Real estate question

[Heartnsoul]

My husband and I put $10,000 down on a villa. The inspector found water damage which we want no part of. The RE agent tells us not to worry. We are. He sent me a addendum to contract to sign to add an additional 10 days to extend
The inspection period. If we don't sign, can we get our $10,000 back to move on and purchase another villa?

[retired guy]

I would ask / tell RE that you do not want to proceed. If they are working for you not the seller they will advise. But read your agreement.

[retiredguy123]

I assume that the agent is representing the seller. Read the inspection contingency clause. Does it allow you to cancel the contract? If so, cancel the contract. If not, does the inspector recommend a fix? If not, don't sign the addendum, and ask for your deposit back.

[Smalley]

My husband and I put $10,000 down on a villa. The inspector found water damage which we want no part of. The RE agent tells us not to worry. We are. He sent me a addendum to contract to sign to add an additional 10 days to extend
The inspection period. If we don't sign, can we get our $10,000 back to move on and purchase another villa?

Following the inspection you decided not to buy. Tell the RE that you are not buying and you are entitled to your money being returned. There are many properties for sale now in TV. If the RE refuses to refund your money, you need a real estate lawyer. Good luck.

[Normal]

Cancel ASAP. This is a buyer’s market. You deserve more for less.

[retiredguy123]

Note that the deposit is not controlled by the real estate agent. It is held in escrow by a third party, usually the title company. The seller is rarely allowed to keep the deposit. But the inspection contingency should specify the conditions under which the deposit is returned or forfeited. Sometimes the seller can correct small defects in the property and enforce the sales contract. But, if the agent is asking to extend the inspection contingency, I would definitely refuse to sign the addendum.

[frayedends]

Yeah generally if you have an inspection there is a contingency in the offer to get your deposit back if the inspection finds issues. Sometimes there is very specific language such as "Buyer won't cancel transaction for repairs needed under $15000 or whatever". But usually you can get out with the inspection.

No idea what an inspection extension would do for you if you already found an issue.

[retiredguy123]

Yeah generally if you have an inspection there is a contingency in the offer to get your deposit back if the inspection finds issues. Sometimes there is very specific language such as "Buyer won't cancel transaction for repairs needed under $15000 or whatever". But usually you can get out with the inspection.

No idea what an inspection extension would do for you if you already found an issue.
The OP has said that they want to get their deposit back. Signing an inspection extension can only prevent them from getting it back. The agent is trying to force the sale to go through by keeping the sale alive and to get a commission.

[Villager-2024]

My husband and I put $10,000 down on a villa. The inspector found water damage which we want no part of. The RE agent tells us not to worry. We are. He sent me a addendum to contract to sign to add an additional 10 days to extend
The inspection period. If we don't sign, can we get our $10,000 back to move on and purchase another villa?
Depends on the wording of your contract - read it, know what it says and notify the agent. I would sign nothing extending the inspection period (what's the purpose of this since you have already had the inspection and notified the agent you want out?). The agent is trying to hold the deal together - which is their job. Are you working with a Realtor or a Villages sales person (there is a difference).
Unless you have hired a "buyer's agent" the agent's job is to sell the house, they are paid by the seller. Make sure you understand the fiduciary responsibility of the agent.
Most likely it is as simple of notifying the agent you want out, signing the proper release and waiting for the escrow return, read your contract and see if this is true. Many contracts have a specified dollar amount for repairs, does yours? Or does it specifically say void for certain types of issues? Your contract will govern the process.
DO NOT SIGN AN EXTENSSION if you want out.

[CarlR33]

My husband and I put $10,000 down on a villa. The inspector found water damage which we want no part of. The RE agent tells us not to worry. We are. He sent me a addendum to contract to sign to add an additional 10 days to extend
The inspection period. If we don't sign, can we get our $10,000 back to move on and purchase another villa?
“Water damage” can mean many things to a small leak in a pipe under a cabinet to full room/house flood at one point. I would not necessarily run away if you like the home but ask how it will be taken care of. Could be as simple as a piece of drywall. Homes with any carpet can be just as nasty per se, my 2 cents.

[TeresaE]

My husband and I put $10,000 down on a villa. The inspector found water damage which we want no part of. The RE agent tells us not to worry. We are. He sent me a addendum to contract to sign to add an additional 10 days to extend
The inspection period. If we don't sign, can we get our $10,000 back to move on and purchase another villa?

Is this a preowned house or a new build? If it’s a new build sold by the Developer, then the contract says that they keep the earnest money and deposit is not refundable. You can use your deposit to buy another developer house.

