Home Buying in Butte>Question Details

Red_as_copper, Home Buyer in Butte, MT

A major water leak in the basement was discovered during my home inspection 2 weeks ago (I am the buyer). I immediately responded to the seller

Asked by Red_as_copper, Butte, MT Wed Jun 30, 2010

asking her to get the wet carpet and walls removed, have a mold test, get 2 qualified bids on where the leak came from, and to fix the leak and the damage. She agreed with no counters. It's now been 14 days, we are supposed to be closing July 9 and she hasn't done any of it - not even removed the wet materials. Per the contract, all the work was to be completed to my satisfaction by July 7 so the property could be appraided. Now I know there has to be mold growing down there - I could smell it during the inspection. I just want out of this deal, but I don't want to lose my earnest money. Do I have any leg to stand on? Must I wait for a positive mold test or until July 7 comes and goes with no work completed? What about the money I have for the appraisal? Can I ask for it back? Help PLEASE!?!

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Answers

2
Mack McCoy’s answer
We don't know; the contract rules, RAC. You're certainly out of the appraisal money the moment the appraisal is ordered - appraisers get paid.

Talk to your agent, get clarity on the dates and the obligations, and accept that the inspectors and anybody you hired to help you evaluate the property, including the appraisers, get paid whether you buy the home or not.

All the best,
0 votes Thank Flag Link Wed Jun 30, 2010
Mack is correct in advising you that your contract should show your way through this initially. It's easily seen that this scenario is heading in a direction that may require additional time for you to close. At this point, it may be advisable to consult a real estate attorney for their advice, as a means of protecting your best interest.

It would be fair to assume that you should think long and hard, before spending any additional money before things are resolved. Proceed cautiously.....

Good luck,

Bill
0 votes Thank Flag Link Thu Jul 1, 2010
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