, but we did not see any water dripping. I also noticed that the vinly flooring in the kitchen has a few bubbles. I'm wondering if this is due to the moisture, caused by the possible water leak.
Is it worth signing the contract and getting the home inspected? Or should we save the inspection costs and move on to look for a new home? The home was foreclosed in June 2013 and is REO. We are not sure if the bank will insist of selling as-is without coming down on the price.
Please advice!!
Thank you all!
Re: To sign or walkout of an accepted offer
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Since it is bank owned, I would be wary of signing a contract. They don't usually negotiate too much nor do they fix any of the problems. If you absolutely love the place and want to get the inspection done, do it, but just know that there might not be much wiggle room in the price.
You can also talk to your agent and see if they can talk to the bank about the issue beforehand.
Like PPs said, there probably isn't too much wiggle room on price with a bank for a home in foreclosure. But, it's doubtful that any home you like and have inspected will be totally free of any problems and unless you get this one inspected you'll never know if it's a minor problem or not...
I think water is a special issue though, but it could be as simple as a leaky dishwasher hose or something.