Thanks for the advice.
I am sorry to hear about your situation. Unfortunately in this market it's especially important to have representation. The $425 inspection fee is part of the home buying process. It appears to me that you got your moneys worth from this inspection (revealing the $25k deferred maintenance). My question for you is were you using a real esate agent? Was that agent a Certified Buyer Representative? If your answer to the latter is no may I suggest since you the buyer are the only one bringing money to the table shouldn't you have someone to represent you? I am a Certiified Buyer Representative and am available should you wish to discuss your situation further with me. Best wishes for finding the home of your dreams.
Irene M. Renna
Century 21 Princeton Properties
(631) 467-0009 (office)
$425 is a very reasonable fee for an inspection. Worst case - the others are quite correct - it's a cheap way out. In this market, you'll save many times that amount buying your next home.
In NY, Real Estate is usually done with 3-day attorney review - and I'm guessing that you are past that. So ... aren't they in breach of contract? What does your lawyer say? If he says it's dead then it is. If he says that you can take them to small claims for non-disclosure then you can do that.
For $425, I'd be happy to be out of it and move on. Sorry that this didn't work out, but the market is great for you and you'll find a great house very soon.
You stated that there was $25k deferred maintenence on the property. The seller may have taken offense to something that you (or your attorney) were critical of about their home that they did not mind at all, or, feel that they were taken advantage of during the negotiations. If the home needed work, it was most likely already reflected in the offering price.
A Real Estate transaction is considered a "meeting of the minds". It should be a win/win situation for both parties to be successful. Your attorney is there to protect you and your assets and not attack the other party. Most Real Estate attorneys understand this. The seller is not your enemy. There is a lot of cooperation needed from both parties during the transaction.
Unfortunately this transaction started off on the wrong foot. As furious as you are with the seller, the feeling is probably mutual if they "no longer wish to sell" to you. Their attorney probably informed them they may have to remove some structures for the next buyer.
You'll have to consider that $425 tuition in the school of hard knocks. On your next home purchase, ask to see if all the CO's are in order before you make any expenditures. Keep in mind some banks are more lenient than others with certain issues such as garage conversions, finished basements, etc. Good Luck with your home search.
Carol Bromm, SRES, CBR
Prudential Douglas Elliman
In Real Estate, it's important to understand that there's a difference between what's RIGHT, and what's FAIR. You're in the RIGHT, but that alone doesn't mean the outcome will be FAIR.
My office is located in Setauket near Wild By Nature. Good Luck..