I bought a real estate lemon! been in the house 4mths. what can I do? can I give it back? grace periods?

Question

we paid 120,000 for a damaged foundation leaky roof and pipes. we have only been in the house for 4 months. Can we give it back? is there a lemon law in Texas or some kind of grace period?

Answer 1

Nope, thats why it's always critical to get a home inspection before buying a house.

Now if you got a home inspection and the inspector didn't give you that information, then you have potential for a lawsuit against the inspector.

Answer 2

Your mortgage company probably required some type of inspection on the property to insure no foundation problems or termites.

There are definitely laws protecting consumers, but you need to get smart, fast. Before you contact a lawyer, go line by line through every piece of paper you received at the closing. If you have a mortgage, you should have lots of documents. Then find a lawyer specializing in this area, start with the yellow pages and make sure you ask if they are acceping new clients and their success rate.

Realtors are not allowed to sell a damaged home without notifying the buyer. They were not only defrauding you, but also the mortgage company. You're going to need more than luck to get this right. Don't rely on someone else to help you, learn as much as you can...

Answer 3

Real Estate Sales & Mortgage Transactions are all subject to the local, state and federal laws.

Home Purchases are usually not allowed by lenders to fund or close unless due diligence work has been done. Unless the buyer signed the WAIVER forms/sections of the purchase agreement, Lenders usually check for services that are standard in home purchases; i.e., inspection, termite/pest.

You, as the homeowner, must receive a copy of all paperwork from your initial offer all the way up to signing closing escrow documents.

Check your records for the following:
1.) Initial Offer & Counter Offers
2.) Fully executed Final Purchase Agreement & All Schedules/Amendments.
3.) Copy of Deposit Receipt
4.) Escrow Instructions & Estimated HUD-1
5.) Inspection Report
6.) Termite/Pest Inspection & Clearance Report
7.) Appraisal Report
8.) Other State-specific forms/reports.

Check your documents line item by line item.

Make your decision based on whatever you re-discover on your paperwork.

Answer 4

Did the seller provide you with a document that states the condition of the house? They are supposed to do that here in Texas. It is suppose to state if the seller has any knowledge of foundation or any other problems with the house. If I were you I would consult with a real estate atty to see what options you have. Good Luck!

Answer 5

Sadly you may have no recourse because In most states the principle "CAVEAT EMPTOR " prevails. Basically it means "let the buyer beware".

NOUN . . . .The axiom or principle in commerce that the buyer alone is responsible for assessing the quality of a purchase before buying.

So, unless you have written documentation, a licensed inspector's report, or a statement from the seller mis-representing the condition of the house, there isn't much you can do.

Answer 6

I don't know if you had a home inspection done or not. Was this information disclosed at the time of your offer, if it was, and you knew about it there's nothing you can do about it, you knew about it and bought it as is.

However, if you didn't know about it, and you did not have a home inspection done, check with your Realtor for options and help.

If you had a home inspection done, check the report and if it says the foundation is good, you maybe able to go after the home inspector.

Answer 7

If you can prove in court that the seller must have had knowledge of some of the major defects and didn't disclose them, you might have recourse against them. And if you had an inspection by a licensed inspector who did not turn these up, you might have recourse there also. Otherwise, the problems are yours - not fair maybe, but life isn't sometimes.

Answer 8

If it was new construction you may have a warranty from the builder. If not, you're probably out of luck unless the seller actively concealed defective conditions s/he knew of.

** Note: This is a general discussion of the subject matter of your question and not legal advice. Local laws or your particular situation may change the general rules. For a specific answer to your question you should consult legal counsel with whom you can discuss all the facts of your case. **

Answer 9

i does no longer anticipate a return that large that quickly. evaluate the housing industry, to illustrate in my section expenses are dropping on residences a million twelve months previous or older. Now element how lots you would be paying in activity, use that grimy financial enterprise scheme on your earnings. each and every thing weighs on your concern. have you ever owned a house formerly? If no longer then you definately would desire to look in direction of an ira, useful factors small activity yet assured you could’t touch it till waiting to purchase your place. it incredibly is penalty loose in case you propose to be a widely used time proprietor of a house. Realistically with none activity in ten years at $850 a month X 10 years= like 102k. 2 years would provide you purely a splash over 29k, no longer virtually adequate of a down fee to get a decrease month-to-month inspite of how long you propose to maintain the cost ticket is calling a actual sturdy activity fee. regularly this would probable be 3-4.5% so in essence your place fund would desire to strengthen 5k in 2 years or 25k in 10. individually while you're actually not in a position or mushy doing tan ira then i'd open a financial enterprise account it incredibly is a minimum of 30 miles out of your place. Have your interior sight financial enterprise pass the $850 electronically each and each month. verify this account does no longer have a examine/debit card, don’t make it ordinary to spend your place fund. by making use of making mock abode funds to your self you would be waiting to place a extensive down fee while the mind-blowing deal comes alongside. sturdy success, wish you detect this sensible. (This worked for my automobile fund, I parent why no longer a house too) this is probably not sensible to you whether it gave me something to do on an identical time as waiting for her to placed on that conflict paint. sturdy success

Answer 10

Did you have the house inspected? It is one way to protect yourself and learn of issues with the house. Have you talked to your broker?