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Old 05-22-2010, 06:36 PM
 
1 posts, read 1,439 times
Reputation: 10

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Our real estate agent pushed us to offer close to list price so that we can get a contract for South Florida home. She said in an email "we shall use appraisal as our negotiating tool and escape." We got the contract but appraisal surprisingly came very high and when we contested, lender called our agent who said "appraisal is accurate" although she told us she was surprised as well. Now we are stuck with the house. It is really not our fault.

We also tried to cancel contract after inspection having found several issues as well as open permits thinking exactly this scenario and we were also told (within our inspection exit period) that we cannot get out and that we are stuck.

We are since in emotional roller coster. Sometime feeling to just go with it and not have to hassle with attorneys and other times we want to suit him so we are not stuck with a house we dont want. How can we get out of contract? Help!
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Old 05-22-2010, 08:31 PM
 
Location: Broward County
2,517 posts, read 10,238,616 times
Reputation: 1369
sue her and make sure she loses her license ! what a shame to the profession
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Old 05-23-2010, 02:17 AM
 
3,043 posts, read 7,094,585 times
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In Florida you can DEFINITELY cancel a contract if you're not satisfied with the inspection and for ANY reason. I would just refuse to close. At this point they would have to sue you for specific performance which they wouldnt dare esp with this history. Get an attorney immediately to start writing nasty letters demanding your good faith deposit back. They'll back down and no lawsuit will be necessary. Do not be intimidated. Another option may be if you're on good terms with your mortgage broker to just get him to write a letter that you weren't approved (if necessary just tell him you lost your job) - this would only work if you have a financing contingency (this is built in and would only be removed if you had offered to pay cash).
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Old 05-23-2010, 06:05 AM
 
3,757 posts, read 7,870,073 times
Reputation: 3721
Quote:
Originally Posted by fauve View Post
In Florida you can DEFINITELY cancel a contract if you're not satisfied with the inspection and for ANY reason. I would just refuse to close. At this point they would have to sue you for specific performance which they wouldnt dare esp with this history. Get an attorney immediately to start writing nasty letters demanding your good faith deposit back. They'll back down and no lawsuit will be necessary. Do not be intimidated. Another option may be if you're on good terms with your mortgage broker to just get him to write a letter that you weren't approved (if necessary just tell him you lost your job) - this would only work if you have a financing contingency (this is built in and would only be removed if you had offered to pay cash).
Agreed.
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Old 05-23-2010, 06:18 AM
 
Location: Orlando
8,248 posts, read 11,749,779 times
Reputation: 4086
You absolutely can get out of it from the inspection, open permits can be a nightmare.
who told you you couldn't get out of the deal? the agent that "helped" you so far?

Get another agent and back them up with an RE attorney.... the outcome will be different.
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Old 05-24-2010, 10:03 AM
 
65 posts, read 216,103 times
Reputation: 40
I have also had my realtor tell us the same thing about getting out of a contract during the inspection period and we did it.

Just last year (October) we opted out of a house due to what the inspector found.

Are you still within your inspection period?

If I were you I would ask that someone put in writing that you are not able to walk away even if you are not happy with the inspection. I bet you no one will.

Also, find a Real Estate lawyer ASAP.
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Old 05-24-2010, 10:12 AM
 
Location: Fort Lauderdale
423 posts, read 1,508,447 times
Reputation: 93
There are several times when I have had my clients come out of contract due to findings in the inspection (sometimes even with minor issues). Please read the contract again to make sure what is allowed in the contract.
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Old 05-24-2010, 10:27 AM
 
995 posts, read 3,688,348 times
Reputation: 361
Don't listen to the agent, who is apparently not working on your best interest.

Can you read English?

If so, read the contract from top to bottom.
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