About a month ago, I put an offer on this property that had two units ( 2BR/1 BA and a one BR/1BA) on one parcel of land (as per the listing). 60 year old construction but inside recently renovated. Offered 15k less than the listing price with 2000$ EM and 800$ DD fee. After it got accepted, this first issue I encountered was one of the lenders I talked to said this loan was not likely to close due to the fact that it was 2 units on one parcel and that the seller had not parceled the property yet (the whole parcel had 3 units on it. 1 house and the property in question, the one with the 2 units that I placed an offer on. Owner of record on county PRC was decreased, her heirs signed the purche agreement). I still went ahead and found another lender (for owner occupied) and scheduled a home inspection. Home inspection turned up a lot of issues. The roof on the smaller unit would need the roof replaced in about a year. Water damage in the basement of the other. French drains needed replacing. Small area of visible mold there as well. Laundry in one of the units was going straight into the yard via a submersible pump instead of the septic. Possible issues with the foundation (home inspector noted in his report to conduct a structural engineer). After the inspection, I made it clear to my agent, we get an extension to get a contractor to get an estimate or terminate the contract and get the EM back. He got me an extension that till 3/29 5 pm but "only for the appraisal" noted on the contract and said the sellers were not interested in negotiating any of these repairs or lowering the price. Got a plumber to give us an estimate for the French drains and submersible pump for almost 5k$. My agent also got a pest inspection , without actually consulting me, but that turned up conditions conducive to termites (several areas of the property were listed as "inaccessible"). In the meantime, I was not able to get a general contractor to get me an overall estimate. So on the 29th , in the morning while I am at work, I inform my agent via text either get me another extension and if the sellers refuse, terminate the contract immediately. I e-signed termination of contract before I went to work so the 5 pm deadline would not be missed. My agent does neither, meanwhile, on the same day, both I and my agent are notified by my lender that the appraisal came back and it looked good (it was 5k over the purchase price) . Agent does neither. When I get off from work around 7 pm, agent calls me and says he didn't get me an extension nor did he inform the sellers of contract termination. I asked why, he says, basically because I have now forfeited by EM too because the appraisal was satisfactory and that is what the extension was contingent upon. Now at this point, I couldn't believe my EM was forfeited because as far as I knew, extension of DD is a extension, not contingent on what happens with my and my lender. I sleep on it, next morning, despite the fact that my EM was now gone, I asked my agent to get me an extension before closing so I could get more estimates on rehab. He gets short with me and says so I reply in kind and ask him to cancel in no uncertain terms. I also pointed out that the EM being forfeited was bunch of BS, due diligence period being extended is extended, there can not be an appraisal contingency. Also an appraisal assumes the property's structural, mechanical and electrical components are in good order, which is clearly not the case. Either way, by doing nothing on the 29th, he's cost me the EM. Sorry for the loooong post but question #1, should I still move forward with this? question #2 I think my agent is basically pushing this on me and not really acting in my best interest at this point. He essentially let the EM go hard so I would be further pressured to close on the property. I can approach his broker in charge and all that, but first I need to make a decision on the property, now with the knowledge that my EM and DD fee is gone.
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source https://www.reddit.com/r/RealEstate/comments/mgwqms/should_i_go_through_with_this_property/
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