Question My realtor accepted a USDA contract on my home which is spring fed. After inspections, appraisal, 6 months and $18,000. in work to satisfy the buyer, 7 days before settlement the contract fell through. I was never given a reason why. Realtor then accepted another contract that was FHA. I decided to research and found out that goverment agencies will not finance spring fed homes. I feel as a professional. he should know the laws regarding this. I also feel lied to and now do not trust him. Can I get out of this contract with out it costing me?
Sorry for your situation. It does seem that your realtor should be more careful of accepting contracts based on what your home would qualify for and explaining this information to you before you sign the contract. Regarding your current agreement of sale contract, have you explained the "spring" issue to your realtor? Did the buyer/buyers agent and the mortgage banker know that there is a spring at this home? If so does the mortgage/mortgage banker believe they can finance the loan? I would ask these questions first. This may automatically raise the flags and have the buyers cancel the contract if it can't be financed through their mortgage lender. There should be a mortgage commitment date on your contract as well, so if they don't show you a mortgage commitment by that date, you have the right to cancel the contract as well. My recommendation would be to express your discomfort to the realtor and tell him you would like to cancel your contract if it is not going to be able to be financed. If he is not able to cancel the contract, then you should call the Broker of Record in his office and explain your situation to him and see if the Broker can help you resolve this. Lastly, if you aren't using an attorney to help with your transaction already you can hire an attorney who handles real estate, and ask them to review your contract and help you either get out of the existing one or confirm that your current sale is going to happen. Hope this helps.
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10 years as a licensed residential and commercial real estate broker in Pennsylvania and New York. I have personally handled the sale and purchase for clients on over a few thousand transactions. The transactions range from small building lots, to 15 story high rise commercial buildings, waterfront homes, investment properties, historic Victorians, new construction, farms, suburban tract homes, development land, etc.
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