Please help! Property disclosure statement.. (Faith: appointed, sale, broker) - City-Data Forum

Leksi · 11-17-2009, 04:45 PM

Hi,

Me and my husband put an offer on the house. We ordered an inspection on the house and found out that foundation had modifications to it. After the house was built, the wall cracked. Builder came back and fixed it and in few months the crack showed up again. Builder got a Structural Engineer, got a report and fixed it, by putting some additional support. As far as I know this is a modification to original plan and must be disclosed with proper engineering report attached to it. This was not done, while seller's agent knew!! about it. The question is marked as "No", as no foundation, slab and etc modifications were done.

Seller can not find any documentation about the work that was done, nor engineering report. Our Realtor told us that we can back out from a deal but will lose earnest money! I do not think he is right as the offer was based on false discolsure statement, therefore if statement is wrong that the offer is null and void. Can I go after the Realtor and my money after backing out from a deal?

gkleoni1 · 11-17-2009, 05:03 PM

I think this is one of those questions that will be determined by how your offer was stated. In my limited experience it was VERY hard for a buyer to lose their Good Faith money. I suggest 2 options ask to go over your offer with your agent's BIC (broker in charge) maybe going as far as to put their advice in writing to you. Or go to another agent, one with lots of experience and ask them to review your contract. I think more than being upset with the seller's agent you should be disappointed in your own representation. Is it possible that they are more worried about the deal closing and getting his commission than he is at taking care of you?

Leksi · 11-17-2009, 05:13 PM

I absolutely agree with you! I am extremely upset with my agent, he made few other mistakes that I can not forgive. We cannot change him right now as the deal in progress, but we will if the deal falls through. My agent is absolutely more interested in getting the deal closed and get commission, than to represent us properly...

lovesMountains · 11-17-2009, 05:16 PM

Contact your agent's BIC immediately to address these issues

VickiT · 11-17-2009, 05:41 PM

Is this house a re-sale or new construction?

gkleoni1 · 11-17-2009, 06:30 PM

Quote:

Originally Posted by lovesMountains

Contact your agent's BIC immediately to address these issues

Ditto and I repeat have them put all further advice in writing. This will let them know that you mean business. Sounds to me like this is not a deal you WANT to go through with. Or maybe there is some adjustment in price that you are willing to accept. Personally there is WAAAY too much inventory out there to settle on a house with such serious problems. Tell the BIC you want out of that contract immediately then tell them you are no longer interested in their representation. It is almost too easy for a buyer to get out of a contract and your agent if they are worth a penny should be able to handle that for you. You may want to go ahead and find a different agent, tell them your current situation and let them look over your contract. Then go to the BIC and let him know you do not want to do business with them anymore. I don't know if I would want to trust your current agent with handling this situation. Are they also your selling agent for a current home?

Leksi · 11-17-2009, 07:09 PM

It is a re-sale house. This agent is just a buyig agent for us, but selling agent for the home we are buying is from the same realty as our agent...

gkleoni1 · 11-17-2009, 08:10 PM

Quote:

Originally Posted by Leksi

It is a re-sale house. This agent is just a buyig agent for us, but selling agent for the home we are buying is from the same realty as our agent...

And the picture is becoming crystal clear. Did you ok the dual agency? I am sure you did, I doubt they would continue without a dual agency agreement. Do you fully understand what dual agency means? At this point you agent is not legally required to represent your interests as much as you might think. Definitely time to get some outside advice these people have a whole lot of motivation ($$$$) to get this deal to close. So sorry you are in this situation. Some agents see no further than the current sale and don't care about becoming your Realtor for Life or getting referrals from you because you are so happy with them. There are some experienced agents here who I am sure will chime in over the next day or 2. I am not sure if you have a day or 2 to wait though.

lumbollo · 11-18-2009, 05:33 AM

Indeed, your agent is legally working for the seller without a buyer's agency. I think you have a very good case for dropping out to the deal as the property has been misrepresented. My guess is the builder probably didn't pull a building permit and have the city inspect the new foundation. A house with foundation problems isn't good, inexcusable, and a sign the construction supervisor was AWOL and not doing his/her job. What else is lurking down there that might show up a few years from now?

If you don't think you want the house pull out and demand your money back. If you do, then ask for new terms (lower price). It isn't exactly a seller's market these days.

Dakota4791 · 11-18-2009, 08:58 AM

Dual agency is when one Realtor acts as both the selling and buying agent. Two agents from one company is not dual agency.

I've never heard of not getting your earnest money back if you withdraw from a deal....