Walked out of home purchase at closing rant

[BearBio]

Let me try it one more time. Realtors AREN'T licensed. Brokers and salespersons are. REALTORS are brokers and salespersons that are members of a trade association, THE NATIONAL ASSOCIATION OF REALTORS.

Sheesh!

That's splitting hairs. Because some "shylock" was smart enough to register a trademark doesn't make a difference any more than the man who fixes my car isn't a mechanic because he doesn't work at Sears. The two terms are pretty universally interchangeable.

Then what is a realitor?

 

[Bekeart]

I'll be honest, I feel like I'm in the right 100% and have a lot of people telling me the same but I still am very depressed and worried, I had trust issues before, I may never get over this.

Consider this a learning experience.

There will be other houses, you will eventually find one to suit your needs.

Bekeart

More details coming in PM

 

[THEWELSHM]

Do you lose your deposit by walking away at this late stage? Sorry, I think they call it earnest money in the US. Still thinking in British.

If the deposit is tied to the contract as non refundable you lose it. Now if the contract is also tied to inspection prior to closing and the property is unacceptable it's mute. I believe the seller has an oppertunity to have the home cleaned up but not long.,,,

Thewelshm

 

[Rastoff]

I'll be honest, I feel like I'm in the right 100% and have a lot of people telling me the same but I still am very depressed and worried, I had trust issues before, I may never get over this.

Take a deep breath and be glad you caught it when you did.

Yes, it's difficult for a conscientious person to walk when they are this deep in the process. You feel obligated, but you're not.

One question, did you sign the closing papers? You know, the giant stack that has to be signed a the Title office? I suspect the answer is no, but I want to be sure. Until you sign those, the deal isn't done and you have no obligation toward the house.

Like I said before, the worst that can happen is you lose the down payment.

 

[smokindog]

Also, did your lender have an appraisal done? Now I understand that many times an appraisal is nothing more than a drive up and some online comps documented as a multi-hundred dollar expense BUT it may help to get your lender interested if they really did a shotty job. Take advantage of the fact that during the purchase of a home there are hundreds of leaches pawning off less than worhty services at inflated costs. They all have an interest now to not be exposed as well.

As Rastoff also says, if you didn't sign the transaction isn't complete. Be confident and approach each with firm but fair asks. You may be able to get everything back, even your loan origination/application fees if you firmly outline any responsibility others may have in this process..... It won't be easy but keep your poker face! Remember that most of the people in this process stretch the truth professionally and expect you to just accept what you are told.

If the deposit is tied to the contract as non refundable you lose it. Now if the contract is also tied to inspection prior to closing and the property is unacceptable it's mute. I believe the seller has an oppertunity to have the home cleaned up but not long.,,,

Thewelshm

 

[allthumbs]

Take a deep breath and be glad you caught it when you did.

Yes, it's difficult for a conscientious person to walk when they are this deep in the process. You feel obligated, but you're not.

One question, did you sign the closing papers? You know, the giant stack that has to be signed a the Title office? I suspect the answer is no, but I want to be sure. Until you sign those, the deal isn't done and you have no obligation toward the house.

Like I said before, the worst that can happen is you lose the down payment.

No, we did not sign the closing papers, they were still moving and cleaning the house out at the time the closing was scheduled.

I'm starting to feel like Michael Douglas in Falling Down LOL

 

[Rastoff]

No, not even close to Falling Down (one of my favorite movies). You've still got your family and resources. You are not alone.

What you don't want is to feel like Tom Hanks in "The Money Pit". You're OK brother. Keep on keeping on.

 

[LVSteve]

Let me try it one more time. Realtors AREN'T licensed. Brokers and salespersons are. REALTORS are brokers and salespersons that are members of a trade association, THE NATIONAL ASSOCIATION OF REALTORS.

Touchy about their little union, aren't they.

They have a good lobby, that's for sure. That lobby got ALL the blame for the housing crash blamed on the banks. However, I never heard one story about a realtor who told a prospective buyer "This boom is fake and so is the money you are being loaned, walk away".

I have recently had my first recent experience of house buying in the US. As I said elsewhere, WAAAAY too snouts at the trough.

 

[JSR III]

So I guess all gun owners are members of the NATIONAL RIFLE ASSOCIATION?????

 

[Tupperware]

In the future you should go back 1 or 2 more times before settlement. I've moved several times and I always make an excuse (take room measurements, curtains, whatever) to see the house a second or 3rd time either before or after a contract is made. You always miss things the first time.

I recently sold a home under adversarial conditions. During the process, it became clear that the buyers, possibly at the advice of their agent, were not going to honor the "as-is" contingency.
As expected, after receiving the glowing inspection report, they held me up for additional money (not enough money to blow the contract, but enough to make me question their integrity). I gave them the $ just to close the last contingency (approval of inspection) and gain a fully-ratified contract.
From that moment until the pre-settlement walk-through I locked the buyers out of the house. They asked to "measure for curtains" but I did not allow them in. I'm told some contracts now stipulate access just for this reason, mine did not.
I had the last laugh as there was a massive hidden stain in the carpet that had gone unnoticed until I emptied the house. Absent the hard-feelings, I would have replaced the carpet. Due to the as-is clause, I did not have to fix it, or disclose it.

 

[Muss Muggins]

So I guess all gun owners are members of the NATIONAL RIFLE ASSOCIATION?????

