Central Vacuum, Homes Not Officially on the Market, Mortgage Fell Through


Dear David,
We moved into our new home last month. I just tried the central vacuum and the power head doesn’t work very well. What should I do? – Neat and Tidy

DEAR TIDY: The timing of this issue makes it a bit sticky. Typically in a Purchase Agreement, buyers request that all chattels and fixtures in the home be in “good working order” upon closing. Since this is the first time you have used the central vac, it’s likely that the issue existed when you took possession of the home. That said, it’s been a month since you moved and sellers are not typically responsible for warranting chattels and fixtures this long after closing. By now, it’s nearly impossible to prove who is at fault for the faulty vacuum.

Check with your Realtor. In the event that the manufacturer’s warranty is still in effect, there’s a chance it could be transferred to you as the new owner. Barring this, you should go ahead have the power head repaired on your own. This is a fairly minor issue and once resolved, will allow you to enjoy the features of your new home to the fullest.

Dear David,
I heard about a property that is going up for sale, but it’s not officially on the market. Can you help me buy it? – Ahead of the Curve

DEAR CURVE: Yes, as real estate professionals we do this all the time! I use slightly different forms for a home that is not yet listed on the MLS system, but overall, the process is very similar. When someone sticks up their hand and says they want to sell, it’s very rare that we can’t come to an agreement.

Dear David,
We bought our house firm, then our mortgage fell through a week before closing. Where do we go from here? – Unfinanced

DEAR UNFINANCED: First, don’t panic. Lender guidelines and mortgage rules change. Occasionally, this means that a mortgage is denied, even after the lender offered their approval at an earlier stage. In my practise, I advise clients to call me immediately if this happens. Because I maintain relationships with mortgage advisors from all the major banks, I’m equipped to source out timely solutions and will occasionally work with private lenders, if necessary.

To reduce the risk of this happening, avoid making changes to your credit status at any point before your home closes. Lenders may occasionally re-check your credit before funding the mortgage. In some cases, a seemingly unrelated act such as taking a new job, buying a car or signing up for a credit card can determine whether or not you have an issue.