If it’s a preowned, review your contract for the inspection contingency clause and its time period. Also, if you do extend the inspection period in order to investigate repairing the leak, (assuming you do have an inspection contingency), then do it if you love the home. What’s a few days to investigate? You can still cancel if the cure is unsatisfactory.

And always read your contract. In Florida, most Purchase and Sales Agreements have two “get out of jail” free cards; inspection contingency and the finance contingency. Unless you are buying a new build from The Developer, then there are no contingencies. And you cannot sell that house for more than your purchase price for one year. Again, READ YOUR CONTRACT CAREFULLY. And watch those dates.

[Ksarracco]

Do not have to proceed. That’s the point of an inspection. Happened to us on a fab house-but-something screwy with cement deck. Nope not buying any ‘fixable’ problems. Enjoy looking for the perfect spot for you.

[frayedends]

The OP has said that they want to get their deposit back. Signing an inspection extension can only prevent them from getting it back. The agent is trying to force the sale to go through by keeping the sale alive and to get a commission.

Yeah, my guess is that they want to fix the issue, use the extension to say the issue has been fixed. But if they are going to fix the issue they should be telling the buyer that.

I've seen where buyers get cold feet for some other reason and use silly inspection things as their out. Sometimes things they already knew needed fixing when they made the offer.

[DrMack]

I would be worried if some quick fix DIY repair was accomplished with a trimmed budget to appease me. If you stay in contract, make sure to stipulate professional repairs are done and receipts or invoices are kept. Otherwise this sounds like a bad deal.

[MikeN]

Don’t ask for your money back, demand it back if the property doesn’t pass inspection. Do it as quickly as possible

[spinner1001]

My husband and I put $10,000 down on a villa. The inspector found water damage which we want no part of. The RE agent tells us not to worry. We are. He sent me a addendum to contract to sign to add an additional 10 days to extend
The inspection period. If we don't sign, can we get our $10,000 back to move on and purchase another villa?

Read your contract to learn your rights within your specified inspection period. Do not rely on what others say about the deposit return unless they have read your contract. Time is of the essence to act as the contract clock is ticking.

Others here are likely right about the agent with the extension. The agent is trying to keep the deal alive and motivated by a commission.

[retiredguy123]

Do not have to proceed. That’s the point of an inspection. Happened to us on a fab house-but-something screwy with cement deck. Nope not buying any ‘fixable’ problems. Enjoy looking for the perfect spot for you.
In Florida, not always. Some inspection clauses allow the seller to fix small defects and the buyer cannot cancel the contract.

[RRGuyNJ]

Short story is no one here knows for sure unless they have a copy of your contract. Look for stipulations about the cost of any needed repairs. One thing is most likely for sure, you have a time limit. If they delay a refund, be sure to request the refund in written form just in case it gets ugly. Good luck

[Dlbonivich]

The inspection period is there to allow you a due diligence period It depends on your contract. Is it an as is contract?

[DonnaNi4os]

Water damage leads to mold. I’d move on.

[Normal]

water damage leads to mold. I’d move on.
especially in florida

[Ducatigator]

My husband and I put $10,000 down on a villa. The inspector found water damage which we want no part of. The RE agent tells us not to worry. We are. He sent me a addendum to contract to sign to add an additional 10 days to extend
The inspection period. If we don't sign, can we get our $10,000 back to move on and purchase another villa?

The inspection period is exactly meant for this purpose. You have options. In general, most realtors on the selling side honor the clause and do not forfeit your money if the inspection clause or financing clause are enforced.

Couple of things to consider.
1. What kind of damage? Cause of damage?
2. Do you love this villa so much you are willing to work through the seller fixing it and getting it reinspected.

Do you have someone representing you? If you need a real estate attorney to review your contract, I know many. Just let me know and I will give you their names.

Just proceed with logic, not emotion. You have options here.

Good luck!
Have a great day

[Bob04090]

If this is a VLS contract, read the inspection policy. It's worded in a way that does not allow you to get your earnest money back. The seller has to fix the problem up to 1.5% of the purchase price. If the repairs are more than 1.5% of the purchase price and the seller doesn't want to pay the extra money for repairs, then you can cancel the contract. Remember, the VLS agents are not traditional real estate agents. They work for The Villages, whether you have your own VLS agent or not.

If it's an MLS contract, then you most likely have an out clause for inspection. We had a water issue with the house we purchased and it was repaired. They are not necessarily horrible unless there is mold throughout the house.

[mkjelenbaas]

My husband and I put $10,000 down on a villa. The inspector found water damage which we want no part of. The RE agent tells us not to worry. We are. He sent me a addendum to contract to sign to add an additional 10 days to extend
The inspection period. If we don't sign, can we get our $10,000 back to move on and purchase another villa?
And the question is??

[Heartnsoul]

I'm looking under home inspection disclosure. I don't see anything??

