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our inspection revealed evidence of an oil tank. we want to cancel contract- don't feel like wasting the time or $$$ discovering if there truly is a tank, going through hassle of testing, removing, etc. we had our attorney cancel the contract. the seller's attorney is coming back saying that we have no right to cancel & that the seller's know nothing of an oil tank. can they make us stay in the contract?
Are you within your inspection period? You'll need good evidence that there is a tank, then have your attorney let them know they need to deal with it. Was there a "no tank" clause from the get go?
If you have sign the final contract, you have to go through with it unless the signer agreed with the cancellation as well.
If your contract didn't mention anything about the oil tank, there is no way to get out. Even if you have, seller said he knows nothing about it, then you have to go with the contract. Unless, you can prove he is lying or misrepresenting, which is really really hard to do.
I got out of my first contract because the owner is hiding the face the foot is leaking. There is a big crack on the ceiling where he try to paint to cover it.
our inspection revealed evidence of an oil tank. we want to cancel contract- don't feel like wasting the time or $$$ discovering if there truly is a tank, going through hassle of testing, removing, etc. we had our attorney cancel the contract. the seller's attorney is coming back saying that we have no right to cancel & that the seller's know nothing of an oil tank. can they make us stay in the contract?
You cannot be forced into buying a house you do not want. There is always a way out. Consult your attorney.
You should be able to get out of it. I am assuming you have a inspection clause in your contract. If so, you should be able to get out of it.
You can use the clause to ask the seller that you need a soil test, and then he needs to be responsible for the removal / remediation of the tank. I am sure the seller will most likely not want to do this, and your contract is canceled.
But regardless - i think with the inspection clause, that would yield a way out. Did you have an oil tank clause in the contract?
In general, very slow with lots of inventory. Aggressively priced homes sell quickly, the rest sits on the market indefinitely. Very area dependent though, some areas are hotter than others. And the lower priced homes, especially below $400,000, are far outperforming the more expensive listings. If you are on the market, you better be staged up the ying-yangs, the place better look and smell great with no clutter, you better have great photographs and great high definition video (higher end inventory). It's war right now, and the enemy is the other listings against you!
Haha, I tried to rep. you Marc, but it said I rep.ed you last and wouldn't let me. The market in Montclair is marked by the same trends. The high end is battered and there is more room on the downside IMO. Between taxes and upkeep and a general scaling back on lifestyle, the are some real white elephants out there. The middle part or market, 500-800 which is our bread and butter, is seeing some sales, but mostly reticent buyers. They are feeling empowered, nervous about town budgets vis a vis taxes, and generally are no hurry. They want "done" and can buy it cheaper than they can do it themselves. No more excuses about weather, it's just slow. I think the underlying reason is that, in addition to tax and budget worries (state-wide for the most part), buyers have gone back to budgeting what they should for housing expenses, which is about 30% max (it got pushed to around 50% in many cases in the go-go years due to expectations of greater wealth, appreciation and lax lending standards). With other expenses creeping up, retirement and health care self funded, that 30% may be shrinking. You need some substantial income to carry a $750k house, plan for retirement, save for colleges, etc. We used to consider our competition other NJ towns, CT and Westchester, and LI (a little). Now it's FL, TX, CO, NC, etc.
The short answer is you need to consult with an attorney.
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