Home Buying in Kenner>Question Details

Moni  Jone, Home Buyer in Louisiana

I just had a home inspection done and Im not satified with the results. How do I get out of the deal, without?

Asked by Moni Jone, Louisiana Fri Jun 27, 2008

losing my thousand dollar deposit?

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Answers

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The best advice anyone can give is to tell you to read over your offer and follow the instruction set forth. If you used a Realtor and wrote up your offer on state approved documents, then most likely you have an Inspection Contingency that allows you to do one of three actions.

1. Accept the results of the inspection as is or
2. Reject the results and have all Earnest Money returned or
3. Provide the results to the seller and negotiate repairs.

Once again, this should be outlined in your offer so read it over carefully or ask your Realtor to assist.

If you didn’t use a Realtor and you didn’t use state approved forms, then unfortunately you may need to seek legal representation if the seller isn’t cooperating to your satisfaction.

Just another reason to use a Realtor.
1 vote Thank Flag Link Fri Jun 27, 2008
In Louisiana, a buyer can hire anyone to inspect the home, including his 5 yr old son...You have 10 days from the moment the seller signs the purchase agreement. If you dont like the way the wall paper looks, all you need to do o cancel the contract is send a written notice that simply says your home inspection failed. You do not have to give any reason...again, the State Legislators do not want this kind of bickering to end up in courts, thus a willing buyer and willing seller....and yes you do get your money back

if you discover something terribly wrong after the 10 day period, you can void the contract if financing falls thru........
0 votes Thank Flag Link Sat Jul 5, 2008
Kinda hard to help you shoot someone, when you decided to use a butter knife as a weapon of mass destruction...next time hire a professional BUYERS AGENT...who is armed with the appropriate knowledge base to get people there money back in that situation
Web Reference: http://iansellsnola.com
0 votes Thank Flag Link Wed Jul 2, 2008
IF YOU HAD HIRED A REALTOR TO REPRESENT YOU IN THE PURCHASE, YOU WOULD ALREADY KNOW THE ANSWER!

Hire a professional!
0 votes Thank Flag Link Sat Jun 28, 2008
Hi Moni:
Great response from realtor Wendy Remley!
As long as you had an inspection contingence and are within your time period to respond, you should be able to terminate your purchase and sale agreement. One last thing, it’s always a good idea to have a signed acknowledgement from the seller that your p/s is terminated and earnest money is to be returned to buyer immediately.
Good luck.
0 votes Thank Flag Link Fri Jun 27, 2008
The Louisiana state mandated purchase and sale agreement allows a certain length of time for inspections. During that time, you can easily get out of the contract based on an inspection. That section of the contract should be at the top of page 4. Where are you buying a home? If you have more questions, feel free to email me at debfarr@gmail.com.
0 votes Thank Flag Link Fri Jun 27, 2008
If you used a licensed realtor, your offer to purchase should have been a seven page contract that includes a stipulation for inspections. Louisiana real estate law allows a 10 day inspection period for just this reason. The clock starts ticking as soon as the offer is accepted (that is, after any negotiations and counter offers are completed). If you are within 10 calendar days you need to put in writing that you are rejecting the property based on the inspection results. Many brokers have a specific form called an Inspection Rejection or something similar. The key is that is MUST be in writing and it MUST be within the 10 calendar days.
If you did not use a realtor and you need assistance with this or in finding another home in Kenner or the greater New Orleans area, please don't hesitate to contact me via email at kracine@kw.com or by phone at (985)807-3159.
0 votes Thank Flag Link Fri Jun 27, 2008
Did you make your offer contigent on the home inspection? If you did, then it should be pretty easy to get out of the contract as long as you are within your inspection deadlines. If you did not make the purchase contingent on inspection, you may have a very difficult time getting your deposit back. Talk to your agent and read over the contract carefully to see if you can back out of it.

Always make sure you make a housing offer contingent on a home inspection so if something awful shows up on inspection, you can get out of it.

If the inspection showed some seriously expensive flaws, it will probably be better to lose a $1000 deposit than to possibly spend tens of thousands of dollars on the house issues.
0 votes Thank Flag Link Fri Jun 27, 2008
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