Keep paying the mortgage??

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills.
Saving$
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Re: Keep paying the mortgage??

Post by Saving$ »

Here is the other issue: Make sure the entity that inspected your house is not also in the repair /remediation business, or closely affiliated with such a business.

You want a totally independent inspector that does no referrals to any contractor who "can handle it for you." If your inspector is not that type, I would take the entire inspection with a grain of salt. The only thing you mentioned that came up in the inspection that sound of concern are ridding the house of the mold and fixing the rotting wood. Often it is possible to get rid of mold with a gallon of bleach.
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kjvmartin
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Re: Keep paying the mortgage??

Post by kjvmartin »

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Last edited by kjvmartin on Sat Aug 01, 2015 1:37 pm, edited 1 time in total.
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ResearchMed
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Re: Keep paying the mortgage??

Post by ResearchMed »

kjvmartin wrote:
Saving$ wrote:Here is the other issue: Make sure the entity that inspected your house is not also in the repair /remediation business, or closely affiliated with such a business.

You want a totally independent inspector that does no referrals to any contractor who "can handle it for you." If your inspector is not that type, I would take the entire inspection with a grain of salt. The only thing you mentioned that came up in the inspection that sound of concern are ridding the house of the mold and fixing the rotting wood. Often it is possible to get rid of mold with a gallon of bleach.
He had no referrals for remediation....In fact, he really doesn't want me to remediate it. His advice is to use legal means to get out of the purchase - too many headaches to fix. Even if the mold were remediated, there are foundation issues, serious electrical issues, serious plumbing issues, grade issues outside, HVAC issues...I haven't really gone "all in" on the details of the inspection here. There is likely mold in the walls based on where the water has been going from the roof neglect. Inspector called me today to inform me of the mold lab results - toxic black mold and a dangerous level in the air sample taken in the babies room. He said it was an emergency situation and to remove our child from the home immediately. I think this is well beyond a gallon of bleach.

We've been moving our essentials and the baby back to our apartment all night. We can only hope/pray the exposure for a few weeks hasn't caused any harm to our baby.
Okay, this doesn't sound good, but there's a bit more to do.

First, get a WRITTEN copy of the mold report (type of mold & concentration in the air).
Get the NAME of the mold(s) from the inspector, by phone, not just "toxic black mold".
And I'd suggest, just to be sure (and for legal backup if ever needed), to get a second mold test from a different specialist.
"Just to be sure".
It would be a shame to be dealing with a false alarm here.

Meanwhile, call your pediatrician, again, "just to be sure".

You might consider calling your local health department asap, too.

None of us here are experts on mold, and even if we were, diagnoses and treatments are beyond the scope of this Forum.

At least you had your nearby old and empty apartment to return to quickly.

THEN deal with "what to do about the house purchase".
Your family's health comes first.

And good luck!

RM
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Cindyjrn
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Re: Keep paying the mortgage??

Post by Cindyjrn »

What a mess. Not the news I was hoping to read.
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kjvmartin
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Re: Keep paying the mortgage??

Post by kjvmartin »

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Last edited by kjvmartin on Sat Aug 01, 2015 1:37 pm, edited 1 time in total.
Leemiller
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Re: Keep paying the mortgage??

Post by Leemiller »

I think Researchmed gave some great advice re the mold. Was this inspection report written by a company that offer mold remediation services?

What do you have in writing? I'm not sure some of the dual-agency protections apply unless you actually hired the seller/Realtor as an agent. But I could be wrong.

I think you need some estimates. Some of the problems, like the grading, with an as-is sale, well let's just say we bought as-is and had to fix grading issues, among other issues. The mold sounds bad, but I think you need more information.

Google maryland snake house for an extreme example of concealment.
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jabberwockOG
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Re: Keep paying the mortgage??

Post by jabberwockOG »

Very sorry this happened to you. Glad you and your family still have a place to go to get away from the mold.

You apparently are a first time home buyer who signed up for a home mortgage buying a home with an "as-is" stipulation and no home inspection.
My guess is that you are about to pay for an extremely expensive lesson in buying real estate. You have no choice but to continue to pay the mortgage you signed up for and promised to pay. Given all the opportunities you had to protect yourself in this transaction, it may be difficult to obtain any relief from the seller because 1) you bought without a home inspection, 2) and with a "as-is" contract stipulation, 3) and you had the transaction/contract reviewed by your attorney.


