Question Details

ednyc7, Home Buyer in Staten Island, NY

We where two weeks away from closing before the house got flooded. We now don't want to purchase the house because of it.

Asked by ednyc7, Staten Island, NY Fri Nov 16, 2012

can we get out of the contract?

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Answers

8
Oh I'm so sorry for you and the entire neighborhood out there. Your contract should outline that the seller has to provide you with the home in the same or very similar condition as it was when you first placed your offer. So flooding would prevent that. If the Seller is not receptive to releasing you from the contract contact an attorney.
0 votes Thank Flag Link Sat Nov 17, 2012
You may or may not be able to get out of the contract. It all depends on what you agreed to. You should consult with your attorney, and review your contract paperwork.

I hope this answered your question! If you have any further questions, please feel free to contact me by the ways below.

Wishing you all the best,

De Vonte Williamson , LSA
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Coldwell Banker Residential
(631)384-3695
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0 votes Thank Flag Link Sat Nov 17, 2012
The house was in Staten island and it was flooded to the top of the garage and basement and maybe the first floor. We are worried that if they do rebuild it they going to do it cheaply, not right like dry the beams and removing the mold. its also going to drop value of the house tremendously. I don't think people would like to buy a car after they found out it was flooded and then fixed.
0 votes Thank Flag Link Sat Nov 17, 2012
You can protect yourself with Inspectors and Lawyers;
But experience tells me that you are looking at a long, long process.
0 votes Thank Flag Link Sat Nov 17, 2012
This is a question for your buyer broker and closing attorney. Most contracts limit the amount of damage a house can suffer prior to closing before a buyer has the right to terminate the contract and receive their earnest money deposit back. Depending on the damage suffered it's possible the house may not be habitable at this time in which case your lender will not permit the sale to go through

I am sure there are numerous buyers and sellers like you struggling from the effects of Sandy and I hope everything works out for the best.
0 votes Thank Flag Link Sat Nov 17, 2012
Your attorney can best advise, therefore it's really in your best interest to consult with him/her....
0 votes Thank Flag Link Sat Nov 17, 2012
You nbeed to read yoru contract, most contracts do state the home owner has to keep insurance on teh property and if something happens up to a specific amount, you can withdraw or have them make repairs. Check with your buyer agent or review with an attorney to see what options you have. good luck working things out
0 votes Thank Flag Link Sat Nov 17, 2012
You need to read your contract to see if there are any "out" clauses that involve damage to the home in excess of a certain dollar amount.

The other thing is - the mortgage company most likely will require another inspection, as well as the insurance company, if, as I assume, the flooding you mentioned was storm related.

This could affect your mortgage commitment, so I'd advise you to consult an attorney to see where you stand.
Are the sellers in the process of having any storm related repairs done?
Was there much damage?
0 votes Thank Flag Link Fri Nov 16, 2012
The house was in Staten island and it was flooded to the top of the garage and basement and maybe the first floor. We are worried that if they do rebuild it they going to do it cheaply, not right like dry the beams and removing the mold. its also going to drop value of the house tremendously. I don't think people would like to buy a car after they found out it was flooded and then fixed.
Flag Sat Nov 17, 2012
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