Home Buying in Indiana>Question Details

Running Mom, Home Buyer in Indiana

I signed a contract to purchase a home with the exception that the home needs to be at or above appraisal,

Asked by Running Mom, Indiana Wed Nov 14, 2007

also no major defects. And the sellers would be paying for the home inspection, survey, and appraisal. The home inspection came back with radon at level 9, which is a major defect, and the appraisal came back 5K less than my purchase price. Do I have to pay for the inspections, ect because I don't want to purchase the home now?

Help the community by answering this question:

Answers

6
BEST ANSWER
You need to find out if your contract have a clause that states what happens regarding payment of the inspection, appraisal, and survey should you exercise your option to nullify the contract if the above contingencies were not met. We cannot answer this question for you. Is there a clause that states that the sellers can fix or repair up to a certain $$$? Your question needs to be answered by an attorney.

If you can't figure it out, ask your agent for help. Should you decide to use the contingencies to get out of the deal, get yourself a lawyer. Agents cannot practice law, but will offer advice. You will need an attorney to execute a kill letter to make sure that you are legally protected.

Ian is right. Make sure you really do want out of this deal. Radon can be mitigated to a safe level fairly easily and inexpensively and an appraisal for $5K less than purchase price is not a big deal, unless it affects your mortgage commitment. Another appraisal might bring it in at the price you need, anyway.
Web Reference: http://www.dianeglander.com
0 votes Thank Flag Link Thu Nov 15, 2007
It depends on how the terms and conditions read in the contract, and how your state considers the radon issue.

If the sellers would correct the defects, and reduce the price $5K the question then becomes, "would you still buy the place?"
Web Reference: http://www.iansellsnola.com
1 vote Thank Flag Link Wed Nov 14, 2007
The realtor for the sellers was being very nasty, telling us she was debating on suing for special performance. We hired a real estate attorney and he said we did not have to pay for anything. The sellers were not aware of what was going on until they received the letter from our attorney. It makes me mad because spelled out in the contract we did not want the home unless it appraised at or above our purchase price and was radon free. Now we have incurred attorney fees, I could have them pay for it, but it was not the sellers fault. The realtor was needing the sale. This is what her broker told our attorney. Thank you so much for your time in this matter.
0 votes Thank Flag Link Fri Nov 23, 2007
Most likely in this state you will be able to get out of the contract for both reasons-radon and appraisal. Have you talked to the seller about your issues? Are they fighting you about this?
0 votes Thank Flag Link Fri Nov 23, 2007
I am in Indiana, I did not want to purchase the home with radon. But I stipulated I would not buy the home if it did not meet appraisal. The contract states "The sellers agree to pay for Home Inspection, Appraisal, and Survey. Thanks for your help
0 votes Thank Flag Link Thu Nov 15, 2007
What state are you and the property in?
Web Reference: http://www.erinattardi.com
0 votes Thank Flag Link Thu Nov 15, 2007
Erin Stumpf…, Real Estate Pro in Sacramento, CA
MVP'08
Contact
Search Advice
Ask our community a question
Email me when…

Learn more

Home > Indiana > Home Buying in Indiana > Question
Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer