you have various options and one I like is agree with the seller to not close until the problem is fixed; this is not legal advice and you should consult with an attorney if you think legal advice is necessary. Good luck
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Who is fixing the problem after close of escrow, the buyer or the seller? If it's the seller, then they should fix the issue before closing. If you are asking about possible legal action, then you should consult with a real estate attorney. Good luck.
Sara Mehrpouyan CDPE
Short Sale & Foreclosure Specialist
Dre License #01712757
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Although I am not an attorney and you should consult one, based upon my years of experience in the business you have 3 options:
1. Back out of the deal - make sure your atty says you won't lose your deposit
2. Delay the close of escrow till the issues are fixed.
3. Do as Emily suggested - find out how much it will cost and do a holdback.
My preference would be # 2 as you haven't put up your money till the problem is fixed.
Lance King/Owner-Managing Broker
Let's say the amount of money to cure the problem is going to be $5,000. Then you have your Realtor create an Addendum to state "Escrow is hereby instructed to withhold $5,000 from the seller's net proceeds & xyz contractor / plumber is to fix this problem (describe issue), should total cost to cure be less than $5,000, monies will be returned to seller".
Please talk to your Realtor or Real Estate Attorney about this.
I don't look back on this same Trulia thread for answers posted after mine.
Realtor Since 1996
Main Street Realtor