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Old 11-09-2011, 08:46 AM
 
432 posts, read 1,141,596 times
Reputation: 337

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Quote:
Originally Posted by JCK7778 View Post
I would have walked away the minute she said no to an expert at the time of the inspection. Depending on your contract, most contracts specify a specific inspection period when you are allowed a home inspection and the home to be seen by any experts. If your contract has that stipulation in it, you will most likely not be able to walk away due to any issues with the home.

As another poster said, you can always walk away, but at what price. You are probably going to lose whatever money you put down. The homeowner will also be able to sue you for breach of contract and tie you up in court for a long time. You have to ask yourself is it worth it.

Agreed they could sue for breach of contract, or specific performance but if it is going to be tied up in court for awhile, that might hold up the sale of the house which they might not want.

Also if the seller said the basement is fine and wouldn't allow you to inspect it it,and it has issues ... sounds like fraud and mostly likely a judge would agree.
A letter from your attorney with this points might make her back down.
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Old 11-09-2011, 09:34 AM
 
Location: Martinsville, NJ
6,159 posts, read 10,909,238 times
Reputation: 3939
Quote:
Originally Posted by Bella05 View Post
The inspector did find the moisture spots, etc. However the owner said no to have an expert come in. She said she would only at the walk-thru. We were dealing with other issues at the time. We kept trying to get a guy in prior but she continued to put it off. We finally are able to have the guy look at it but if there are problems, we don't want to give in anymore. Knowing the owner, she probably won't compensate or fix any damages. Although she says the basement is fine. Can this be misrepresentation?
So you & your inspector saw something that you identified as a problem. Did you immediately try to schedule for your "expert" come in during the initial inspection period? And if time was short, did you & your attorney immediately ask that the time be extended, so that you could get that expert in to address the findings of the general inspector? No offense, but it sounds like you, your agent & or your attorney were not on top of this. If you were, there is no way it gets to the point of, "she won't let my expert in and we are closing next week." No way a decent attorney allows the seller to say you can't bring in an expert to investigate a potential problem found by the inspector.

Can it be misrepresentation? Well, I'm not a lawyer, but I think it can be called misrepresentation, sure. But proving that she knew it was a problem can be difficult.

In any case, my original advice stands; you can back out of the contract anytime you want. Just be sure you aware of the consequences and costs of doing so. Talk to YOUR attorney.
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Old 11-09-2011, 12:02 PM
 
Location: NJ
17,579 posts, read 38,365,064 times
Reputation: 16100
Quote:
Originally Posted by Bella05 View Post
We were dealing with other issues at the time.
Since I don't know what your "other issues" were I don't want to trivialize them, but you are buying a house. Most likely the biggest financial transaction you will ever complete. If you didn't do something you should have (or didn't to it in the correct time period) because you had "other issues" going on then that is on you.
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Old 11-09-2011, 12:20 PM
 
117 posts, read 209,066 times
Reputation: 26
Thanks, Bill. We asked for the closing to be extended because the owner continued to push back inspections. I know we should have walked away while the general inspection was happening. We were really fighting for the house but now we're having more than second thoughts. We compromised on a couple issues, but always wanted the basement to be thoroughly inspected. The general inspector said it doesn't look that bad, but isn't sure. The owner says the basement is okay and is angry, but finally agreed to have someone check it out. So if we find a major problem, we will want to walk away. But you're saying since we signed off on the original inspection, we could get sued, etc? We talked to our lawyer and he said this also, ESP knowing her. But won't it be fraud/misrepresentation if there is really something wrong with the foundation and she says it's in good condition? Is this our only chance without paying a ton of money?
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Old 11-09-2011, 12:50 PM
 
3,269 posts, read 8,732,538 times
Reputation: 2003
Last time I am going to ask this - Do you have your financing approved?
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Old 11-09-2011, 12:56 PM
 
572 posts, read 1,736,824 times
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I am guessing since they are a week away from closing then the financing is in place and ready to close. When I bought my condo my financing was in place for a good 3 weeks prior to closing....just waiting for the date and the paperwork from the loan officer.

Quote:
Originally Posted by Obrero View Post
Last time I am going to ask this - Do you have your financing approved?
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Old 11-09-2011, 12:58 PM
 
154 posts, read 540,395 times
Reputation: 67
Quote:
Originally Posted by JCK7778 View Post
I am guessing since they are a week away from closing then the financing is in place and ready to close. When I bought my condo my financing was in place for a good 3 weeks prior to closing....just waiting for the date and the paperwork from the loan officer.
Maybe be an all cash offer?
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Old 11-09-2011, 01:23 PM
 
Location: West Orange, NJ
12,542 posts, read 17,760,330 times
Reputation: 3681
Quote:
Originally Posted by Bella05 View Post
Thanks, Bill. We asked for the closing to be extended because the owner continued to push back inspections. I know we should have walked away while the general inspection was happening. We were really fighting for the house but now we're having more than second thoughts. We compromised on a couple issues, but always wanted the basement to be thoroughly inspected. The general inspector said it doesn't look that bad, but isn't sure. The owner says the basement is okay and is angry, but finally agreed to have someone check it out. So if we find a major problem, we will want to walk away. But you're saying since we signed off on the original inspection, we could get sued, etc? We talked to our lawyer and he said this also, ESP knowing her. But won't it be fraud/misrepresentation if there is really something wrong with the foundation and she says it's in good condition? Is this our only chance without paying a ton of money?
seller's disclosure is one piece, but they only have to disclose known issues. the inspection identifies issues beyond the disclosure. then it's on you to move forward out of the inspection phase, closing attorney review. then, you risk losing the deposit if the deal falls through, and possibly being sued.
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Old 11-09-2011, 01:27 PM
 
Location: Randolph, NJ
265 posts, read 463,811 times
Reputation: 204
Please be aware that Realtors who comment here (instead of the public) can be liable for inteference with another Realtor's deal as per MLS rules, or can be harming their own clients.

Assume that this listing is held by a large, multi-office company (you can think of one or two). The listing is held by the BROKER of that company, and everyone who works for tha company is a sub agent of the broker and is therefore working for the seller, whether they know it or not. Assume I tell you how to get out of the deal, and my company has the listing, 100 miles from here... The seller then takes that advice and the deal dies - and I have breached my fiduciary responsibility to the SELLER. Not a place I want to be in.

That said, I would talk to your agent and his/her manager if I were you. Since they are representing you as the buyer, they might have some solutions.
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Old 11-09-2011, 03:18 PM
 
Location: West Orange, NJ
12,542 posts, read 17,760,330 times
Reputation: 3681
Quote:
Originally Posted by JCK7778 View Post
I am guessing since they are a week away from closing then the financing is in place and ready to close. When I bought my condo my financing was in place for a good 3 weeks prior to closing....just waiting for the date and the paperwork from the loan officer.
my financing wasn't finalized until the last day at closing. banks are overloaded with paperwork right now, and seem to be slow. this was in 3/2010 though, maybe it's better now...
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