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Buying or Selling a Home/Seller made wrong disclosure
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Dear Ms. Gunning: we are current in a contract for a house. The seller disclosure indicated that there are three attics and three water heaters, and no problem with the house. We did the inspection last week, and found that there are only two attics, and only two water heaters. We also found problems such as lot of wood rot outside of the house, and water damage under a carpet for hardwood floors in the kitchen, along with other non-major problems. While the seller is willing to make the repairs for the hardwood floor, we are afraid that there might other problems in the house that we could not see because sellers are still live in the house with lots of furnitures. We are thinking of walk away from this contract, but we have put down $5000 earnest money for this $350K house. Is it enough for us to argue that since the seller did not reveal the problems in the house, and they indicated in the disclosure form that there are three attics and three water heaters but in fact there are only two, therefore, we can back out the contract with our earnest money back? Thanks a lot for your expert advice.
Wei Li--As we're NOT Attorneys, we cannot give you LEGAL ADVISE! But... You MAY or MAY NOT have the right to a refund of your Earnest Money if you fail to satisfy the Contract! It DEPENDS on what your Contract says about matters such as the one you describe. The EXPERT ADVICE you need must come from a REAL ESTATE ATTORNEY in your local area. Let him/her advise you on your Contractual Obligations & whether or not your Contract provides for a refund of Earnest Money if you REFUSE TO CLOSE for the reasons you have stated! You need a LEGAL OPINION before taking any further action!It may cost you A FEW HUNDRED DOLLARS to check this out with a Lawyer, but you've got $5000 at stake! GOOD LUCK!--JR
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Expertise
How to select the right Real Estate Salesperson & Loan Officer--ones who will serve your best interests! House-hunting tips & suggestions on selection of the home best for your family needs. Introduction to the Home Buying Process & all the "Players" involved.What is of utmost important to the Homebuyer? Real Estate Contracts & Negotiations, Appraisal needs, Title Co. involvement, Home Inspection issues& the Closing/Escrow systems, etc. Whatever your question, the answer will follow, whether from personal knowledge or research! Gale, shown here with me, has been a Real Estate Office Administrator, licensed Realtor & has served as my Research Assistant over the years!
Experience
Over 30 years as a "Real Estate Professional." including Real Estate Marketing & Sales, Appraisal work, Mortgage Banking & as a Realty Officer with U.S Dept. of HUD's FHA Homeownership Division in Alaska, Washington & Idaho! Some experience in Montana, California, Utah & Nevada markets!Knowledge of National Markets by continuous Research!
Organizations
Former member of Nat'l Ass'n of Realtors (NAR) & Mortgage Bankers Ass'n of America (MBAA). Currently with National Association of Review Appraisers & Mortgage Underwriters (NARA/MU).
Publications
Published in various local, state, regional & national Real Estate-related magazines & newsletters!Co-author of various Govt. publications on Homeownership, Appraisals & Mortgages while with HUD/FHA.
Education/Credentials
Associate Degree in Real Estate Studies plus:
Numerous Real Estate-related Courses conducted by the U. S. Government & Private Industry over the past 30 years.
Bachelors Degree in Mass Communications,
Masters Degree in Education/Teaching
Awards and Honors
Professional Designations: Certified Residential Originator (CRO) from MBAA, Registered Mortgage Underwiter (RMU) & Certified Review Appraiser (CRA) from NARA/MU. Outstanding Peformance Awards for 10 of the 12 years with HUD/FHA & numerous Sales/Listing Awards while a licensed Real Estate Agent.
Past/Present Clients
No longer selling/listing Real Estate, nor Appraising properties, nor working in the Mortgage business, this "Real Estate Pro" serves as Director of a Company that provides Professional Development Seminars & Workshops to the "Real Estate Industry" and provides free (as needed) & fee-paid (on a sliding scale) consulting & inspection services to members of the general public.Your questions will be answered without "salesmanship" & with your best interests in mind!
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