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Buying or Selling a Home/Buyers rights
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Question
QUESTION: We have an offer to purchase a home with the contingency of a home inspection. The home inspection came back with multiple defects in the home including but not limited to structural, electrical and plumbing issues but also potential fire hazards and many minor things. We want out of the contract but our realtor says the seller can cure the defects and we still have to buy the house! How do we get out of the contract??
ANSWER: Qusestion, the current 2009 contract calls for a "Cost of repair contingency" item 16 C, what is the number, $ amount your agent put in this space? Are they your buyers agent or duel agent? Do you have a buyers agent agreement?
Need more answers.I suggest you consult with a real estate Attorney ASAP.
Marvin
---------- FOLLOW-UP ----------
QUESTION: There is not a dollar amount in this space. The agent is a buyers agent with a buyers agent agreement. PLEASE HELP
I would ask your Agent why there is nothing in this section? Cost of repair contingency is there for issues relating to cost of repair, and you having the right to terminate? Read the statement 16C and it will answer the question for you. Not really sure what else to tell you. You have agent, with a agency agreement. Seek them or their Broker In Charge.
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Answers by Expert:
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Marvin G. Bobbitt, III
Expertise
Can answer questions about Real Estate in North Carolina. Professional Real Estate Broker,REALTOR Residential Real Estate,Professional Advising,Commercial Real Estate, Estates, Issues regarding real estate and the County Tax system,Bank owned properties, REO/Foreclosures and Investment properties,New homes & re-sale home sales,Management of Investment properties,1031 tax deferred exchanges, Profit enhancement within investments,Investment property advisor,North Carolina agency and required forms and disclosure.
Experience
Have 20+ years Professional experience.Experianced in property estates and real estate transactions primarly in the Durham,RTP,North Carolina area.Residential Real Estate, Professional Advising,Commercial Real Estate, Estates, My experience covers a vast range of real estate services.Due to my personal training by Frank Ward for over 20+ years everyday.In residential,commercial,sales and leases, I have had the opportunity to work and learn with some of the best in the business. Estates have become a specialty to me, including the personal property side of things and how to handle things and what to do with what you got.Hire me and forget about it..
Organizations
Active Member of the Durham Association of REALTORS.
Past BOD for Durham Regional Association of REALTORS.
Active Member of North Carolina Association of REALTORS.
Active Member of the National Association of REALTORS.
Active Member of Triangle Multiple Listing Service.
Past member Durham Jaycees, Durham Sales and Marketing and Durham Rotary Club.
Publications
Durham Herald
Education/Credentials
Graduate; Durham Public Schools
Graduate; North Carolina Central University.
Appointed; Real Property sale Commissioner/ Durham County N.C Clerk Of Superior Court 2010, Honorable
Archie L.Smith, III, Durham County NC.
Completion of the following North Carolina Real Estate Courses.
North Carolina Real Estate School Fundamentals.
North Carolina Real Estate Broker Classes.
Completes Continuing Education classes annually as directed by the State of North Carolina Real Estate Commission.
Completion of the following North Carolina Appraisal Courses.
R-1 Real Estate Appraisal.
R-2 Valuation & Principles & Procedures.
R-3 Applied Residential Property Valuation.
G-1 Income Property Appraisal & Valuation.
Completion of Notary Public Classes for the State Of North Carolina.
Active Notary Public for Durham City/County, North Carolina. Active until; 06/16/2015
Awards and Honors
20+ YEARS EVERYDAY PERSONAL TRAINING BY;FRANK WARD.
Appointed; Real Property sale Commissioner/ Durham County N.C Clerk Of Superior Court 2010, Honorable
Archie L.Smith, III, Durham County NC.
Past/Present Clients
Given upon request
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