What Happens if There is a Problem with the House I Bought AFTER Settlement?

Susan:  I think I just need to start a weekly post called "My Friend Said..."

Hannah:  I am suspecting that the friend knew someone who discovered a defect prior to closing and the parties agreed to escrow funds to solve the problem.  I'm going to describe that scenario to him next time I see him and see if that's what he meant.  Again, it's for issues found BEFORE settlement and the funds are not automatically set aside, but hey....what fun is the game telephone if you don't screw up the message?

Kevin:  Thanks.

Cheryl:  This one was too good not to share.

Brian:  I actually did represent a couple one time that wanted to "return" the home they had bought. 

Bryant:  Had one a few weeks ago where the Sellers thought that it was okay to keep a key to the house to move the few remaining items they didn't have to get out before closing.  All I did was shake my head at the words, "But that's our house."  Not anymore.

Michael:  Was a new one to me too, and my client was shocked that I hadn't heard of what he'd thought was a standard practice.

Bruce:  Yeah, the friends who advise without having the credentials to do so really annoys me.  In this case, the client was going back to get more details from the friend because he was certain he'd heard his friend right.  I'm sure he did, but the friend doesn't know that he had no idea what he's talking about.

Rich:  Out of the MY FRIEND TOLD ME chronicles. 

Fernando:  What?  Who needs a REALTOR® when you have friends that have no idea what's happening in the world of real estate.  It's really much more exciting to THINK you know what's happening and find out later that all you thought was going to go a certain way didn't.  (heavy sarcasm)

Karen:  I've heard home inpsectors offer that too.  It is reassuring to someone who has never had to assume responsiblity for the workings of the systems in the home.  

Than:  That is a lot of fixing.  And I don't think he meant new construction.  Somehow foreclosures got lumped into this explanation which made even LESS sense to me since homes are being sold as-is.

Charita:  Keep the help and support to buying Bed, Bath & Beyond and Lowe's gift cards.  

Scott:  I can't even bear to watch those shows about house hunting.  

Dale:  The myth is music to the ears of a nervous first time buyer.

TCT: Thanks!  I seem to be having some good luck with the gold stars recently.

Melissa:  I think they definitely are worth the up front cost.

Peggy:  And the only thing I can figure here is that there was a repair that hadn't been made and money was escrowed to fix it, after agreed by the parties and the buyer's lender.  That is a far cry from "automatically happening."

Maureen:  Frustrating, isn't it?  The worst home inspection I ever attended was done by a total unknown entity that the buyers had found online, because they thought the list I had given them of inspectors was just a way to get the home to settlement with few problems.  (sigh)  Anyway, the inspector claimed to be a roof "expert" and despite the buyer and I pointing out mold on the ceiling and tenant who lived in the home pointing out where water came in during rain storms, he proclaimed the roof perfectly fine.  The buyers came after me for not telling them the inspector was not an expert.  How am I supposed to know?  I'm not a home inspector!  I recommended some really great inspectors who would have taken those issues seriously and probably recommended a roof inspection, but their guy was an expert and said it was okay.  Thousands on a new roof later, they understand the value of a referral from an agent.

Elizabeth:  That's exactly it.  Too good to be true?  No way.  It's GOT to be true because it feels so RIGHT.

Dave:  I guess that's why a lot of agents will actually buy warranties for their clients.  They can redirect those calls.

Richie:  You laugh, but I had a buyer that wanted to do that one time.  

Sandy:  I'd say most of my buyers, whether they are buying bank owned, short sale or regular sale will treat themselves to a home warranty.  It's worth every penny.

Justin:  Exactly.  There are no warranties in place that hold the Seller responsible for problems that pop up after settlement.

John:  Yeah.  This is a good thread we have going here. Thank God we have a sense of humor.

Myrl:  In Virginia that may have had a different outcome since Sellers do not have disclose hardly anything.  

Amy:  I am sure there is someone out there who's friend has told them just that.

Evelyn:  Would be good for the comdey club REALTOR® open mic night I keep dreaming about.

Bryan:  That was a follow-up question.  "What if the inspector misses something?"  I gave them the same answer.  Take it up with the inspector.