[MidWestIA]

your contract should say

[Heartnsoul]

I'm getting sick over this. I'm not an attorney so don't know WHAT ZTO LOOK for in contract?

[Normal]

The RE agent tells us not to worry. We are.

That says a lot.
A: It sounds like the RE agent is licking his chops for a commission check and nothing else matters.
B: You want to back out because intuition is telling you to. You have other information that hasn’t connected to your initial focus but it is there.

There are literally hundreds upon hundreds of homes for sale. In the Villages. You should enjoy your purchase. Not worry from day 1.

[ron32162]

It all depends on the contract to purchase you signed.

[Heartnsoul]

The agreement isn't clear but RE telling us to sign. Everything will be fixed? How do we know? FIRST home we purchased in the villages had water leaking under floor pipe problems. We had to evacuate our home as they jackhammer it and that was a new build. This was built in 2016

[retiredguy123]

I'm looking under home inspection disclosure. I don't see anything??
The disclosure is in a separate section of the contract. What you are looking for is the inspection contingency clause. It allows you to hire an inspector at your expense and to present the defects that you want corrected to the seller. Then, the seller must correct them to eliminate the contingency. In some cases, if the defects are significant, the buyer can cancel the contract. But, some contracts are different than others. If your goal is to cancel the contract and to get your deposit refunded, do not sign the addendum.

[Heartnsoul]

Agent has another villa listing we would go after If this one fell through so I'm not sure what to think?

[Heartnsoul]

Asked. He said no we can't get refund

[Heartnsoul]

Not according to our RE AGENT. they are saying we must go through

[frayedends]

Not according to our RE AGENT. they are saying we must go through

This makes no sense. What does your contract say at the inspection section.

[sallyg]

Was the inspection results contingent on your purchase? Check the wording on your contract. This is the exact reason to have an inspection. Hope things work out for you.

[retiredguy123]

OP, you may want to call Frank D'Angelo, 352-250-7818, to see if he will take a look at the water damage and give you a second opinion about the severity of it. He is probably the best home inspector in The Villages. Did the home inspector take photos of the damage? If the damage is severe, you have every right to cancel the contract.

[Susan1717]

Another reason I would never use anyone except a state regulated mls agent. The RE agents work for the villages and don’t have to adhere to the same rules and laws. I had a nightmare with them. In this case though, demand your money back right away and don’t sign another thing!

[retiredguy123]

Not according to our RE AGENT. they are saying we must go through
I would ask for a meeting with the real estate agent's broker and tell them that you want to cancel the contract. Usually, the broker wants satisfied buyers, and will not force a sale with an unhappy buyer. You can also tell them that you plan to file a complaint with the real estate licensing board at "myfloridalicense.com".

[Heartnsoul]

He said we won't get our money back

[Wondering]

My husband and I put $10,000 down on a villa. The inspector found water damage which we want no part of. The RE agent tells us not to worry. We are. He sent me a addendum to contract to sign to add an additional 10 days to extend
The inspection period. If we don't sign, can we get our $10,000 back to move on and purchase another villa?
Why are you asking us? Don't you have an agent or attorney? If yes, ask them!!!

[retiredguy123]

He said we won't get our money back
It is not his decision to make. The deposit money is in an escrow account and it cannot be released or forfeited by the agent alone. I would talk directly with the broker who the agent works for. Brokers do not want dissatisfied buyers.

[retiredguy123]

Why are you asking us? Don't you have an agent or attorney? If yes, ask them!!!
Very few buyers have an agent or attorney to represent their interests. It sounds like the agent is representing the seller and is being overly aggressive in forcing a sale to an unwilling buyer. That is not the way agents should behave. That is why the broker needs to get involved.

[Vermilion Villager]

My husband and I put $10,000 down on a villa. The inspector found water damage which we want no part of. The RE agent tells us not to worry. We are. He sent me a addendum to contract to sign to add an additional 10 days to extend
The inspection period. If we don't sign, can we get our $10,000 back to move on and purchase another villa?
Sounds like you want to cancel the transaction because the home failed the inspection contingency. There should be an addendum in your contract. Tell the agent your intention.... in writing. you'll get your money back. The leverage you have is until this is cancelled the seller has to disclose to any buyer the home has a contingent offer that the seller has accepted. You'll get your money back....

[Bhighley]

My husband and I put $10,000 down on a villa. The inspector found water damage which we want no part of. The RE agent tells us not to worry. We are. He sent me a addendum to contract to sign to add an additional 10 days to extend
The inspection period. If we don't sign, can we get our $10,000 back to move on and purchase another villa?


Ask a bunch of bored retirees for real estate advice, you will get what you deserve.

Your realtor will guide you.

[retiredguy123]

Sounds like you want to cancel the transaction because the home failed the inspection contingency. There should be an addendum in your contract. Tell the agent your intention.... in writing. you'll get your money back. The leverage you have is until this is cancelled the seller has to disclose to any buyer the home has a contingent offer that the seller has accepted. You'll get your money back....
I agree, but another issue is that the seller needs to disclose the water damage to any other prospective buyers. Also, if the water damage was not hidden, it should have been disclosed in the original listing offer. This could be another reason for the OP to file a complaint with the state license board.

[Normal]

You do not have to sign an extension. Period!

[retiredguy123]

Another reason I would never use anyone except a state regulated mls agent. The RE agents work for the villages and don’t have to adhere to the same rules and laws. I had a nightmare with them. In this case though, demand your money back right away and don’t sign another thing!
Note that all VLS and MLS agents selling houses for a commission must be licensed and regulated by the state and they must comply with the state laws.

[retiredguy123]

Ask a bunch of bored retirees for real estate advice, you will get what you deserve.

Your realtor will guide you.
Most buyers do not have an agent representing them. The agent asking the OP to extend the inspection clause is almost certainly representing the seller, not the buyer.

[Skunky1]

Get your money back and move on. Failure to return your money is a violation of DPBR Florida real estate conduct.

[Normal]

Reading between the lines the real estate agent is saying,

“Just give me my commission check, and nobody gets hurt.”

[airstreamingypsy]

I put a deposit down on a house once, here in Florida. It failed the inspection, but the seller, a lawyer, refused to give me my money back. Fine, I still didn't buy the house. A few years later, I started getting emails from a bunch of lawyers, who said I had money available from the escrow company and for 10% they would get it for me. I got it for myself, all of it. So, even if you walk about, without the deposit, you will eventually get it back it seems.

[dougjb]

After you seek and get legal advice on TOTV, why not next ask how to do your own heart surgery?

to me $10,000 is a lot of money. So is the amount you have contracted for to pay for the house. Yet, you rely upon unsophisticated TOTV commenters and the advice of a real estate agent who may and probably does have a vested interest contrary to your own.

It seems to me that 2 or 3 hundred bucks paid for an attorney in this...perhaps the largest purchase you will ever make is money well spent!

Please remember that anyone who provides legal advice in the state of Florida is committing the unlicensed practice of law...which just happens to be a felony in Florida!

[GATORBILL66]

my husband and i put $10,000 down on a villa. The inspector found water damage which we want no part of. The re agent tells us not to worry. We are. He sent me a addendum to contract to sign to add an additional 10 days to extend
the inspection period. If we don't sign, can we get our $10,000 back to move on and purchase another villa?

run

[Normal]

It seems to me that 2 or 3 hundred bucks paid for an attorney in this...perhaps the largest purchase you will ever make is money well spent!

Please remember that anyone who provides legal advice in the state of Florida is committing the unlicensed practice of law...which just happens to be a felony in Florida!

I have a feeling once they secured an attorney, the agent would back off very quickly. There is nothing like the ole legal notice for recovery.

[retiredguy123]

OP, do you know who is holding the deposit money? If you paid by check, it should have been deposited into an escrow account and the company name may be stamped on the back of the cancelled check. I would suggest that you prepare a simple letter to the broker asking to cancel the contract and to refund your deposit because of your dissatisfaction with the inspection. Send a copy of the letter to the escrow company. This will document your position. If you can get a lawyer to send the letter, that would be better, but probably not necessary. Although, talking directly with the broker would most likely resolve the issue. It sounds like the real estate agent is not trying to help you.

[STEVENMERL]

Cancel and start over. You don’t need the headache.

[huge-pigeons]

I have purchased many homes and have sold just as many and the inspection window is just another time frame for the buyer to get out of the contract if they want to. I’ve got out of a new house purchase because the inspection found $15k worth of issues and I did t want anything to do with the house, all while the selling agent tried to get us to accept the deal if the builder would go out and fix all the issues. They did keep the earnest money to the last date by law hoping we would change our mind.
Most if not all contracts have in there that the sellers will only pay so much to fix anything or they might flat out say buy as is, even if you find something the seller isn’t going to fix it. That’s how I sold my last 3 houses. Always, the buyer always has the option of walking no matter what the inspection says.
1 house we were buying, we needed to move in on a specific date and the builder agreed to it. During the waiting period to close, we noticed some issues that we didn’t like and we told the builder and he didn’t care. Well, the builder fell behind 1 day and couldn’t get everything done, so we couldn’t move in. We cancelled the contract, all the while the selling agent told us they could write up an amendment, nope, what’s in the contract is what you live by, good or bad

[APovi]

My husband and I put $10,000 down on a villa. The inspector found water damage which we want no part of. The RE agent tells us not to worry. We are. He sent me a addendum to contract to sign to add an additional 10 days to extend
The inspection period. If we don't sign, can we get our $10,000 back to move on and purchase another villa?

