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Unread 11-08-2007, 06:32 PM
 
Location: Louisville KY Metro area
4,648 posts, read 6,994,281 times
Reputation: 1798
Quote:
Originally Posted by Off Topic View Post
Man, I'm really sorry to hear this.

Two things to learn from this: don't let your Realtor talk you into a high good faith deposit. There is no reason to put more than $500 down. Second, always get a home inspection! Good for you - better you learn about this now than later.

Keep looking - we want you here!
As a sellers broker, I tell my sellers to demand at least 1% down with a short period of time to clear contingencies.

As a buyers broker, I tell my buyers to make as small of escrow payment as the seller will let the deal go forward with.

I can write a book on how people on both sides cheat and are cheated.
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Unread 11-08-2007, 07:35 PM
 
282 posts, read 662,525 times
Reputation: 82
Quote:
Originally Posted by thompang View Post
Some home inspectors put a wrench (excuse the pun!) in contracts. A lot of them do too much analyzing of a house...especially on a house that is older. You have to understand when you are buying an older house there will be some issues and some wear and tear in the house. Some home inspectors sabatoge what could be a potentially good house by making the house seem trashy. I think you should have gotten a second opinion on the house before you dumped the contract.
Thanks for your opinion. But it was an 18 year old house. The home inspector was very well respected and didn't make the house "seem trashy". He was very fair and there was no "sabotage". No second opinion was necessary after he pointed out the ceilings bulging from water damage, etc. I am not an idiot and I realize that there will be "wear and tear".
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Unread 11-08-2007, 11:39 PM
 
Location: Manchester Township, NJ
333 posts, read 690,706 times
Reputation: 113
You are lucky you had a home inspection. We were so DUMB when we bought our first home. The realtor actually told us that the owner wouldn't allow a home inspection because the previous inspector damaged the roof! We were so anxious to move that we went ahead anyway.

To make a long story short, there was so much wrong with the house - bad well, cesspool instead of septic (illegal in NJ), bad plumbing, water was contaminated, etc. etc. It took us broke and we never really recovered from it. At that time you could not sue if major defects were hidden. That happened 6 months after we moved in when the NJ legislature passed that law. So we were stuck, broke, and the house just continued to deteriorate.

Someone told me if we had the realtor on tape saying no home inspection allowed she would have gotten in BIG trouble with the NJ Consumer Affairs, HUD etc.

Consider yourself lucky. I know that seems hard to realize at this point, but it will work out in the end. Don't know about you, but I wouldn't even consider the house even if they offer to fix things. It is a bad omen. Keep looking. Something decent will show up.
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Unread 11-09-2007, 05:21 AM
 
Location: Louisville KY Metro area
4,648 posts, read 6,994,281 times
Reputation: 1798
Fraud is always in season and never has a statue of limitations, and most courts will lean to the buyer's side. If your realtor represented both parties (buyer & seller) you still have rights in most states. I certainly would be visiting with an several attorney's to see if there is a consensus if you have a case or not.

As I have written many times, while Realtors are human and like drivers probably can't drive 100 miles without breaking some law, it's the attitude that makes a driver a safe traveler. Realtors are the same way generally. Just like reckless drivers, recognizing less than honorable people selling real estate (I won't call them Realtors) is fairly simple.

I am very sorry to learn of your story, but odds are you are just one more example of why I tell people to be certain that they have a Realtor. I would never recommend buying a house from a listing agent who you met for the first time due at the listing they are hawking. If you meet with a Realtor and it just so happens that they lead you to one of their listings, be cautious, and if the agent hesitates when you ask for independent representation, there is a caution sign. There is nothing wrong with testing your agent's integrity. It's like visiting a home with a white glove. If the house is clean, the host/hostess will proudly invite you in. Same with real estate agents.
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Unread 11-09-2007, 06:37 AM
 
1,729 posts
Reputation: 388
When we built a house in VA, they really, really, really didn't want us to bring in a realtor.

Incidentally, we waited over a year for construction to start on the house/cul-de-sac. Then we were called in to a meeting with the builder. He said "I've decided to rip up your contract and declare it an 'act of God'" (he said his expenses, trying to get permits, had gone up too much, etc. He offered to re-do a contract for $30K more. We said we'd sue. He said "oh, that'll be fun, I'd love to tie up your money for years and years - or wait, imagine having a home built by someone you've sued - I have endless ways of cutting corners".

Unfortunately, there had been such a boom in real estate in that year, that we couldn't come close to finding another house at the original price or even with the additional 30K. So we went ahead and just spit in his coffee.

tomocox, just curious, if you had been involved, would you have been able to do anything?
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Unread 11-09-2007, 08:23 AM
 
Location: Manchester Township, NJ
333 posts, read 690,706 times
Reputation: 113
Default Good advice

Quote:
Originally Posted by tomocox View Post
Fraud is always in season and never has a statue of limitations, and most courts will lean to the buyer's side. If your realtor represented both parties (buyer & seller) you still have rights in most states. I certainly would be visiting with an several attorney's to see if there is a consensus if you have a case or not.

As I have written many times, while Realtors are human and like drivers probably can't drive 100 miles without breaking some law, it's the attitude that makes a driver a safe traveler. Realtors are the same way generally. Just like reckless drivers, recognizing less than honorable people selling real estate (I won't call them Realtors) is fairly simple.

I am very sorry to learn of your story, but odds are you are just one more example of why I tell people to be certain that they have a Realtor. I would never recommend buying a house from a listing agent who you met for the first time due at the listing they are hawking. If you meet with a Realtor and it just so happens that they lead you to one of their listings, be cautious, and if the agent hesitates when you ask for independent representation, there is a caution sign. There is nothing wrong with testing your agent's integrity. It's like visiting a home with a white glove. If the house is clean, the host/hostess will proudly invite you in. Same with real estate agents.
In our case the house belonged to the realtor's son. I now am 100% sure there was some funny business going on. There was no way in the world the County would have passed either the water OR the cesspool. I don't know how they got the certifications on those, but in these small communities it's "one hand washes the other".

We saw a lawyer after the law regarding deliberately hiding or misleading potential buyers about major defects in a property was passed. He said that unfortunately we were 6 months too late.

Bottom line: Get a home inspection and be sure the person is fully credentialed and better yet, comes with references from customers. We never recovered from buying that money pit.

BTW, I in no way mean this as a tirade against realtors. Obviously, in every profession there are the bad apples who are not above taking advantage when they see an opportunity. Heaven help the realtor we work with next!

Actually, we are considering a "buyer's agent" since when all is said and done, the realtor is working for the seller and is looking out for his/her best interests. That's what they are hired to do, so nothing wrong with that. If I were selling instead of buying, I would expect no less from my realtor.
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Unread 11-09-2007, 06:34 PM
 
282 posts, read 662,525 times
Reputation: 82
We were assigned a realtor in this area. My husband was relocated with expenses paid... the realtor we had was paid for by his employer, and she was from a major real estate company. We had no choice as to the realtor. She was a local person.

She finally realized that this house was bad, after her own respected homeinspection person met with us and told her so. But she spent all of the time with us believing everyone else except us, and it had to be proved to her that anything we said was relevant. No matter what; she seemed like she was always defending the sellers (they were local and we weren't). Except when the obvious hit her in the face and she had to defend us.

I would never buy a house without a home inspection. No one should!
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