HELP! I am being held under contract against my will

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Latest post 02-01-2010 8:00 AM by Drew. 2 replies.
  • 01-29-2010 11:14 PM

    • jgoldie
      Consumer
    • Not Ranked
    • Joined on 01-30-2010
    • RI
    • Posts 2

    HELP! I am being held under contract against my will

    My husband and I recently entered a purchase and sales agreement on our first house. The contract was subject to a satisfactory home inspection. Our inspection revealed many problems that were not disclosed to us although we find it hard to believe that the seller did not have prior knowledge. There was termite damage, a rusted and recalled electrical box, and also a pretty major leak from one the bathrooms. Our inspector could not determine where the leak was coming from and we probably could not find out without ripping out some of the shower walls. The was also quite a bit of mold in the insulation in the basement as a result of the leak. We decided to walk away. We notified the seller in writing three weeks ago. We have not received a written response in return. We found another house in the mean time and would like to go ahead with the sale. The original seller had an attorney call us today (three weeks later) to inform us that she refuses  to release us from the contract on her home unless we forfeit our deposit. Isn't this extortion? Our contract clearly stated we needed a satisfactory home inspection. She claims she has had a plumber, electrician, and exterminator in the house and they all claim that the problems our minor but she has failed to show us any of their findings in writing. Can she really hold us under contract for as long as she would like unless we pay up? I know we had seven days to respond after the inspection so why would she have an open ended amount of time. Could someone please tell me my rights? I don't want to miss out on this other house or lose out on the first time buyers credit. Thank you

  • 01-30-2010 3:33 PM In reply to

    Re: HELP! I am being held under contract against my will

    The answer to your question is probably in your purchase contract/addenda.

    Read what it says about cancelling due to inspection. Make sure you did hit all time periods and deadlines and followed the correct procedures for cancellation. If you correctly cancelled you should be entitled to a return of em. This is only a guess as I cannot see your contract. Standard contracts in AZ are very specific regarding your situation. I don't know about RI.

    Your realtor should be able to answer your question.

    You can also speak with an attorney.

    My guess is their attorney is trying to strong arm you.

    ** I am not an attorney and I am not giving legal advice **

  • 02-01-2010 8:00 AM In reply to

    • Drew
      Consumer
    • Top 10 Contributor
    • Joined on 03-30-2000
    • PA
    • Posts 49,591

    Re: HELP! I am being held under contract against my will

    You gotta read the fine print--its probably designed to protect agent, seller and buyer in that order.

    Assume that NOBODY has an incentive to help you---you need independent  legal counsel.

    P & S may contain words to effect that seller is entitled to abate problems found. You need pay particular attention to every word in the clause as to home inspection.

    I would not touch a home with termite damage , water damage and rusted electric box unles it was with a 10 ft pole , a significant price reduction, blessing of my attorney and sold cost estimates from my contractor.

     

    How big of a deposit do they hold?  If its tiny it may not be cost effective to do anything than just walk way--with a clean break--in writing.

     

    As an aside-once I walked away I would in writing notify both the seller and the agent of all problems found----why--because I would send same to next buyer later and ask  him or her if seller disclosed same..just in case seller "forgot."



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