-The FAR/BAR 'As-Is' contract typically allows 15 days for inspections.
IF that period expires (past the 15 days) then you have a 'Cash Sale' (I.E You don't have any rights under the (expired) inspection clause any more.
-What to do?
Find out who has your deposit
Go there right now with written notice that you are withdrawing from the sale (No explanation included!!!!.
Demand a written response.
Then they will have to deal with the State Of Florida is they don't comply.
Hope this helps
.

[StevenVenaRealtor]

As a buyer you should be in contact with your agent. If you do not have representation, keep in mind the listing agent is now working as a transaction broker only and can only facilitate the transaction — they are under no obligation to provide guidance for your exclusive benefit. If you do not have your own agent, my recommendation is to contact a real estate attorney to be sure your are compliant and your rights under the contract are protected — timing matters!

My husband and I put $10,000 down on a villa. The inspector found water damage which we want no part of. The RE agent tells us not to worry. We are. He sent me a addendum to contract to sign to add an additional 10 days to extend
The inspection period. If we don't sign, can we get our $10,000 back to move on and purchase another villa?

[ShaSha]

Get your $ back now!
Don’t sign anything. Don’t extend the inspection. Don’t fall for the sellers lowering the price!
There are many houses for sale. You will find one sooner than you think…

[Heartnsoul]

Woman passed away at 97 so I doubt she ever knew about it. Inspector discovered in corner of bedroom closet

[Heartnsoul]

Get your $ back now!
Don’t sign anything. Don’t extend the inspection. Don’t fall for the sellers lowering the price!
There are many houses for sale. You will find one sooner than you think…

REAL ESTATE AGENT TELLS ME I Will LOSE MY MONEY. I BELIEVE THEY HAVE TILL FRIDAY TO FIX, REPAIR BUT HOW DO I REALLY KNOW THAT WILL BE DONE??

[lmack]

Depends on the wording of your contract - read it, know what it says and notify the agent. I would sign nothing extending the inspection period (what's the purpose of this since you have already had the inspection and notified the agent you want out?). The agent is trying to hold the deal together - which is their job. Are you working with a Realtor or a Villages sales person (there is a difference).
Unless you have hired a "buyer's agent" the agent's job is to sell the house, they are paid by the seller. Make sure you understand the fiduciary responsibility of the agent.
Most likely it is as simple of notifying the agent you want out, signing the proper release and waiting for the escrow return, read your contract and see if this is true. Many contracts have a specified dollar amount for repairs, does yours? Or does it specifically say void for certain types of issues? Your contract will govern the process.
DO NOT SIGN AN EXTENSSION if you want out.

In addition to repair stipulations as a result of inspection…. There may also be a time requirement to cancel as a result of inspection.
As others have said, read the inspection clause.

[Heartnsoul]

I've read it to best of my ability. They have 10 days AFTER inspection to have fixed etc which is Friday. They still say no money is refundable?? Re agent thinks it's neighbors sprinkler system hitting our stucco wall or going under ground?? But how do I know? How will we even know if REALLY REPAIRED??

[retiredguy123]

Woman passed away at 97 so I doubt she ever knew about it. Inspector discovered in corner of bedroom closet
It doesn't matter if she actually knew about it. The standard is "should a reasonable owner have known about it?" If so, then it had to be disclosed. I hope you have photos.

[GWilliams]

My husband and I put $10,000 down on a villa. The inspector found water damage which we want no part of. The RE agent tells us not to worry. We are. He sent me a addendum to contract to sign to add an additional 10 days to extend
The inspection period. If we don't sign, can we get our $10,000 back to move on and purchase another villa?

Deposit or down payment? Deposit you get back as contingent to inspection.

[retiredguy123]

REAL ESTATE AGENT TELLS ME I Will LOSE MY MONEY. I BELIEVE THEY HAVE TILL FRIDAY TO FIX, REPAIR BUT HOW DO I REALLY KNOW THAT WILL BE DONE??
Your sales contract is with the broker, not the agent. The agent shouldn't be telling you that you will lose your money. That is not his decision to make. The decision is for the escrow company to make in consultation with you and the broker. In order for the escrow company to release the money to the broker, they need to determine that you have breached the sales contract and the broker is entitled to the money. Note that many listing contracts state that forfeited earnest money is divided equally between the broker and the seller. I doubt that a broker wants to tarnish his reputation for $5,000. Many large brokers almost never keep earnest money regardless of what happens.

