These things can happen, as said before an extension would be something to look into. Hopefully you are working with a buyers agent and they can give you more specific guidance. Finding out why there is flooding would be one of the first steps unless you didn't want to proceed with the purchase and you made a home inspection a contingency to your offer. Most times it's typical that you would be out the money for the inspection but rather than thinking of it that way you should look at it like it was a learning experience of items to be on the lookout in the future if you decide to look elsewhere. Crawl spaces can be dry, wet, damp or some mix of all. Flooded is another story, is the home in a flood zone? Does it have a history of surface water issues? Might this be the reason the property has a crawlspace rather than a full basement? Do other homes in the neighborhood have crawl spaces or basements or histories of water issues? What is the topography of the neighborhood? Is it near bodies of water or wetlands? These are all items you should look into with your buyers agent and/or attorney and use their professional guidance in how to proceed.
Before hitting the "panic" button, maybe agree to an extention on the radon test. You can always retake it. Touch base with the home inspector, make sure the test sample was not near a window or any other opening that may have caused air to get to the sample. Make sure the home stays air tight no one should be in or out during the test.
The buyer can back out based on the test, depending on the contract.... more
No, that "isn't fine." The house should not be on the market after your offer was accepted complete with signed copies provided back to you. Yes, if you're using a MA standard Offer form, the home inspection is a valid way for you to receive your deposit back. In order for you to purchase the house at the new, lower, price, yes, you do have to officially withdraw the first contract - by using your failed home inspection contingency. If you "feel something fishy going on," then trust your gut instincts, get your deposit back, and get another agent or broker to represent you on the buyer's side. As for anyone getting a "free" inspection, only you should have received a copy of the report if you were the one paying for it in the first place. Your current agent "should" draw up a form to withdraw your offer based on the failed inspection so that the escrow agent can return your deposit. Further, I would not re-submit a new offer until you get your deposit back - UNLESS, as mentioned, you really want the house. If that's the case, then, get another RE agent or broker to represent you and write up a new offer using the same amount of escrow, same check number, and same reference to the deposit you already sent in, to be credited toward the purchase price. And, if you can't get a conventional loan, ask your mortgage rep about a 203k streamline loan. That will take care of the minor repairs.... more
Hi I specialize in the Lowell housing market. A lot of cheaper houses are being bought by investors and turned into rental income.. I can send you plenty of information specializing in selling a FSBO house. How much money & time have you already wasted? think about it. 90% of FSBO's end up being sold by a realtor anyway... more