Home Buying in Sacramento>Question Details

Dori, Home Buyer in Sacramento, CA

can i get out of my contract with my realtor, and get my money back? we were 2 weeks from closing date, it is

Asked by Dori, Sacramento, CA Mon Aug 18, 2008

an fha loan, in california, home is bank owned, realtor recamended inspector , that inspector said everything should be fine, even though there is a 4 way crack in garage floor, second inspector said no way until there is an inspection done by a structural inspection , ifeel that the realtor and the first inspector led us on knowing that this may not have passed due to this raised cracks . Dori, sacfarley@aol.com

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6
Your contract is not with your Realtor, he is not a principal. You the buyer are a principal. Your contract is with the other principal in the transaction - the seller. In this case the seller is a greedy, heartless bank. They will try to keep your money if they have legal grounds to do so. The bank contract addendums are written to be so anti-consumer that it is not unlikely that their wording gives them the right to keep your money.

Now about those cracks. - What, are you blind? Did you not go into the garage yourself? It was bank owned, so there likely was no car parked over the spot.? Buyers have to perform their own due diligence, too and make their own decisions. Agents and inspectors can only point out what they see and give an opinion. Did they hide the crack? or just point it out and shrug the shoulder "no big deal" So how raised are these cracks? an inch? a foot" ? Big difference....

Next, there are no perfect houses. Period. anywhere, anytime. ALL houses have defects, even brand new ones, pretty ones and owner owned houses. --- But a bank owned house.... consumers should be clear on the concept. Banked owned houses are often riddled with defects. The whole idea of buying one is that you should be getting a price that is less than you would get if you were buying from a human being. If you aren't getting a great price you shouldn't have been buying it in the first place. Otherwise why go through the torture? If you are getting a great price, then, well, defects are part of the overall package. You have buyers remorse and are having an emotional reaction to the defect. I am not saying that your reaction is wrong. I just think you should use the information to determine if the cost to cure the defect is small or great.. Just what Is the cost of a few yards of fresh concrete?

How common is this? Most older garages have cracks in their concrete. Most older driveways have cracks. Sidewalks and patios have cracks. It is in the nature of concrete. . It is like wrinkles on people. It rarely kills them, but yeah its kinda ugly sometimes. Look at ten more bank repos. If at least half don;t have concrete cracks in their driveways, sidewalks, garages, patios or pools, I will be shocked.
4 votes Thank Flag Link Mon Aug 18, 2008
Jim Walker, Real Estate Pro in Carmichael, CA
MVP'08
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Your Realtor should be looking out for your best interest, even if that means that he/she doesn't make a sale. All contracts are written different, so it is hard to give you an accurate answer. For example was your offer contingent on the buyers approval of the inspections.

My suggestion would be to sit down with your realtor and discuss your concerns. If you feel you are not being fairly represented you may want to include the Principle Broker. Does your Realtor even know that you have these concerns.
1 vote Thank Flag Link Tue Aug 19, 2008
Your question implies a gross misunderstanding of the real estate contract. The prime reason for almost all disputes between buyers, sellers and agents is ignorance of the contract and the methodology of the home buying process. I hope your agent explained in as much detail as possible (1) the terms of the contract being used (different versions exist), and (2) the way to buying process works before you signed the offer.

As a matter of policy we recommend to our home buyer clients to always include (1) an inspection contingency which allows you to cancel the contract without penalty should you find unsatisfactory conditions provided you do so within the time specified in the contract, and (2) agree to the liquidated damages provision which limits your money loss should you breach the contract.

Several informative articles to help you understand the real estate contract can be read at: http://LivingWellinSanMateo.com/?$=contract .

Weather you are within your contingency rights depends of what your specific contract states, ask your agent to explain what your options are, and failing that, ask your agent's managing broker for assistance. The contract is the controlling document in the transaction and it tells everyone what they must do and when to do it.
0 votes Thank Flag Link Tue Aug 19, 2008
I am sorry if I offended blind people with my comment: "What are you blind?" It was insensitive of me. Blind people are especially vulnerable to uneven pavement surfaces. Some blind people use those red tipped canes to "see" these kind of problems. A blind person probably would have "seen" the crack.
0 votes Thank Flag Link Tue Aug 19, 2008
Jim Walker, Real Estate Pro in Carmichael, CA
MVP'08
Contact
Dori,
You might want to have a real estate attorney take a look at your contract.

Good luck,
0 votes Thank Flag Link Tue Aug 19, 2008
Dori, please clarify some things:
1. do you have a contract to be represented by this realtor, or are they the listing agent for the property?
2. It sounds like what you want out of is the contract to purchase the house - is that correct?
3. If that is the case, have you removed your buyer's contingencies for the purchase?
4. Does the 2nd inspector have anything to do with the loan approval?

We can answer your question more accurately knowing this info.
0 votes Thank Flag Link Mon Aug 18, 2008
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