indicates that one room cannot qualify as a 4th bedroom .... so it is only a 3 bedroom home. I was concerned about how the appraisal will come in .... and it changes my perception of the home's value.
The satisfy me .... the realtor shows me an appraisal that the homeowner had done about 4 months ago .... that shows the house appraised at the agreed upon price .... and it was based in it being a 3 bedroom home.
I feel that both the realtor and the seller should have listed it as a 3 bedroom home ..... and I would like to now cancel the deal.
Do you think I can get my deposit back ??
2007-12-19 11:21:54 · 6 answers · asked by burlingtony 2 in Business & Finance ➔ Renting & Real Estate
You won't get your deposit back, three bedroom OR four. The technicality involved here is that (I'd venture) the purchase contract did not list the number of bedrooms in the house. Unless the actual description of the property was included as part of your written purchase agreement, you agreed to buy what you saw.
You may inquire concerning the legal aspects of your contract (can't comment without reading the language), but most purchase agreements list nothing but the address of the property involved.
Another poster suggested using the inspection to cancel. That won't work, since the room in question is not a defect, and that's what inspections cover. It's not a bedroom, but it's not a defect either.
2007-12-19 11:57:40 · answer #1 · answered by acermill 7 · 0⤊ 1⤋
Yes, you CAN cancel the deal or re-negotiate the price.
The appraisal that the LISTING agent gave you (who is representing the seller), should not influence your decision at all...just toss it out of your mind.
Since she is a Realtor, it was unethical for her to EVER list the house as a 4 bedroom because she had prior knowledge (from the seller's appraisal) that the home could not qualify as one.
You bet your bottom dollar that it will make a difference if YOU go to sell it.
If you still want the house, that is fine, but tell her that the price will now be conditional upon the appraisal...or if you want to walk away, then you have the right to...regardless of what she tells you.
The contract is on YOUR side, as she clearly misrepresented the property.
2007-12-19 12:50:05 · answer #2 · answered by Expert8675309 7 · 0⤊ 1⤋
Thats huge. You wanted to buy a four bedroom not a three bedroom. It should have been listed as a three bedroom home, usually to be considered a bedroom it needs to be vented in - AC or Heat. If you like the home, ask the sellers to make the necessary change to consider it a four bedroom. There are a number of ways to cancel and get full earnest deposit back. Use the Inspection to cancel.
Licensed Realtor in AZ
2007-12-19 11:33:22 · answer #3 · answered by Brad D 2 · 0⤊ 0⤋
An interpretation of a bedroom can vary. And to my knowledge, there are no hard and fast rules on what can be considered a bedroom.
You can ask for your deposit back, but the sellers are not obligated to return it. If you haven't viewed the home, you would have more leverage here, but if you saw it and now want to back out, I would consider it highly unlikely you can prevail if the seller refuses to return the deposit.
2007-12-19 11:50:03 · answer #4 · answered by godged 7 · 0⤊ 0⤋
tell them you want your own "independant" appraisal (well worth the $400) and should it not appraise I would expect my money back ESPECIALLY if it isn't a 4BR per the building code. THEY breached the contract if they cannot produce the true 4BR that you agreed to. A lawyer would have a blast with this one!
2007-12-19 11:29:38 · answer #5 · answered by Anonymous · 0⤊ 0⤋
YES.................
2007-12-19 11:30:36 · answer #6 · answered by onu 1 · 0⤊ 0⤋