In Escrow for a property, originally list at 412.5k with owned solar. Put in full price offer with closing cost credit of 14k. Seller countered with 417.5 w/ 14k credit for closing and we moved forward. Come to find out solar is not owned but financed installed 8/22. 25 year loan 1.99%. 8KW system they paid 35k with interest comes out to 46k at end of term. Upon further research they over paid by about 10k took the tax rebate and put it in their pocket. There was an option at payment 18 to pay 8900 payment to keep payments at 107 or they will go up to 148 for the remainder of the loan. The seller did not make the payment estimated amount on the loan I would have to assume is 40-42k. Now we get to inspection and there are a few issues we are requesting to be repaired estimated cost 8-10k (2 common shared fences need replacing, roof water damage on one of the eves with a couple cracked roofing tiles right about it, leaking valve in laundry with some water in the drywall, wood rot on some of the exterior window frames, wood siding sagging in small area, concrete entrance steps to front door cracking do to water/sprinkler placement, cracked window pane from a bb at one of the highest windows in the house, water main attachment box has a small leak, ect but you get the idea.
It's not expected to be perfect for a house built in 1993 but assuming the solar contract I told them I wanted it everything to be fixed and to have the house as close to move in possible. They countered with offering $1000. I believe it's time to just withdraw my offer and move on. Any advise from the reddit army?
Posted by TruBluDrew88
6 Comments
😂
Rescind your offer and move on ask for a cancellation and mutual release. They knew about the solar panels that’s shady as all hell. Not if but when that roof needs to be replaced or if a section under the panels gets damaged the cost of removing the panels including all electrical is on you. Move on your house is out there this one’s not it just the nondisclosure of the loan for the panels should be enough.
Walk.
Walk. They’re gonna have a hard time selling that place. Everything has to be disclosed now.
Yes terminate your offer. There are too many red flags on this one
Something to consider, your lender & agent can try and force the fact that the solar should be paid off at or prior to closing (by seller) Many buyers are not able to assume the solar leases due to their DTI.
That alone could be causing you problems.