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Old 11-08-2011, 04:07 PM
 
117 posts, read 208,649 times
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... Close to closing? Seller is very difficult, house has more problems than we thought, but we close next week!
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Old 11-08-2011, 04:16 PM
 
3,269 posts, read 8,722,377 times
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Quote:
Originally Posted by Bella05 View Post
... Close to closing? Seller is very difficult, house has more problems than we thought, but we close next week!
What does your attorney say? This close to closing you must have been through inspection and agreed on the condition. Do you have your financing approved? That could be a way out.
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Old 11-08-2011, 05:26 PM
 
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Has your financial situation changed? Ie. you or the significant other lost a job? If so, even if you're approved you may be able to back out...

Def. speak to the lawyer.

Good luck!
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Old 11-08-2011, 05:37 PM
 
Location: NJ
17,579 posts, read 38,295,421 times
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You had plenty of opportunity to back out.
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Old 11-08-2011, 05:44 PM
 
Location: Martinsville, NJ
6,159 posts, read 10,893,123 times
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Right up until the moment of transfer, you can ALWAYS back out. No one can FORCE you to buy a house. But they can make you pay for breaking a contract. The questions are; At what cost? And is that cost worth it to you? None of us can answer those questions. You, with your attorney & agent, should review the contract to see what it will cost you to back out now. Then you can decide how you want to proceed.

Just out of curiosity, of what problems have you become aware this close to closing, and likely well after your inspection period? How did you become aware of these additional problems?
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Old 11-08-2011, 08:34 PM
 
117 posts, read 208,649 times
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Well, we're in a unique situation. We did have time to back out but really wanted the house. The owner has been so horrendous to deal with and it's been nonstop back and forth for 2 months. She is not allowing us to have a foundation expert to look at the basement until the "walk thru" before closing. She said the basement is fine. There are moisture spots and the crawlspace has some water in it. I think we're just burnt out and now realizing it's not worth it. We don't want to fix another thing wrong with the house. If there is something majorly wrong with the basement, are we still able to walk away this late?
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Old 11-08-2011, 10:19 PM
 
Location: Martinsville, NJ
6,159 posts, read 10,893,123 times
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Quote:
Originally Posted by Bella05 View Post
Well, we're in a unique situation. We did have time to back out but really wanted the house. The owner has been so horrendous to deal with and it's been nonstop back and forth for 2 months. She is not allowing us to have a foundation expert to look at the basement until the "walk thru" before closing. She said the basement is fine. There are moisture spots and the crawlspace has some water in it. I think we're just burnt out and now realizing it's not worth it. We don't want to fix another thing wrong with the house. If there is something majorly wrong with the basement, are we still able to walk away this late?
Did this issue not come up during your inspection period? Why didn't you have the expert come in then?
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Old 11-09-2011, 07:00 AM
 
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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?
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Old 11-09-2011, 07:08 AM
 
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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.
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Old 11-09-2011, 07:11 AM
 
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"spend" your downpayment.
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