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Buying or Selling a Home/house purchase deposit
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Question
I gave a $5000 deposit (earnest money) for purchasing a house. During the inspection, the inspector found mold and dampness in the crawl space. Further evaluation by a mold certified company confirmed the presence of toxic black mold in the crawl space. I do not want to purchase this home and would like to back out. Now I am completely surprised to find out that I cannot just back out and get my money refunded. Instead I am stuck in endless negotiations trying to make my demands such that the seller cannot meet them in the hopes that they will refund my deposit. I have an attorney and so far we are stuck in endless negotiations. Any help and suggestions will be appreciated.
Hi Nina,
I don't want to second guess your attorney, but is he/she a Real Estate Attorney? Many attorneys do other kinds of law and only occasionally do Real Estate. Others do Real Estate as their main practice. I'm sure your attorney is doing a good job for you but here are some issues you might want to ask about. I am not an attorney so I can't give you any legal advice. As a Realtor here are my thoughts.
Alot depends on how your original contract is worded. If it states that the sale is contingent upon satisfactory inspection reports it usually means that each instance must cost more than $1500 to remedy. Can this problem be fixed for $1500 or less?
There is also a time frame to complete inspections. Were your inspections completed within the specified time frame?
I'm sure you have communicated your desire to get out of the deal to your attorney, but I have to ask...how is your communication? Does your attorney know that is your goal? Often times defects are looked at a a way to get a better deal. A way to negotiate a better price. He/she may think he is doing what you desire. Make sure you are on the same page.
Ask your attorney to explain the process and what you can expect to happen and why. Keep asking questions till you understand. Your attorney is there for your protection. If you don't understand something ASK!
That's the best advice I can give you. I hope that helps you. Good luck and let me know the outcome!
Laurie
PS: Please rate me on this site! Thanks,
L
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Laurie Stephenson
Expertise
I can answer questions about Residential Real Estate in Upstate NY's Capital District area, from Albany to Lake George. I specialize in Saratoga Springs and the surrounding towns. I am a Buyers and Sellers Agent. Check out my website at www.lauriestephenson.com
Experience
Residential Buyers and Sellers Agent
Organizations
Greater Capital Association of Realtors, (GCAR)
New York State Association of Realtors,(NYSAR)
National Association of Realtors, (NAR)
Education/Credentials
Associate Broker
Awards and Honors
Million Dollar Club
Past/Present Clients
My goal is to make the process of buying, selling, or owning a home efficient, enjoyable and rewarding for you. See what my clients have said about my real estate services...
*Comments: Laurie was enthusiastic and supportive through the whole process. I would highly recommend her! JAC - Stillwater
*Comments: My wife and I recently purchased our home with Laurie Stephenson. This purchase was difficult because we were buying a home from 3000 miles away. Laurie worked with us for several months prior to the purchase. Then, when my wife and I arrived to look at homes, she helped us get right down to business.
Laurie's knowledge and expertise pertaining to the Saratoga community allowed my wife and I to find a house that was honestly, the exact home we were looking for. Laurie took our situation, our hopes and dreams, and helped us put them into perspective and find the home that was just right for our family. Laurie's dedication to our family was invaluable throughout the entire process and continues on past the closing of our home. My family and I appreciate everything that Laurie has done for us. We got the luck of the draw with Laurie, and couldn't have asked for a better real estate agent and friend.
Sincerely, Randal& Shanna Thorpe
*Comments: One of the most refreshing qualities about Laurie is she goes to great lengths before even showing a house to make sure her clients are qualified and she understands exactly what there looking for. Her unique ability to understand people and listen is why she's so successful. She puts her client's best interest first and assures they can buy and afford the house for years to come. As a Mortgage Broker responsible to the banks and the clients we have a perfect record and many happy homeowners.
Thank you Laurie!!!
Jim Teele
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