Absolutely no one was legally responsible for telling you to get a home inspection or to avoid buying a home with "as-is" contract. I think your best bet is to seek relief for failure to disclose. In most states the seller is required to provide written disclosure of any known faults. If it can be proved that they knowingly failed to disclose you may get a judgement in your favor. Even if you win a judgement actually getting collecting on a judgement is a whole other battle that you may ultimately lose.

My best advice is to find someone to sue the seller on at least partial contingency. Since you own the home I'd get the roof fixed first. Next get drainage and grading corrected. Water is a destroyer of homes. Once that is done and the house is reliably dry you can address the mold. Over time and with enough money and effort you can save your house and eventually may break even but it will be a slog. Again I am very very sorry someone did this to you.
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kjvmartin
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Re: Keep paying the mortgage??

Post by kjvmartin »

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Last edited by kjvmartin on Sat Aug 01, 2015 1:37 pm, edited 1 time in total.
Ybsybs
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Re: Keep paying the mortgage??

Post by Ybsybs »

If you aren't going into foreclosure, call Servpro.
songman52
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Re: Keep paying the mortgage??

Post by songman52 »

OP stated that the seller is also a realtor. Don't realtors have a higher standard of care (duty) because of their licensing? They certainly do in my state. They also have a strict code of ethics. I would make inquiries to the Board of Realtors as well as the state licensing agency about the seemingly unethical and illegal behavior. In my state failure to disclose many of the defects the OP uncovered would violate laws for regular citizens, and would be especially egregious for licensed realtors. I'm with most of the others - get a lawyer! And good luck.
Novine
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Re: Keep paying the mortgage??

Post by Novine »

I would hold off contacting any professional organizations until your lawyer has weighed in on how they are going to proceed. The threat of reporting this individual to a professional organization may be one of the methods that your lawyer will use to get this individual to rectify the situation short of going to court. No point in throwing away that bargaining chip by jumping the gun.
vested1
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Re: Keep paying the mortgage??

Post by vested1 »

Another thing to consider is getting a second opinion from a different inspection company. If the inspector who looked at your house is affiliated with the company who will be doing the repairs it should be a red flag. You may not even know if the inspector has a side deal with a contracting firm however, so if the inspector is supposedly independent, yet gives suggestions on which contractor to use that could be the second red flag.

My siblings and I had unfortunate experience with these types of shenanigans when selling my parents home after their deaths.

Also be aware that if the house was repossessed the neighbors may have only bad things to say because a foreclosure will have affected their home's value as well.

Regardless, if it is found that the seller/agent was intentionally deceptive I would do all in my power to make sure he regrets it.

Edit: Sorry, I see that some of my concerns were previously commented on by others.
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kjvmartin
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Re: Keep paying the mortgage??

Post by kjvmartin »

With many thanks to all who have given good input, I am requesting this thread be locked/closed. Thank you all.

kjv
AZAttorney11
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Re: Keep paying the mortgage??

Post by AZAttorney11 »

Why is the OP allowed to delete his posts? It has destroyed this topic.
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ResearchMed
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Re: Keep paying the mortgage??

Post by ResearchMed »

AZAttorney11 wrote:Why is the OP allowed to delete his posts? It has destroyed this topic.
Perhaps because there might be legal action?

I think that deletion - perhaps of an entire thread - was once suggested/done some time ago (not the same OP).

RM
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kjvmartin
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Re: Keep paying the mortgage??

Post by kjvmartin »

ResearchMed wrote:
AZAttorney11 wrote:Why is the OP allowed to delete his posts? It has destroyed this topic.
Perhaps because there might be legal action?

I think that deletion - perhaps of an entire thread - was once suggested/done some time ago (not the same OP).

RM
I requested moderation deletion and was told I could delete my posts. I do apologize for destroying the thread, but this thread should quickly fall off the radar as long as folks quit replying :) Thanks to all, again.
Ybsybs
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Re: Keep paying the mortgage??

Post by Ybsybs »

AZAttorney11 wrote:Why is the OP allowed to delete his posts? It has destroyed this topic.
He deletes things a lot. The forum allows that.
Alex Frakt
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Re: Keep paying the mortgage??

Post by Alex Frakt »

AZAttorney11 wrote:Why is the OP allowed to delete his posts? It has destroyed this topic.
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