considered to be a fourth bedroom ..... cannot be considered a 4th bedroom ... because it's off from the garage ( a door to the garage opens to this room ) Do I have any grounds to back out or at least ask the seller for compensation in some manner ???
2007-12-16 10:02:36 · 16 answers · asked by burlingtony 2 in Business & Finance ➔ Renting & Real Estate
It depends on your state laws, but you should have recourse from the listing broker if it was a property listed by a real estate broker.
I'm a REALTOR in Florida, which is a state that is very pro-consumer. We have strong regulations governing our disclosure of material facts about properties we list.
Is your purchase and sale agreement contingent on financing or home inspection, or appraisal, or any other contingencies? If this property is an investment, your lender might not approve your loan if a 3BR won't support the rent you'll need to pay the mortgage, or if the property doesn't appraise at your purchase price.
I'll be happy to help you if I can get some other pertinent facts, i.e. your state, use of property (owner-occupied, rental?) and contingenices.
Let me know.
2007-12-16 10:49:49 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Depends if it was listed as "nonconforming" in the sales literature, which means the square footage of this bedroom cannot be used in legal documentation. The buyer usually always has the upper hand; how much earnest money did you put down? You might have a hard time getting it back, and your real estate agent will probably try to make you go through with the deal since it is in their best interest to make their commission. The PPSF (price per square foot) will go up considerably since you cannot legally add that non conforming bedroom into the total sqare footage. Otherwise, it's probably structurally sound, but if you do buy it and resell in the future you have to clearly state that the 4th bedroom is nonconforming.
2007-12-16 10:10:31 · answer #2 · answered by stlblw4d 3 · 0⤊ 0⤋
Not at this juncture. The time for that was BEFORE you signed an agreement of sale. I presume you toured the premises and saw the situation of the door leading to this room off the garage at that time.
It's not the seller's fault that you discovered what this means after you agreed to purchase.
Additionally, in real estate purchases, there is no right of rescission (time to change your mind).
It is also incorrect that you have no obligation until you close. If you breach this legal binding contract, you can be sued for specific performance of the contract or be sued for financial losses incurrred by the seller due to your breach.
2007-12-16 10:07:33 · answer #3 · answered by acermill 7 · 2⤊ 0⤋
Thats extensive. You needed to purchase a 4 mattress room not a three mattress room. it might have been indexed as a three mattress room abode, oftentimes to be considered a mattress room it should be vented in - AC or warmth. in case you like the abode, ask the sellers to make the mandatory exchange to contemplate it a 4 mattress room. there are quite a few information on the thank you to cancel and get finished earnest deposit lower back. Use the Inspection to cancel. approved Realtor in AZ
2016-10-11 10:25:02 · answer #4 · answered by huggard 4 · 0⤊ 0⤋
NEVER buy anything without inspecting it, especially a house! Talk to a real estate lawyer in your area to get specific legal advice, but it sounds like they were fraudulent. Of course, since you're supposed to inspect property before buying it, you may not have any grounds for complaint. Didn't the company who did your mortgage do an appraisal or ask for an inspection?
2007-12-16 10:07:58 · answer #5 · answered by bainaashanti 6 · 2⤊ 0⤋
You are best to see a lawyer for your answer. This is a very expensive mistake, if it is one. The property should not have been listed as a 3 bedroom if legally it isn't. Your best answer is from a real estate lawyer. Good luck
2007-12-16 10:09:27 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Don't you have an Inspection Clause in the contract?
Bail the contract based that clause. The 4-bdrm house failed the inspection.
Compesation would be to reduce the sales price to comp with 3-bdrm in the neighborhood
2007-12-16 10:52:18 · answer #7 · answered by Anonymous · 0⤊ 0⤋
If they represented that it was a 4 bedroom home possibly. Ask you real estate agent they are suposed to be representing you.
2007-12-16 10:06:52 · answer #8 · answered by lawman 3 · 0⤊ 0⤋
thats the reason you look very closely at property before agreeing and signing to buy it.Didnt you notice it before signing the papers?Thats the response you will probably get from realtor and home owner.If you back out for that reason you will lose any money you paid on it.
2007-12-16 16:45:07 · answer #9 · answered by mamanana9 4 · 0⤊ 0⤋
Isn't there a cooling off period when you sign documents. If you have been fed misleading information that is one thing, but didn't you view the house before you bought it. who buys a house unseen. Not a wise move!
2007-12-16 10:07:24 · answer #10 · answered by she2sing 1 · 1⤊ 0⤋