Home Buying in 20901>Question Details

Dale, Home Buyer in 20901

I was the winning bidder on the property, but seller has not accepted the offer, they have upto 15 days to do, but recent heavy rain has caused lot

Asked by Dale, 20901 Sat Sep 26, 2009

of water in the basement, which I went and checked it. It has soaked the carpet, mold like situation, I do not want the property or want to get concession on the price. Do I have any chance or I am stuck with it since I have signed the contract, Property sold in auction as is, cash only.

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I agree with the other advice you have been given about consulting a Real Estate Attorney on that one. If you don't know of any, a good place to look is at Title company's. With our Maryland contracts, you have an option to withdraw the offer, until it is signed by the other party. It is only an "offer" until all parties have signed. This is a very different situation with an auction and the "as is" clause, however, the contract may read "as is" at the time the offer/contract had been entered into. They may be responsible for getting the property back to it's same condition as it was the time you bid on it. It also becomes a material fact that the basement get's water in it.
All of these are reasons why you need an attorney on this, and you don't want to waste any time on getting legal advice on this either.

I hope this helps
Web Reference: http://www.kathy-dawson.com
0 votes Thank Flag Link Sun Sep 27, 2009

The other agents are right. You do need to speak to an attorney. If you purchased the property "as is" I believe that would mean "as it was" when you first saw it and placed the offer. In most contracts, the seller is required to maintain the property and they clearly have not. Read over the contract and consult an attorney. Good luck!
Lisa Devnew
0 votes Thank Flag Link Sun Sep 27, 2009

This is a most unfortunate situation and one thar would be best referred to a real estate attorney.

Good luck
0 votes Thank Flag Link Sun Sep 27, 2009
Dale, You need to have a real estate attorney review your contract and give you professional advice on this one. Was the home purchased 'as-is' as of auction/contract date, or as of possession date? If it's as-is on contract date, then I would think you could get out of the contract since the condition changed. Still -- have an attorney review and advise. Good luck.
Web Reference: http://mocorealestate.com/
0 votes Thank Flag Link Sun Sep 27, 2009
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