Finding Structural Problems During Escrow Small Rural Home Example
Below is a MRR and PLR article in category Finance -> subcategory Real Estate.
Discovering Structural Issues During Escrow: A Rural Home Case Study
Overview
When purchasing a rural home, the transaction often hinges on a successful home inspection. While minor issues are typically resolved during escrow, sometimes significant structural problems emerge. So, what happens next?
Structural Challenges in a Rural Home
In rural home purchases, finding structural issues can pose serious challenges. Often, both the seller and buyer lack the funds needed for substantial repairs. However, solutions can be found, as illustrated in this example.
Situated on a one-acre lot, the house in question was a three-bedroom, one-bath rambler with a crawl space. The sellers, a disabled couple, faced financial and physical hurdles. The husband had suffered a severe accident at work, and the wife dealt with progressive arthritis. The buyer was a young widow with three children.
During the inspection, old termite and water damage were uncovered. Though the termites were exterminated and drainage problems fixed, there was significant damage to the sill plates and floor joists, causing sagging floors. Unable to afford the repairs, the buyer requested a release from the contract.
To further complicate matters, the husband’s former employer had declared bankruptcy, leaving his medical bills unpaid. Despite borrowing funds, their financial situation was dire. Understanding the buyer’s position, the sellers were unsure how to address the problem, as their mortgage lender refused to provide additional funds.
Finding a Solution
A business friend advised the sellers to consult a young builder for an assessment of the damage. The builder determined the house needed to be raised to replace the damaged structures and recommended consulting a house-moving firm.
The same friend also provided the contact information of a lender who specialized in challenging situations. The sellers reached out and secured a necessary loan. Collaborating with the house-moving firm and builder, they developed a cost-effective plan to complete the repairs. Ultimately, the deal closed successfully, allowing the sellers to pay off the loan and reduce their debts, while the buyer moved into a structurally sound home.
Key Takeaway
The lesson here? Stay calm, composed, and keep communication open. By maintaining a level head and adult-like demeanor, the chances of preserving your deal improve significantly.
You can find the original non-AI version of this article here: Finding Structural Problems During Escrow Small Rural Home Example.
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