Buying or Selling a Home/Home owner financing

Advertisement

Expert: - 5/13/2010


Question
When a person is buying a home from the owner and financing through the owner what rights does me as the buyer has when the owner has false advertised about he roof and pipes leaks water coming in the home that was supposed to be fixed and wiring is bad had an electrical hazard since I moved in. Did not find out until after the contract was signed and ther was a big rain day the week of.And she denys that she said the roof was new but was advertised and stated she paid to get the hot tub fixed where the water is coming inside. I feel like she sold me a lemon

Answer
Dear Tina;
Your rights are about the same as if you bought using a traditional lender.  Your position that you were sold a 'lemon' is one that (if substantiated) could have legal repercussions.  You should consult an attorney.  I do want to question whether you had the home professionally inspected before you closed on it.  Often, an inspection reveals many of the potential problems thus allowing you to renegotiate and/or request that these things be fixed before you close on the home.  If this wasn't done, you have only to rely on the visual inspection you have done and the claims of the Seller.

I wish you luck with this...litigation is expensive and often unsatisfactory.

Sincerely,
Jessica Bryan

Buying or Selling a Home

All Answers

Answers by Expert:

Ask Experts

Volunteer

Jessica Bryan

Expertise

buying and selling process such as:
General questions from first time buyers
How to market a home
Why choose a REALTOR
How do I find a REALTOR
Should I consider buying or selling without a REALTOR--how much can I save
Should I remodel or move
How much can I expect to gain by fixing up my home before selling
Helpful tips when selling
Helpful tips when buying
finding a good mortgage loan
what is the difference between banks, mortgage bankers, and mortgage brokers
Questions from the general public, people thinking about getting their real estate license, newly licensed.
Fellow professionals who have interests in networking and how to get started
What is a market evaluation and how does it differ from an appraisal what are the different loan programs
services a REALTOR can perform
when to use a lawyer
when to use escrow
what are the regional differences in the buying and selling process
what is the MLS and how does it work
how can the layman access information on the web--listings and other information
These are just a few of the questions. I can suggest that if I am unable to answer a question I will refer the inquiry to a source that can.

Experience

Anyone who is in this business and who dedicates oneself to professionalism has continued to take classes and along with it,additional credentials, awards and honors. I can list a host of them, but my greatest accomplishments happen to be those of getting first time buyers (who didn't think they could afford to buy a home)into a home of their dreams. The look on their faces when I hand over the keys is worth all of the hard work.

©2012 About.com, a part of The New York Times Company. All rights reserved.