Home Buying in 11746>Question Details

smayilvaganan, Home Buyer in Huntington Station, NY

The home was advertised as 1966 built (huntington station NY) but it was built around 1950 what option i have before closing(only three days jul24th)

Asked by smayilvaganan, Huntington Station, NY Sun Jul 21, 2013

Can I cancel the contract?

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The listing agent was lazy. You need to speak with your attorney.
2 votes Thank Flag Link Sun Jul 21, 2013
As to cancelling the cotract, consult with your attorney as much will depend on the document...
1 vote Thank Flag Link Mon Jul 22, 2013
Unfortunately the onus is on the buyer (and the buyer's agent) to verify information like this. A simple call to the town prior to signing contract would have avoided this problem. This is an issue that should be brought to your attorney's attention....
1 vote Thank Flag Link Sun Jul 21, 2013
If the home is in reasonably good condition, the value will not change that much for a home built in 1950 or 1966. If the appraised value meets the purchase price then rest assured that the value is there and that the small (emphasis on small) discrepancy regarding the age is not a worry. Unless there are other legitimate reasons for canceling the contract, I do not believe that age is one of them. This should have been part of your due diligence and since you are three days from closing that period has passed.

Don't worry, as long as you like the home, go ahead with the transaction.
1 vote Thank Flag Link Sun Jul 21, 2013
Are you having second thoughts about buying this particular house?
I would suggest you discuss this with your attorney - this is really a legal question.

Good luck!

Elke B Mariotti, ABR, SFR, SRES, CFP(R)
1 vote Thank Flag Link Sun Jul 21, 2013
Anytime there is a question about canceling a contract, you need to contact your Attorney. Canceling a contract may cost you a lot of money.
Apparently you really like the home to have made an offer to purchase it. In my opinion, I don't think the range of years that the house was built will have much of an impact on a price. If it passed the inspection and the appraisal was fine, then you probably should not worry.
Make the house your home.
0 votes Thank Flag Link Thu Aug 20, 2015
Might be difficult to back our now if you are closing... very difficult. Consult your attorney. I am buying a house now where the listing agent and appraiser who came in marked that the home included a dishwasher... I have yet to find it. Unless it is hidden in some secret space in the attic, there is no dishwasher. LOL. But alas... I will move forward and scratch it off as just that... human error. It is what it is.
0 votes Thank Flag Link Wed Jul 24, 2013
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