This is a good lesson for all home buyers. Clearly the moral of this story is always put an inspection contingency in a purchase offer and get a professional inspection BEFORE you buy. You shouldn't think there is nothing wrong, you should KNOW exactly what is wrong. Every property has some problems and you should know about them before you pay.

Mark LeMenager
Weichert, Realtors - Hallmark Properties

@ John

Becasuse we are good hearted professionals.
That when other distressed home owners surfing the web can get an idea of what options they have.

=)

You know, here we get questions.

And it looks like Adhesivelove had some issues, we try to be helpful, but then NO feedback.

So then why should we try?

Adheivelove,

The homeowners had to disclose that if they knew that the water damage was there.
Did you do a home inspection? (That's why I tell my clients that getting home inspection will save them some headaches in the future).
Talk to a Real Estate Attorney.

Jes Sierra, B.Sc.
Realtor®

You should chat with a real estate attorney. There are a few close to you, I can get you the phone numbers.
Short sale is a good option, instead of foreclosure. As long as you disclose the issues you should be okay. Then, you can either purchase with a closing a year or so out, or you can rent until your credit has repaired.

I wish you the best in this hard situation.

From Legal center:

"However, a seller of a residential property, whether a bank or an individual and regardless of whether the seller occupied the property, is obligated under Florida law to disclose to a buyer all known facts that materially affect the value of the property which are not readily observable and are not known to the buyer. The disclosure obligation can be fulfilled via either a verbal or written disclosure."

From Legal center:

"However, a seller of a residential property, whether a bank or an individual and regardless of whether the seller occupied the property, is obligated under Florida law to disclose to a buyer all known facts that materially affect the value of the property which are not readily observable and are not known to the buyer. The disclosure obligation can be fulfilled via either a verbal or written disclosure."

Questions:

Was there a Realtor, a Florida Real Estate agent involved?

Did you use a Florida Real Estate agent to help you?

Did you get Seller Disclousure?

How did you come to understand Sellers knew of damage and when did you know it?

Do Sellers still live in State of Florida?

What you need right away is a Lawyer.

John

I am curious as to whether you had a general home inspection as well as a WDO inspection before you bought this home? If you can afford a new home now, instead of repairing this one, how much in terms of dollars are the repairs. All you have mentioned is water damage. Good luck, Jack Vance

Hi,

All the other answers are right on.

Do the short sale. Get a lawyer. Then buy another home, might be 2 years down the road.

Blaine
904-874-0814

This is a really tough situation and I am so sorry you are going through this.

1. First of all, if you can sell the home versus a foreclosure, your credit will recoup much sooner.

2. There is no category for "short sale" on any credit application, so in a couple of years your credit will move up again - at least that is what we are being told by credit companies and mortgage lenders.

3. However, if you do a foreclosure, that will be a question you have to answer for the rest of your life on any credit/loan application, even after your credit score is back up. Sometimes it's the only way, but a short sale is almost always recommended as the first choice.

4. As to the Sellers and what they knew about the home - an attorney would be the best person to answer these questions.

5. You might be able to find someone willing to do owner financing or a lease option until your credit recovers. This is an option many people are taking advantage of since there are so many homes on the market.

Hope this helps.

Have you thought about doing a short sale on this home? There is not much you can do about buying a home if you are not making payments on a current mortgage. However, you can purchase a home in as little as 2 years with a short sale on your record. If the home is foreclosed on it could be up to 7 years. Also, with a foreclosure you could be liable for the difficiency. A short sale negotiates a payoff in full on your behalf. Even if you are several months behind, you can still go through this process. If you would like to ask more questions about the process and how it affects you, you are more than welcome to email or call me. I am so sorry about the home you purchased. You could seek legal advice on what to do about that. Did you ahve a home inspection done?