Only the ones with rifles . . . .

 

[Muss Muggins]

I recently sold a home under adversarial conditions. During the process, it became clear that the buyers, possibly at the advice of their agent, were not going to honor the "as-is" contingency.
As expected, after receiving the glowing inspection report, they held me up for additional money (not enough money to blow the contract, but enough to make me question their integrity). I gave them the $ just to close the last contingency (approval of inspection) and gain a fully-ratified contract.
From that moment until the pre-settlement walk-through I locked the buyers out of the house. They asked to "measure for curtains" but I did not allow them in. I'm told some contracts now stipulate access just for this reason, mine did not.
I had the last laugh as there was a massive hidden stain in the carpet that had gone unnoticed until I emptied the house. Absent the hard-feelings, I would have replaced the carpet. Due to the as-is clause, I did not have to fix it, or disclose it.

Remind me never to buy a gun from you on this forum . . .

 

[tcon]

Remind me never to buy a gun from you on this forum . . .

As long as it doesn't smell like pee.....

 

[Tupperware]

Remind me never to buy a gun from you on this forum . . .

Where is that coming from?
Behave with honor and integrity and I will do the same. Behave in a manner to cause me to mistrust you and I will insulate myself from further damage.

 

[Muss Muggins]

Where is that coming from?
Behave with honor and integrity and I will do the same. Behave in a manner to cause me to mistrust you and I will insulate myself from further damage.

They questioned a couple things from the inspection and as a result, you failed to disclose damage? No thanks.

PS: Clearly the inspector was not that diligent . . .

 

[arjay]

No, we did not sign the closing papers, they were still moving and cleaning the house out at the time the closing was scheduled.



I'm starting to feel like Michael Douglas in Falling Down LOL

Just keep the pressure on until it passes muster,then go to closing [emoji1]

 

[NYlakesider]

They questioned a couple things from the inspection and as a result, you failed to disclose damage? No thanks.

PS: Clearly the inspector was not that diligent . . .

From what I have seen and heard of a lot of inspections. My house my sons and many close friends bought or sold many. Most inspector company's could easily hire Ray Charles or Stevie Wonder!

I accompanied a inspector( under protest by the inspector) that looked over the house my son was going to buy. What A joke, I pointed out to him and logged it in my notepad many things he just plain missed or said no problem to.

A total fraud would be my description of his service. After all that my son was still interested so with some serious discussions we got another inspector to do the house( At the sellers cost), I also went along and this guy was much better and I only had to point out one thing he missed. My kid did buy the house but got a good reduction in price, as he would fix it up.

Disclaimer yes we had a attorney and I'm a retired long time construction worker and tend to know my way around!

 

[Muss Muggins]

From what I have seen and heard of a lot of inspections. My house my sons and many close friends bought or sold many. Most inspector company's could easily hire Ray Charles or Stevie Wonder!

I accompanied a inspector( under protest by the inspector) that looked over the house my son was going to buy. What A joke, I pointed out to him and logged it in my notepad many things he just plain missed or said no problem to.

A total fraud would be my description of his service. After all that my son was still interested so with some serious discussions we got another inspector to do the house( At the sellers cost), I also went along and this guy was much better and I only had to point out one thing he missed. My kid did buy the house but got a good reduction in price, as he would fix it up.

Disclaimer yes we had a attorney and I'm a retired long time construction worker and tend to know my way around!

The trend around here is for buyers to hire their own inspector, thus having dueling inspections. Plus, you get to accompany the inspector you hired . . .

 

[allthumbs]

Well a realtor friend sent me this link below, I don't know if it's universal or applies to any transaction. I have tried to be an honorable and honest person my whole life and nothing has ever bothered me like this does, I appreciate all the advice and comments although I don't like the bickering because I feel like I caused it.
Seller's Remedies When Real Estate Sales Contracts Fail to Close - Lawyers.com

 

[Tupperware]

They questioned a couple things from the inspection and as a result, you failed to disclose damage? No thanks.

PS: Clearly the inspector was not that diligent . . .

To clarify:
House was estate sale, so I had no knowledge of damage. A very large houseplant (300-400#) had sat in the same location for years. Water from the plant seeped through and destroyed a circle of the carpet below. The inspector was extremely thorough but there was no way he could have known, nor could I, without bringing furniture movers.
Sale was "as-is". I accepted this offer specifically because of this detail. I lived in a different state and wasn't interested in long-distance toilet repairs.
To me, as-is means take it or leave it in current condition.
Since it was an estate, I had only cursory knowledge of the homes condition so I couldn't make any guarantees.
To my recollection, there were NO items in the inspection report to question so the buyer created the following four categories, and asked for $1,500 per category:
Miscellaneous electrical
Miscellaneous plumbing
Skylight replacement (fully functional-but dated)
Patio repair (also fully functional and not a structural issue)

At the time, this felt like extortion. I know I could have said no or negotiated the amounts down, but the total amount ($6,000) was insignificant to the purchase price of the home and I wanted to get the property sold.
LATER, when I learned of the carpet issue, is when I chose to do nothing about this cosmetic defect. Had they not held me up for $6,000, I would have voluntarily given a credit appropriate to cover replacement of the carpet. Would have been easy to do as I had just re-carpeted many other rooms in the house so I knew the cost per square yard.
Sorry for the rant, 5 years later and this is still a touchy subject to me.