Home Buying in 95618>Question Details

Fedup Buyer, Home Buyer in 95618

We're so fed up we want to walk away from this deal. Can we walk away and get our earnest money?? Can they force us to pay the?

Asked by Fedup Buyer, 95618 Fri Apr 23, 2010

We are purchasing a home and the sellers and their agent have been anything but honorable and honest. Fixtures have been taken down; attached cabinets from the garage wall have been moved away; they were late with all the repairs and misrepresented what they were selling (laminate instead of wood). Now that the loan has been funded, they're asking for per diem charges of ($85/day interest) because the deal didn't close as indicated on the contract. It didn't close because they weren't done with their repairs and we were not removing the loan contingency. As a matter of fact, they haven't returned all the cabinets that belonged in the garage.

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Pacita Dimacali’s answer
If you used the CAR purchase agreement, there is a provision there for your buyer walk through where in you would determine the property's condition --- is it the same as when you first saw it? Were the expected repairs done? From waht you're saying, it doesn't sound like it.

And...you said you did not remove the loan contingency --- but the loan funded?

If you didn't release your loan contingency and your buyer walk through indicates that said repairs/replacement were not done, and if you want to back out, you may still be able to do so on the basis of non-performance on the seller's part.

First thing you shoud do: review the provisions of your contract, with your realtor, his broker, and possibly a real estate attorney to cover all your bases.
0 votes Thank Flag Link Fri Apr 23, 2010
Right now, you have the upper hand if you're witholding the close pending their completion of repairs and return of items included in the sale; but ultimately, if you're thinking about walking away - It will be a battle and likely take legal action to get your earnest deposit monies back.......and that will be a long process.
0 votes Thank Flag Link Fri Apr 23, 2010
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