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Old 09-12-2013, 11:32 AM
 
9 posts, read 14,562 times
Reputation: 10

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Hi Everyone - Pls help us as we are near closing.

Here is the history, we put an offer for a house for 500K. We initially put in the home inspection contingency. The inspection was done and inspector said they could be mold and few other repairs needed.

However, we were not going with the buyers agent and the seller's agent just said he will facilitate us (not
act as agent, but just facilitate)

They were ok till now to fix minor issues. However there is major mold issue and saying that they are not under obligation because "We did not give a written addendum to the home inspection contingency asking them to fix the repairs". The mold problem looks sever and can cost close to 20K.

What should we do now? Hire a lawyer, breach the contract? Our earnest money deposit is 20K.

Please help us soon.
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Old 09-12-2013, 11:51 AM
 
406 posts, read 504,535 times
Reputation: 265
You should post this on the Real Estate Professionals board.

Seems like your options would be 1) sign and submit the addendum now asking for the repairs - that would trigger a response by the seller within a certain time period governed by your contract; or 2) cancel the deal - your escrow money should not be at risk.

<insert wet noodle lashing for not having a buyer's agent looking out for you>
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Old 09-12-2013, 04:43 PM
 
1,181 posts, read 1,812,539 times
Reputation: 979
Did you sign a release ending the home inspection contingency or did it expire? If so, you are kind of screwed. If the contingency is still valid you can walk away with your money or ask to get the repairs done. You'll have to look at your contract.
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Old 09-13-2013, 07:03 AM
 
Location: Sterling, VA
1,059 posts, read 2,621,153 times
Reputation: 613
You need the advice of a real estate attorney, no one on this forum has read your contract. Releasing the earnest money deposit without legal action requires the approval of the seller. If the seller does not agree to release the earnest money to you then legal action will be required and you still may not get your money back.

Why did you not have a buyer agent? If the seller's agent told you that you didn't need an agent you have cause for complaint to that agent's broker and the Virginia Association of Realtors. Agency issues are taken very seriously in Virginia.
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Old 09-15-2013, 07:02 AM
 
95 posts, read 136,450 times
Reputation: 59
Here is the deal, if you let go of your earnest money and the home goes back on the market sellers & seller's agent have material defect knowledge about the property that they have to disclose to the new buyers.

Here are your choices:

1. If your home inspection contingency has not expired you can still submit an addendum to have the sellers re mediate mold.
2. If you have not received your HOA disclosure package you can void the contract based on POA act in Virginia. You have 3 days right of rescission to void the contract after the deliver date.
3. If there is a major mold issues inform your lender, they may require mold remediation prior to approving your loan. If the lender required repairs can be used to renogiated your contract or you may be able to void the offer.

Consult an attorney

Good luck
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