We closed on our house last week, all money has exchanged hands. I got a call from our real estate agent and she said there is a problem. The buyers have "discovered" that the carpet needs replaced. We thought it was pretty obvious, we even included a $2,000 allowance for upgrades. They used the money for closing costs instead. We need to find out if we are liable for these "undisclosed repairs." Any ideas?
2006-09-18 14:40:00 · 12 answers · asked by malooniep 2 in Business & Finance ➔ Renting & Real Estate
If it was clearly visible, the buyer had an obligation to discover defects and call same to your attention. Your sale and purchase agreement should cover that.
You offered funds for the buyer to use as they chose, and they did. Gather all your evidence, contact a real estate attorney and have them respond for you. Do not delay, a suit will cost far more including a retainer fee.
2006-09-21 19:30:17 · answer #1 · answered by tnbroker1 3 · 0⤊ 0⤋
The buyer should have addressed that before closing. Their original offer should have included replacement of the carpet. If they discovered it after closing, they should have discovered it prior to making their offer.
They also should have had a professional inspection -- which should have been in the offer -- and should have negotiated that at that time.
You are under NO obligation to do anything, and your agent probably told you that. You may want to confirm that with an attorney, since agent's can give legal advice.
Most states require you to disclose hidden defects that you are aware of, but worn out carpeting is not a hidden defect. It's pretty obvious.
The buyer has a problem, you don't.
2006-09-18 21:50:20 · answer #2 · answered by Bostonian In MO 7 · 1⤊ 0⤋
You should probably call a real estate attorney. However, whenever we bought or sold a house, we were told that as soon as all the papers were signed and all money has exchanged hands, it's over. Especially since you included a $2,000 upgrade allowance. Sounds like they are trying to pull one over on you. I wish you luck with this problem.
2006-09-18 21:47:18 · answer #3 · answered by Ms. G. 5 · 0⤊ 0⤋
It should not be considered an undisclosed repair if it was an obvious thing to begin with. If the purchase agreement specified that the $2,000.00 was specifically for a carpet allowance, then you should not have a problem. Read the purchase agreement over well.
2006-09-18 21:58:00 · answer #4 · answered by gizmo 2 · 0⤊ 0⤋
It seems like everybody is got pieces of the answer right and there are thousands of other pieces yet to be provided to you. However think of this logic. If I was the buyer and I did what you said and then you paid, what is stopping me from as soon as I drink the money you gave me, to come back and assert that I found dead temites under the floor and Im going to have to pull the floor, and you paid then I come back and tell you that I found dead animals buried in the backyard and the health department wants you to change the soil. and.........
2006-09-18 21:57:47 · answer #5 · answered by newmexicorealestateforms 6 · 0⤊ 0⤋
If you gave them allowance for upgrades, they should have used it towards the carpet. Let the relator know that that is what the two grand was for, not the closing cost.
2006-09-18 21:49:54 · answer #6 · answered by judy_derr38565 6 · 0⤊ 0⤋
Tell them to take it out of the maintenance allowance and get lost. I wouldn't be as nice as you to even consider it. Escrow is closed and if it was an issue should have been brought up before closing. Let them waste the money on court fees if they want, it won't hold up in court if they say "Oh, I just didn't see it".
You're fine here.
2006-09-18 21:49:51 · answer #7 · answered by Du Hast mich? 3 · 0⤊ 0⤋
There are latent defects and there are patent defects.
Carpeting is visible to the naked eye, and even a moron can look at a carpet and see what condition it is in. That means the carpet was a patent defect, and you gave them an allowance to spend as they wished.
I would not give them a dime.
2006-09-19 09:48:09 · answer #8 · answered by BoomChikkaBoom 6 · 0⤊ 0⤋
Thats it. They've already purchased the property. The time for complaining about faults was around the time when they were going to sign the final contract.
You allowed them $2000 for upgrades - they used it for closing costs. Sucks to be them.
2006-09-18 22:48:30 · answer #9 · answered by Laquishacashaunette 4 · 0⤊ 0⤋
No they can't. They removed all contingencies and accepted the home with a final inspection (I assume) prior to closing.
2006-09-18 23:33:26 · answer #10 · answered by Karen R 3 · 0⤊ 0⤋