Home Buying in 07747>Question Details

lucyama26, Home Buyer in 07747

Can I walk away form my deal right after my home inspection with out penalty ?

Asked by lucyama26, 07747 Mon Aug 5, 2013

lucyama26, Home Buyer, 07747

After my AR , we found that the furnace is very old, is working but I don fell comfortable with that because I'm paying a high price for this place and may be I will be involve in a huge money spend to fix the problem , also the water heater is very old and the inspector recommend to be change ,and another little issue that will involve some work.

Can I walk a way form my deal? and get my money back to buy another house? with out penalty during the next 7 days?

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Answers

5
Hello Lucy,

The seller's disclosure should have had some indication of the age of the furnace and hot water heater. A furnace can run several thousand dollars, but a water heater is not very expensive. I assume you like this property and that is how you got to this point. Is it worth losing this property over five or ten thousand dollars?

If the age of the furnace and water heater was disclosed and those are your only issues you may not be able to walk away without penalty. If there are structural issues or things you cannot see that are revealed by the inspection then you are reasonably entitled to expect some equitable adjustment.

You state that you are paying a "high price", but I am not sure if that means top-dollar based on comparable homes in the neighborhood or you are just buying an expensive house. If you are buying at the top end of your budget and you don't have any "wiggle room" in your budget going forward that is not the seller's problem. If you are paying top-dollar then you can reasonably expect some concessions by the seller, but your agent should negotiate with the listing agent on these issues before you just walk away.

Good Luck.
1 vote Thank Flag Link Mon Aug 5, 2013
Thank you for your answer, what it make me fell bad here is that I requested for that information a soon the AT start and my lawyer told me you will have that at the inspection, so I asked my realtor to get me that information , so couple days later the seller realtor send him the disclosure and he sendit to saying ,< here is the information about the furnace that you need? but guess what the information about the furnace was missing there was nothing, and the information about water heater and ac was wrong with half of the years, ok I understand the point that may be is no something to strong to walk away , BUT if I would have that information when I requested which I believe that I was in my right I would walk away right away, with out inspection, but they omit that information and was a concern for me that's why I try to find out at early time. But they let me go ahead to wait for the inspection and now the good news for me is that I can't walk away, How much can be a penalty?
Flag Tue Aug 6, 2013
The language in your contract and the extent to which a seller will be flexible are both factors. A contract might include provisions that prohibit a buyer from terminating a contract for the the reasons you cite, but a given seller may still choose to allow you to walk away. Another seller might not. Some sellers will easily allow a buyer out of a contract, and others will not.

You state that there is an older hot water heater and furnace, and another little issue. Most sellers would be annoyed at this as the basis for a buyer wanting out of a contract. Many homeowners use appliances past their useful life per a published guideline. Most sellers and most agents will question what more is behind this buyer motivation. In and of itself, older mechanicals are not generally a cause for a deal to fall through.

Was a seller's disclosure provided for you? Did that include the age of the appliances?

Is there another reason why you do not wish to purchase this property? If the older mechanicals are your sole concern, and a seller will not pay for a home warranty for you, considering purchasing one yourself. The warranty may cost $400-$600/year depending upon the size of the property and what coverage you elect. For a set service call fee, your appliances and mechanicals in the property will be repaired. In many circumstances, an appliance will be replaced if it is not repairable for no additional fee. Service call fees range from $50-$80 depending upon the warranty provider, elected coverage and location.

Good Luck.
1 vote Thank Flag Link Mon Aug 5, 2013
Thank you for your answer , yes my lawyer told me that it was so hard walk away , but about your question early during the AR I request to my lawyer to ask the seller for the age of all those items, also to my realtor , my lawyer said you will know after the inspection but this was a concern to me that why I was asking before go ahead. So my realtor call the realtor seller and they send me the disclosure but the age of the furnace was missing and the age of the water heater and AC was wrong and the dates of those are in the appliances the inspector show me. This point always was my concern and I wait because they told me to wait for the inspection and now that I got the result I can't walk away? if they would told me early the information that I requested , I would walk away before. But the real thing is that I make a request and I don't get it . What do you thing about my situation?
Flag Tue Aug 6, 2013
Deborah Madey, Real Estate Pro in Red Bank, NJ
MVP'08
Contact
Lucy,

You should first check what was said DURING attorney review. Some review letters specifically state that inspection "issues" do not include items which are functional, but "past their uselful life expectency".

Was there a sellers disclosure that you read and signed prior to making the offer? Did it disclose that the items in question were older? Even if it didn't or there was no disclosure, if an item is older but functional, you might be hard presesed to make the case to cancel the contract just because the items are older.

Also the purpose of an inspection is to make sure things are working correctly, tell you how they work, and tell you how old they are. Most inspectors only "suggest" budgeting for eventual replacement of older items. They don't recommend if its working for the sellers to provide you with new appliances, in essence leaving the house in better shape for you than when they lived there.

Doesn't it make sense that if the furnace or water heater were not functioning while the SELLERs are living there and needed replacement the sellers would have done that for their OWN confort???

If you like the house, why not just ask if the seller will purchase a home warranty for you. You agent can explain waht that is and what they cover. Worst case, you can always buy the home warranty for yourself after closing, which should give you opeace of mind about repairs until you are ready to replace the items.

It really bothers me that most buyers today want to buy a house but expect everything to be new when they move in. ALL homes eventually need repairs, replacemen, upgradest of items and quite frankly even NEW things periodically break. If you aren't prepared to do the routine things that every homeowner has to do when owning a home, then you shouldn't be buying a house.
0 votes Thank Flag Link Mon Aug 5, 2013
Dear buyer in 07747 -

Consult with your attorney with regard to the specific issues contained within your inspection report and ask for their advice with respect to your options for your contract to purchase.

If it is a home that you really like you may consider asking the seller to provide you with a one year home warranty.

Regards,

Patti
0 votes Thank Flag Link Mon Aug 5, 2013
It all depends how the contract is written. Most Realtors write in such a way that you can. Anyone here would have to know what it says in your contract.

I have to love that a home inspector suggests the need to replace a working anything. You should ask the inspector what the winning lottery numbers will be tomorrow.
0 votes Thank Flag Link Mon Aug 5, 2013
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