[jcoop]

My husband and I put $10,000 down on a villa. The inspector found water damage which we want no part of. The RE agent tells us not to worry. We are. He sent me a addendum to contract to sign to add an additional 10 days to extend
The inspection period. If we don't sign, can we get our $10,000 back to move on and purchase another villa?

I am surprised no-one has mentioned it, but water leaks may include or lead to Black Mold if not resolved properly. Beware.

[retiredguy123]

This thread is very disturbing to me. It sounds like the OP is being pressured to complete a sale that they don't want by an overly aggressive real estate agent. The agent has no right to tell the OP that they will lose their deposit money. It is not the agent's decision to make or his money. My advice to the OP is to demand to talk directly with the broker. If I were the seller, I would refuse to complete the sale because I wouldn't want to sell my house to someone who doesn't want it. There are other people who will buy the house after the damage is repaired.

[scubawva]

My husband and I put $10,000 down on a villa. The inspector found water damage which we want no part of. The RE agent tells us not to worry. We are. He sent me a addendum to contract to sign to add an additional 10 days to extend
The inspection period. If we don't sign, can we get our $10,000 back to move on and purchase another villa?

You haven’t answered if you’re working a buyers agent. You haven’t answered if with a Realtor or Villages sales person.

You don’t understand the contract you’ve signed, which is for multiple hundreds of thousands of dollars.

Call a RE attorney immediately & do not sign anything else.

[frayedends]

I agree with the above post. We ask for details but don’t get them. I will say that this is the reason people should have a buyer’s agent. The reasons a deposit might be lost would be explained while writing an offer.

[retiredguy123]

As a buyer you should be in contact with your agent. If you do not have representation, keep in mind the listing agent is now working as a transaction broker only and can only facilitate the transaction — they are under no obligation to provide guidance for your exclusive benefit. If you do not have your own agent, my recommendation is to contact a real estate attorney to be sure your are compliant and your rights under the contract are protected — timing matters!
Not exactly. The listing agent is not working as a transaction broker unless they have the written consent of the seller. As a seller, I would never allow the listing agent to act as a transaction broker until all contingencies in the sales contract were satisfied.

CONSENT TO TRANSITION TO
TRANSACTION BROKER

FLORIDA LAW ALLOWS REAL ESTATE LICENSEES WHO REPRESENT A BUYER OR SELLER AS A SINGLE AGENT TO CHANGE FROM A SINGLE AGENT RELATIONSHIP TO A TRANSACTION BROKERAGE RELATIONSHIP IN ORDER FOR THE LICENSEE TO ASSIST BOTH PARTIES IN A REAL ESTATE TRANSACTION BY PROVIDING A LIMITED FORM OF REPRESENTATION TO BOTH THE BUYER AND THE SELLER. THIS CHANGE IN RELATIONSHIP CANNOT OCCUR WITHOUT YOUR PRIOR WRITTEN CONSENT.

[Heartnsoul]

10,000 went into escrow

[MsPCGenius]

Contact Seniors vs Crime for guidance....
352 755 3186

They also have an office presence in Brownwood Paddock Square, if you want to stop by and talk face-to-face with a volunteer.

[frayedends]

Contact Seniors vs Crime for guidance....
352 755 3186

They also have an office presence in Brownwood Paddock Square, if you want to stop by and talk face-to-face with a volunteer.

This doesn’t sound like crime. It sounds like the buyer entered a transaction without any representation and didn’t understand the contract she signed. It sounds as if the contract allows the seller time to fix any issues found in the inspection. The seller should have to show sufficient proof of such repair (this can be tricky and debatable).

If they are asking for an extension there is the possibility they can’t get repairs done in time. Don’t sign an extension and on the day it expires request they sign a release.

[retiredguy123]

This doesn’t sound like crime. It sounds like the buyer entered a transaction without any representation and didn’t understand the contract she signed. It sounds as if the contract allows the seller time to fix any issues found in the inspection. The seller should have to show sufficient proof of such repair (this can be tricky and debatable).

If they are asking for an extension there is the possibility they can’t get repairs done in time. Don’t sign an extension and on the day it expires request they sign a release.
It could be a crime if it rises to the level of elder abuse. A licensed real estate agent has a fiduciary duty to treat both parties in a fair manner regardless of who they represent. It is not correct to tell a buyer that they will lose their deposit when the agent does not know that to be true.

[frayedends]

It could be a crime if it rises to the level of elder abuse. A licensed real estate agent has a fiduciary duty to treat both parties is a fair manner regardless of who they represent. It is not correct to tell a buyer that they will lose their deposit when the agent does not know that to be true.

