Home Buying in 47802>Question Details

Rico Shew, Home Buyer in Terre Haute, IN

I'm not happy with the inspection on a home i was gonna buy >

Asked by Rico Shew, Terre Haute, IN Sun Oct 7, 2007

It has major water erosion around foundation and the neighbors are draining there gutters into the back yard and they hid that by putting grass clipping over the ditch the water created > this is a new un occupied tri level home on a lake . we want out of the purshase agreement so we sent a release of ernest money to the seller but he's being difficult and won't let us out > were not worried about the money > we are afraid of future erosion problems.....HELP
thanxPS there were also some electrical problems found by the inspector.....

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Hi Rico. I understand your concerns about erosion. I am not sure if the neighbor's draining of the gutters is the only cause for the erosion or if there are other reasons. My thinking is that perhaps the erosion problem could be remedied by taking appropriate measures. Have you asked the seller to make repairs? I am not saying that you have to stay in the contract and ask for repairs first. I am just wondering if there are other avenues. You are saying that the seller will not let you out. There's a difference between the seller not signing the release of the deposit money and cancelation of the contract. The seller can't force you to buy the house. Once you cancel the contract, the only remaining question is what remedies the seller has and that depends on what your contract says. Many contracts contain liquidated damages clauses that limit the amount that a seller can recover in the event of the buyer's default. Most contracts also provide that the buyer may cancel the contract during the inspection period and it sounds like you canceled after you received the inspection report. Usually, deposits are not non-refundable, but since this is a new house, things may be different. Please understand that real estate agents cannot give legal advice. You should speak to your agent. I hope you had your own agent. Sometimes sellers don't sign the release right away because they are angry, but in most cases the sellers eventually do agree to return the deposit as long as you did not cancel the contract without good cause. Good luck.
1 vote Thank Flag Link Sun Oct 7, 2007
Ute Ferdig -…, Real Estate Pro in New Castle, DE
MVP'08
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Do you have A Realtor?
If they are hiding problems with Grass clippings. What are they hiding behind the Drywall?
Who cares about the erosion problems, if you want out of the purchase?
You should care about your money.
So do you have a Realtor? is this a builder purchase? is this a FSBO?
What did you sign?
1 vote Thank Flag Link Sun Oct 7, 2007
Mr.P, Other/Just Looking in Arizona
MVP'08
If you make written objection to a major defect that was not disclosed in the seller’s residential disclosure and the Seller is unable or unwilling to remedy the defect to the buyer’s reasonable satisfaction before the closing, it is good basis for a termination of the purchase agreement. However, the issue must be a major defect. According to Indiana state law a major defect is a condition that would have a significant adverse effect on the value of the property, that would significantly impair the health or safety of future occupants of the property, or that if not repaired, removed or replaced would significantly shorten of adversely affect the expected normal life of the premises.

You should have a good Realtor, if not you’ll need a good Lawyer.

Erik Armstrong
Century 21, REALTOR
0 votes Thank Flag Link Sat Apr 19, 2008
Hopefully you are represented by a good Realtor, Depending upon the contract you have contingency timelines, if you have not removed contingencies there are monetary consequences to the seller if they do not release your deposit. The problem is that an attorney needs to get involved if the seller does not cooperate. I hope it all works out for you.
0 votes Thank Flag Link Mon Oct 8, 2007
I hope you are being represented by a Realtor. As long as you have not released contingencies, you should be able to get your money back.
Web Reference: http://www.cindihagley.com
0 votes Thank Flag Link Mon Oct 8, 2007
The Hagley G…, Real Estate Pro in Pleasanton, CA
MVP'08
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