Question Details

Andy, Home Buyer in California

Agent error...what do I do? What can I do?

Asked by Andy, California Sun Jun 29, 2008

I have a counter-offer on a country home. Originally my agent said the domestic water is from the county irrigation district. Since my counter (to seller's counter), my agent found out the water comes from the neighborhood water district, constructed on loan from state water resource and state health resource, passed by vote (measure D) and bond. This essentially increased my purchase price by $28,000- or $1800.- year plus usage until my access fee is paid off.

I am upset about this additional change. The combination of seller's counter to me and this water bond payment increased my purchase price quite a bit....or increase my monthly debt service by $150- ($1800- year).

What do I do? What can I do? How should I be looking at this situation?

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Answers

1
Andy - you could be in a tough spot! If your most recent counter has not yet been accepted, you can withdraw it, and either make a different counter that considers the new information, or withdraw entirely from the deal. What do your Realtor and your lender advise? The key questions you need to ask yourself are as follows. 1. Do you still want the property? 2. Can you afford it with the additional payment for water? 3. Can you structure a revised deal that you are comfortable with? or 4. Are there alternative properties that you will consider? Best of luck - whichever path you take.
2 votes Thank Flag Link Sun Jun 29, 2008
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