I don’t disagree but if the contract states the seller has time to fix the issue then isn’t the agent being fiduciarily responsible by explaining that the buyers deposit is at risk? We are missing some details so it’s hard to know.

Did the buyer agree to let the seller fix the issue and now wants to back out. The extension thing is very confusing.

[Blueblaze]

I bet you'll need more than a $10,000 lawyer to get out of it. That's basically what they told me when my seller stole the best chair in my new furnished villa the morning before the closing -- even though it was on the inventory and I had a picture of their realtor sitting in it the day I bought the place. Then they had a million reasons to keep me at the closing, while the sellers had enough time to beat me to the house and use their illegally-retained key to steal an end table and TV from the master bedroom. When I arrived, I found them in my new living room disconnecting the big TV, and I could see the other TV and end table in the back of their SUV. I called 911, reached the Sumter County Sheriff, who told me to take it up with my closing agent.

My guess is, you just bought yourself a house with water damage.

[Normal]

If there was a disclosure, was the damage mentioned? I’m thinking you can get your deposit back

[sallyg]

Asked. He said no we can't get refund
Call a lawyer asap! Sounds unethical to me.

[retiredguy123]

I don’t disagree but if the contract states the seller has time to fix the issue then isn’t the agent being fiduciarily responsible by explaining that the buyers deposit is at risk? We are missing some details so it’s hard to know.

Did the buyer agree to let the seller fix the issue and now wants to back out. The extension thing is very confusing.
I agree, but the way the OP said it was that the agent made a definitive statement that they could not get a refund. That is not correct because the agent cannot decide on the refund. It sounds like the agent may have been bullying the OP into going through with a sale that they didn't want. I'm not an expert on elder abuse, but it could be considered a crime, especially since the agent knows that the OP does not have their own agent to explain their options.

[wereback]

Sorry to tell you but your agent was trying to help when you receive the results of the inspection report you have X number of days to sign. If you don't you have bought a house{ any where from 14 to max 30 days }

[Salty Dog]

She said the agent had showed them another property they would be interested in, if they could get out of this one. Seems the agent and broker would both still make a commision, so why play hardball with this sale?

[margaretmattson]

I bet you'll need more than a $10,000 lawyer to get out of it. That's basically what they told me when my seller stole the best chair in my new furnished villa the morning before the closing -- even though it was on the inventory and I had a picture of their realtor sitting in it the day I bought the place. Then they had a million reasons to keep me at the closing, while the sellers had enough time to beat me to the house and use their illegally-retained key to steal an end table and TV from the master bedroom. When I arrived, I found them in my new living room disconnecting the big TV, and I could see the other TV and end table in the back of their SUV. I called 911, reached the Sumter County Sheriff, who told me to take it up with my closing agent.

My guess is, you just bought yourself a house with water damage.You should do a walk through at time of closing and take pictures. If items were taken out of the home report it to the title company. House will not close until items are returned.

[margaretmattson]

REAL ESTATE AGENT TELLS ME I Will LOSE MY MONEY. I BELIEVE THEY HAVE TILL FRIDAY TO FIX, REPAIR BUT HOW DO I REALLY KNOW THAT WILL BE DONE?? Ask for a receipt for the repairs. When you move in, If you have further issues you can call the company who did the repairs. Also demand the home inspector return to the home before you close. Your contract stipulates a clear home inspection. You do not have to close until this occurs. Your money is sitting in escrow. The seller cannot get the funds until EVERYTHING in the contract has been completed. Play hard ball back!

[Bob04090]

He said we won't get our money back

Is this a VLS contract? If so, as I stated earlier, the seller has to fix the problem up to 1.5% of the purchase price. No, you won't get your earnest money back if you back out. The VLS contract is written in a way that you can't.

[jimbomaybe]

Most buyers do not have an agent representing them. The agent asking the OP to extend the inspection clause is almost certainly representing the seller, not the buyer.
I think that is THE point, "don't worry about a thing, just sign here"

[frayedends]

I agree, but the way the OP said it was that the agent made a definitive statement that they could not get a refund. That is not correct because the agent cannot decide on the refund. It sounds like the agent may have been bullying the OP into going through with a sale that they didn't want. I'm not an expert on elder abuse, but it could be considered a crime, especially since the agent knows that the OP does not have their own agent to explain their options.

Yeah this whole thing is weird. Wish the op would provide more details.

[kkingston57]

My husband and I put $10,000 down on a villa. The inspector found water damage which we want no part of. The RE agent tells us not to worry. We are. He sent me a addendum to contract to sign to add an additional 10 days to extend
The inspection period. If we don't sign, can we get our $10,000 back to move on and purchase another villa?

