I showed an REO property to my first time buyers and they loved it. We came in full price asking for the bank to pay cost. The bank agreed to the offer and we opened escrow. We requested that the bank turn on the utilities to the house so that we could do the home inspection. The next day I went over with the buyers and home inspector. We walked in and in the kitchen ceiling there was a water bubble the size of a large bowl. The home inspector checked up stair and turned off the water to the toilet it had over flowed and been running for the whole day.
Needless to say my clients were nervous about buying a home that was now noticeably damaged. I called up the bank they called a contractor and in 6 days the ceiling was patched and the toilet repaired. I was surprised at how quickly the bank took care of the problem. I though we were going to cancel this escrow, my clients were doubting the condition of the rest of the home. But, the home inspector let them know that everything checked out and the all the systems were working fine.
Right now we are a week away from closing my clients signed loan docs. today and are excited once again about this home. I seriously couldn't sleep at night, I would go over to the home everyday to check to make sure that the home was not flooded. I am just very grateful that the issue was resolved in a timely matter.
Sincerely Kevin Williamson www.williamsonteam.net