2007-04-15 14:02:34 · 7 answers · asked by doodle 1 in Business & Finance ➔ Renting & Real Estate
Did you get an appraisal? If you paid cash for it, your agent should have advised you to get an appraisal, that way you would know if you paid too much. If you got a loan to pay for it, chances are you had to have an appraisal and they wouldn't have loaned you money if it didn't appraise for what you went under contract for.
The only way you would be able to do anything is if all these apply to you:
You were working with a real estate agent and under some sort of buyer agreement. If you weren't required to get an appraisal, but still had the option, and the agent did not inform you of why you should get an appraisal (i.e. to avoid something like this) then you can probably go after that agent for not looking out for your best interest. If that agent didn't do some type of comparable market analysis to figure out the approximate value of that property, or if they did one and were that far off, then they need to be reprimanded.
So no matter what you do, get an appraisal. It will tell you what you need to know.
2007-04-15 14:17:49 · answer #1 · answered by pinkluxe 3 · 0⤊ 0⤋
Not unless you can prove fraud on the part of the seller. If you just failed to perform due diligence (for example; you didn't check the price the other similar condos were selling for) you are are out of luck. No, something like the room sizes were not exactly the sizes in the listing document would not qualify. It would have to be something the seller actively hid from you (not that you just didn't bother to look) that was not in the public record nor could be reasonably found by a qualified inspector (for example, he put toxic waste in the back yard and built a cement patio over top of it.
2007-04-15 14:23:07 · answer #2 · answered by Thinker 7 · 0⤊ 0⤋
Sorry, you have already closed, the condo is yours. You picked the place and it is yours. All you can do is hope that you like the place and that the prices in the area go up and not down. Right now, you move in, you make the best of it and you decorate it to make it a real home and make it as comfortable as possible.
2007-04-15 14:13:38 · answer #3 · answered by lochmessy 6 · 0⤊ 0⤋
If you got a loan then the bank should have got a appraisal on the condo. They usually won't loan you more than the appraised value. But no matter, you can't do anything now unless you can prove fraud, and then it wouldn't be easy or cheap to get your money back.
2007-04-15 14:13:25 · answer #4 · answered by joe v 4 · 0⤊ 0⤋
Since you agreed to the price, you are obligated to pay that amount. So, if you paid too much then that indicates taht you did not inform yourself about current pricing or didn't check the condo well enough to negotiate a lower price.
Bottom line, your stuck.
2007-04-15 14:12:27 · answer #5 · answered by afreshpath_admin 6 · 0⤊ 0⤋
Probably not. This comes under the Latin phrase Caveat Emptor (Let the buyer beware).
2007-04-15 14:13:07 · answer #6 · answered by Beau R 7 · 0⤊ 0⤋
not really. no righ of recision when buying a house. if it appraised and the appraisal was not fraudulent then you did not overpay.
2007-04-15 15:28:20 · answer #7 · answered by Anonymous · 0⤊ 0⤋