Help! Help! Please!

We were supposed to close on a house in Centereach at the end of this month. I called the bank this morning to see about a closing date when I was told that the appraisal for the house concluded that the house has a life expectancy of only 15 more years! Our mortgage banker said she has to follow up with the appraiser, but if that's true it would have to be completely rebuilt!

It gets better... I called our lawyer to get his advice and I was told he no longer practices law! They gave me the number of the district attorney's Special Investigations Dept. The woman I have to speak to is out today and no one will tell me what happened to him, just that he resigned. Yeah, that's great, Nixon resigned, too.

First, we can get out of the contract if the house is about to fall apart, right? I don't get this, our engineer said it was in great shape!

Second, does anyone know a good real estate lawyer??

Re: Help! Help! Please!

So sorry to hear whats happening to you. We are in the process of buying a house and I am curious, what inspector did you use, if you don't mind me asking?

Re: Help! Help! Please!

I have no help but wanted to send hugs your way

Re: Help! Help! Please!

I would think since the house only has 15 more years, the bank won't give you a mortgage (not 100% sure). Technically, you're out of the contract if you can't get a mortgage.

Best of Luck!!!

Re: Help! Help! Please!

Where did you get that engineer

Good Luck, I think my sis may know a R.E. lawyer, I'll let you know

Re: Help! Help! Please!

I sent you FM mail with 2 lawyers info.

I hope this helps. I am so sorry for these problems you are facing and I hope things work out for the best with you

Re: Help! Help! Please!

Oh dear I hope everything works out in your best interest. I would think with that notice that a bank would not approve the mortgage and then you can get out the contract.

Re: Help! Help! Please!

Thanks to all for your help and good wishes. The 'inspector' we used is my father in law. We cannot imagine that he missed something so huge. We're hoping there is some mistake, if not, I spoke to (another) recommended lawyer who said there should not be a problem getting out of contract.

I'm still dying to find out what this lawyer did to get disbarred. No one will tell me. The DA's office won't even release our file until tomorrow, although they said we could come in and make copies.

I'll keep you all posted.

Re: Help! Help! Please!

Jenn,

I sent you an attorney's name

Good luck

Re: Help! Help! Please!

Re: Help! Help! Please!

Jenn P - just checking in to see how all this is working out. So sorry to hear that you are dealing with all this stress!!!

Re: Help! Help! Please!

I'm so sorry to hear this! I just bought a home and there was a saga to mine too (it was in a trust). If the appraisal prevents you from getting a mortgage then you are out of the contract and you should get your downpayment back. As your mortgage broker (if you are going through one) or the lawyer. I'll FM you mine's name and number. Good luck!

Re: Help! Help! Please!

I am so sorry to hear this. I know how stressfull this can be we are in the middle of buying a home too and have had a few snags along the way. If you still need a new attorney let me know and I will FM you. Im your contract has a clause in that states that the sale is contigent upon you obtaining financing. You should be fine as far as that goes.

How old is this house? If you are still interested in the house ask for a copy of the appraisal and the specific reasons why the house has such a short life expentancy. Sometimes something funny shows up in an appraisal but its really nothing at all. Lenders all have different standards. We ran into a problem with one lender regarding a CO for the deck. We went to another lender who doesnt ask about COs for anything but the house itself.

Good Luck and keep us posted.

Re: Help! Help! Please!-Update

Well, after a few days of countless phone calls, worrying, and trying to keep myself from killing certain people, this is what happened:

The underwriting company switched around numbers: the house has a life expectancy of 60 years (which is supposedly normal) of which it is 15 years into. They reported the LE only had 15 years left on it, 45 years had passed. So that worked out. But we panicked over a silly mistake.

Our lawyer resigned from the bar several months ago. We weren't told why, but we're sure he was caught doing something wrong. Even though he resigned he continued to practice law without his license and was arrested for that two weeks ago. And he came highly recommended by 2 people.

Our new problem is that he told us he would do the termite inspection but never did. Because of the length of time that has passed we now have unknowingly waived our legal right to have the sellers fix anything. Our new lawyer says we might have to sue the old one to recover any funds, unless the sellers are going to be understanding and willing to work with us. The other loophole is that a termite inspection was done in August for the first potential buyers who could not get a mortgage, so he might try to hold them to at least repairing whatever damage that revealed.

What a nightmare this is. This is the latest of a series of problems we've had, most of which have been rectified but I still can't wait until this is over.

Thanks to all again for your input, good wishes, and recommendations. I had to find someone right away because our commitment date was today and because of the appraisal BS, there was, of course, no commitment. It just came down to who called back first, primarily.

Wish us luck, please. And thanks again, you girls never fail to help.

Re: Help! Help! Please!-Update

Good Luck, Good Luck .. I hope it works out for you. I'm so sorry that you have to go through this aggravation, but just think, before you know it, you'll be in your new house!