Home Buying in 06417>Question Details

John Ely, Home Buyer in 06417

What should I do?

Asked by John Ely, 06417 Thu Sep 25, 2008

I hired an agent and told him no Condos and no associations. I told him i didnt want to live somewhere i had to pay to live in my own house. He found myself and my girlfriend a house we fell in love with. He told me there were no assoc fees or assoc period. We put an offer on it and it was excepted. I went to the neighborhood after work to get to know the neighbors and thats when i found out about the assoc. i confronted my agent about this and he said he wasnt sure. then he proced to tell me he missed the thing at the bottom of the MLS sheet that said PUD 15 monthly. Now i think i am stuck and i will loose my deposit and inspection and apraisel money if i walk now? Please Help and let me no what you think i should do.

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You are in a tough position as if you back out you will lose your deposit and can be held liable for damages to the seller. You need to check your purchase agreement and see if there are any conditions left that have not been out such as mortgage financing that you could use to get out. Your situation with your buyer agent is one for an attorney, there is some liability there so you need guidance if you want to pursue something. You could also ask the agent to settle with you and us ethat nmoney to pay your fees for the nxt 5-10 years. good luck with working it out John
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Wed Oct 1, 2008
I can understand not wanting an association fee, however, $15 is practically nothing compared to association fees in newer neighborhoods. The CC&Rs in most older neighborhoods are not quite as restrictive, and mostly go to maintain a common area if there is one. I'm surprised you found a house that has an association fee if you are in the Chester/Deep River/Essex area.

If you feel you were misled intentionally, you can talk with an attorney. However, if you are just fighting the $15 on principal, you have more to lose than to gain. Take a look at the restrictions, if the fees can be raised, etc....
See if you can get on the association board if you want to make sure that you have more control over the situation. Look at it this way, you already have to pay an obscene amount of town taxes, at least the $15 goes towards something directly related to you.

If you can't afford the $15, well, you really can't afford a house. If your budgeting is that tight, any emergency is going to cause you grief. I'd just wait for something I could afford or try to save up in that case.
0 votes Thank Flag Link Wed Oct 1, 2008
I am sorry to hear of your situations. I have done several condo/PUD sales in my career in Connecticut. It is my understanding that if you are still within the five day review period of the association rules and regulations documents, you can state that you are not satisfied with the rules and regulations. You may cancel the sales contract and have your deposit monies returned. I also believe that you do not have to say specifically why you are dissatisfied with the douments. This cancelation must be done in writing and signed off by the sellers. If the period has passed the other options listed here are viable options. As I always urge my clients, review this and any other options with your attorney and go with his/her final advice. The purchase and sale agreement is a legal document and you must do everything to insure you and your girlfriend are legally protected. Good luck!
0 votes Thank Flag Link Fri Sep 26, 2008
I am not an attorney but it sounds like you need one. In my state there is a clause for condo and planned comunities. Here in PA, after execution of the agreement within 15 days the seller must request a resale cert, copies of association rules and regulations and bylaws from the association. Upon receipt, the buyer has 5 days to review these docs. Up to and after settlement. The buyer can terminate the agreement because of these docs and have deposit money returned. Your counsel can advise how this applies in your state. It would be great for a Connnecticut Agent to weigh in on this.
As for the other fees, I would have counsel talk to the broker first.
Hope this helps and Good Luck.
P.S. Bill is right. Don't drag this out. Get on it now.
0 votes Thank Flag Link Thu Sep 25, 2008
Great answers by everyone! If you did strictly instruct your agent not to show homes with an association fee, then I would ask the agent to make ammends. You stated you put an offer in and it was accepted. Was this within a day or so? Has the home inspection & appraisal actually been done already? If not you can call your mortgage person as well as the home inspection company to cancel. If they have been already completed then, as other posters have said contact your agent, the broker & your attorney. If the agent was familar with the area he should have known about the monthly fee as he is representing you. But, things like this do happen.. If you are just getting "cold feet" that is one thing, but if you feel strongly about this fee, I would contact your attorney as soon as possible.. Good Luck! Let us know how this plays out! Jim
0 votes Thank Flag Link Thu Sep 25, 2008
In the contract there should be a clause that states the title search be to the buyers satisfation. That being the case you can terminate the contract weith no penalty (ie return of your deposit). The only way to recoup your inspection and appraisel dollars it to be able to prove in court the agent was negligent and did not preform due diligence on your behalf.
0 votes Thank Flag Link Thu Sep 25, 2008
You have gotten a lot of good advice here. Have your lawyer review the contract. If the inspection period has not passed, you may be able to use that to get out of the contract. There may be other escape clauses in the contract that you can use to get out of it without losing your deposit money (financing?).
Also discuss the possibility of talking to the seller about getting out of it. The longer the house is off the market, the less likely they will be to work with you. If you act quickly and are open and honest with them, you may be able to get you deposit back.
Web Reference: http://www.danrossre.com
0 votes Thank Flag Link Thu Sep 25, 2008


Our suggestion is to contact your agents manager / broker and explain your situation. At the very least make them aware of your extreme displeasure with this set of circumstances and that your next stop will be your attorneys office.

The important thing here is to understand the urgency of doing something ASAP. Don't let this drag on....get after it now.

Good luck,
The "Eckler Team"
0 votes Thank Flag Link Thu Sep 25, 2008
Your agent dropped the ball. Talk to his broker. You may loose the inspection and appraisal if you walk, I would talk to the broker and explain the story. Tell hime you do not want the property because of the PUD $15/month that the agent missed. Maybe you have a contingency in your contract that they can use to get you out of it without loosing your money. Or maybe they will pay a couple years of the PUD to appease you. They screwed up, you should not have to pay. Talk to the broker in charge first. Give them a chance to make it right. If they blow you off, contact your Attorney.
0 votes Thank Flag Link Thu Sep 25, 2008
Sometimes associations set rules to keep your area nice. Usually this helps your property retain it's value. But in today's market you are probably going to lose value anyways. Good Luck
0 votes Thank Flag Link Thu Sep 25, 2008
It sounds likely that you would lose your deposit money. You will almost definitely not be able to get a refund on the appraisal or inspection fees you have paid. You probably want to speak to an attorney if you are seriously considering trying to get out of the contract. If not try to negotiate with your Realtor to pay the association fee for a set time period as a closing gift. Communication is key between Realtors and their clients so just talk to him and let him know that you are very upset, and ask what solutions he would recommend. You say that you loved the house so is $15 additional a month really worth giving up the house you love? That's cheaper than a meal at Mcdonald's for a family of four once a month.
0 votes Thank Flag Link Thu Sep 25, 2008
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