Home Buying in Kentucky>Question Details

Ericak82, Home Buyer in Kentucky

If the sellers realtor hides and does not disclose damage to home can you get out of your initial buyers contract which has an expired date?

Asked by Ericak82, Kentucky Thu Jan 19, 2012

Signed an initial contract contingent on inspections. Have a VA backed loan. The home owners inspection brought back a few minor repairs, I agreed as the buyer to take on. Had a termite inspection, and the report was sent to the sellers realtor (we are using the same realtor). I asked for the full report, he sent me a partial one. I have just found out from my loan officer that the report contains termite damage and now the VA is requesting a structural engineer to inspect home. The realtor has tried to go around the VA regulations to get this sell to go through unbeknownst of me (such as hiring "friends" to pass inspection). I have just recently found out this info. and he is continuing to show the home. Our original contract was written in Nov and expired that month. It is now Jan. and I have not been given an updated contract or signed anything else. How can I get out of the purchase.

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It sounds like Bill Dunn and Ron Thomas are right on what they are telling you. You can also check out the Kentucky Real Estate Commission site for more options. KREC.gov
0 votes Thank Flag Link Fri Jan 20, 2012
Erica, we can't give you legal advice, but an attorney can and will be relatively cheap, all things considering.

You may still be able to work things out on this home, if you want. Your concerns are valid, and in my view, must be addressed before you move on.

All the best,
0 votes Thank Flag Link Thu Jan 19, 2012
So if you agreed to Mediation and Arbitration, and that if the sum is under 1500 it would be settled in small claims court, in the expired purchase agreement, does that mean that they can later sue you for their losses?

The purchase agreement is expired, he has verbally extended it with the seller but not with me, and the original purchase agreement also states that no verbal agreements or understanding are binding between either parties.
0 votes Thank Flag Link Thu Jan 19, 2012
Consult a local real estate attorney. If you did not close by indicated date on the contract, and had no extensions signed ... you are out of contract. The agent you are using is under dual agency which is tricky. Call a lawyer.
0 votes Thank Flag Link Thu Jan 19, 2012
The contract that expired was the contract to buy the home. There has been no other contract drawn up. I wanted the home until I realized there are so many problems that the seller is now unwilling to fix. The VA will not approve the loan for the home if it does not pass the Structural Engineer's inspection, but what I am worried about is the termite damage. I did request for a copy of the inspection, he sent me a sheet talking about preventive maintenance from the company. I thought that that was all there was, until today when I was informed from my loan officer that in the full report it states there is termite damage to the house. So now I have a contract with a closing date of Nov on it, a home that has termite damage and the VA seeking a structural inspection...and the sellers realtor throwing me for a loop, not answering my calls, trying to tell my loan officer to convince me to switch to a conventional loan so that the VA is not involved, requesting that I pay under the table for the inspection and then not wanting to hire a VA approved inspector. Such a headache!
0 votes Thank Flag Link Thu Jan 19, 2012
Wow. Not sure I understand all that but it sounds like your purchase offer has expired. If that is correct then you are no longer obligated to continue with the purchase. That may be why the agent is still showing the home to potential buyers.

It doesn't make any sense that the loan officer would allow all these VA loan requirements be pursued if you don't have a valid purchase agreement on the table. The termite inspection may have been sent to the seller if seller paid for the termite inspection and not you.
0 votes Thank Flag Link Thu Jan 19, 2012
Only an attorney can give you legal advice. Seek one out, show him or her contract, and explain your situation.
0 votes Thank Flag Link Thu Jan 19, 2012
You may have agreed to the Arbitration and Mediation in the Contract; did you?
That would answer part of your question.
The Contract which expired in November; was that the Contract to buy the House or a Contract with the Agent?
What do you want to do? Do you still want to buy the house?
It sounds like you are OUT of the Purchase!

Good luck and may God bless
0 votes Thank Flag Link Thu Jan 19, 2012
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