That's what the inspection and the inspection contingency are for: they're meant to give you enough information about the property to determine whether or not you'd like to proceed with the purchase. If you don't like the results of the report, then you can exercise your inspection contingency to opt out of the contract or you can make a counter offer requiring the seller either to fix the issues identified or to accept a lower price.
Other than this, you'll need to hire an attorney to seek any other remedy (if possible).
So sorry about your situation.
I have a few questions for you. Were you provided with a Seller's Disclosure? If you were, you would have, it should have told you of any problems with the home. You would have been required to sign that disclosure. If you did not, I would want to know why.
Also, did you have your own buyer agent or was the listing agent acting as a dual agent? If the agent was a dual agent (representing both you and the seller) did you sign something stating that the agent could be a dual agent?
If the inspector found "very serious problems" why did you continue on with the sale? In your agreement of sale, you either chose option 1 or option 2 which would have allowed you to either terminate or to try to come to some sort of mutual agreement and if you couldn't, you could terminate.
There are so many other questions I would have with regard to your situation.
You can also contact a real estate attorney who will be able to guide you.
I'd like to hear back from you with more information.
RE/MAX ACTION REALTY
(215) 669-0589 Direct
(215) 358-1100 Office Ask For Renee
I can answer one question, though. No. You can't get back the inspection fee.
Was this home a bank-owned (foreclosure) home? In almost all cases bank owned homes are sold as-is and it's not the banks responsibility to disclose problems since realistically they didnt live there so they may not know all that is wrong with the home.
And was your inspection done prior to closing or after? If it was done prior to closing and you still moved forward then shame on you, you should have known better. If you have not yet closed then you still have the right to back out as long as there is an inspection contingency in your purcase contract (which normally there is). In this case my friend, you found out exactly why everyone recommends paying for an inspection so you don't wind up in a money pit. Unfortunately that's a cost of doing business for any homebuyer and what's spent is spent. Agents arent home inspectors and neither are sellers, so it is up to the buyer to do their due diligence.
As far as negligence on the part of the seller or your agent, if you provide a few more details I'm sure the feedback will be more specific. There are a lot of things that "could" have happened. State whether you wound up closing or backing out, and specifically HOW you think your agent "tricked" you, and if the home was privately owned or bank owned. There's a lot of knowledgeable people on this board, I'm sure you'll get a lot of feedback
How about the seller's disclosure? Did that give any clue of the problems? If the problem was known by the seller and not disclosed, you may be able to go after the seller. But if you are talking for just the inspection fee, it may not be worth it.
Terrence Charest, e-Pro