Not a good forum for a LEGAL ?. Other people may have had other situations, but you are dealing with a contract and the fine print will determine what you can do or not do.

[retiredguy123]

Is this a VLS contract? If so, as I stated earlier, the seller has to fix the problem up to 1.5% of the purchase price. No, you won't get your earnest money back if you back out. The VLS contract is written in a way that you can't.
Who determines how much the repair costs? 1.5 percent of $250K is only $3,750. You can't do much water damage repair for that amount, and almost no mold mitigation. Note that they have asked for 10 more days to complete the repair. Also, I doubt that the contract, as written, is always enforced. The Villages, and most reputable brokers, tend to be pretty lenient when returning a deposit, especially when the buyer has a valid reason to not buy the house. Brokers do not want dissatisfied buyers. It appears that the only justification for keeping the deposit would be to pressure the buyers and to ensure that the sales agent gets a commission. The seller can always sell the house to another buyer and would most likely not be financially harmed.

[Normal]

The OP is the number one concern.

Realistically, if the money was never returned (Big If), then the buyer would suffer the sunk cost. The upside is they wouldn’t live in constant doubt about a good purchase.

If the OP decided to ride on the railroad of the purchase, they could nit pick the repair until it was as perfect as they demanded. Thus only their time was the sunk cost.

[Heartnsoul]

Here is the latest. No I haven't signed the extension I believe they have till Friday to repair. The contract is difficult for me to understand and my husband had a stroke so he can't help the realtor who sold us home showed us one other in Area which I liked (Realty Executives) however told me seller won't budge on price. That same day , few doors down, this one came on market, same exact model, but $40,000 less. Realtor told me good price and it will go fast. I believed her and since my husband has major surgery coming up and I wanted to get him settled I guess I acted too fast and now regret it because of water damage found and windows need replacement. I'm so stressed. She just keeps asking me to sign extension. I told her no. I don't want this one, will wait till YOUR LISTING GOES DOWN and she said I can't get out of this!! Can't handle this stress. Hubby already had stroke

[Heartnsoul]

No I don't believe inspector took photo of damage but he couldn't figure it out. Of course RE agent was there and tried to tell him it's probably neighbors sprinkler system? Making light of it

[retiredguy123]

No I don't believe inspector took photo of damage but he couldn't figure it out. Of course RE agent was there and tried to tell him it's probably neighbors sprinkler system? Making light of it
I hope it works out. Personally, I would make a written request for a refund of the deposit to the broker and the escrow company. You may be able to get a lawyer to make a call and/or to send a letter for a few hundred dollars. I think you are being wrongfully pressured. It is not typical for a broker to try to seize a deposit under these circumstances.

[Jazzman]

No I don't believe inspector took photo of damage but he couldn't figure it out. Of course RE agent was there and tried to tell him it's probably neighbors sprinkler system? Making light of it

A reputable home inspector always takes photos, especially if they have found an issue which needs to be resolved in their opinion. In addition to the water damage in a closet, you also mentioned windows need replacing. Did the home inspector state that on their report as well? As a few others have posted, there is always a clause stating the amount of necessary repair and it’s usually in the $1,500.00 range. I would also tell the agent or broker that you will be contacting an attorney to review the contract. You dont have to retain an attorney yet, however you should get some response from the realty firm when you say that.

[scubawva]

Here is the latest. No I haven't signed the extension I believe they have till Friday to repair. The contract is difficult for me to understand and my husband had a stroke so he can't help the realtor who sold us home showed us one other in Area which I liked (Realty Executives) however told me seller won't budge on price. That same day , few doors down, this one came on market, same exact model, but $40,000 less. Realtor told me good price and it will go fast. I believed her and since my husband has major surgery coming up and I wanted to get him settled I guess I acted too fast and now regret it because of water damage found and windows need replacement. I'm so stressed. She just keeps asking me to sign extension. I told her no. I don't want this one, will wait till YOUR LISTING GOES DOWN and she said I can't get out of this!! Can't handle this stress. Hubby already had stroke

So sorry for your stress and husbands illness, he’s in my prayers.

You must contact a good RE attorney tomorrow - the peace of mind having one explain the situation will be worth a one-time charge. Then if needed you can use them for further work.

[retiredguy123]

So sorry for your stress and husbands illness, he’s in my prayers.

You must contact a good RE attorney tomorrow - the peace of mind having one explain the situation will be worth a one-time charge. Then if needed you can use them for further work.
I agree. I think that one certified letter to the broker would get your deposit money back.

[Boomer]

If you were all ready to go to closing and were arranging for insurance to be in place, your insurance agent should have access to any previous claims of water damage.

I know this from personal experience and from a long standing relationship with our insurance guy who told us about a two years previous water damage claim on a northern house we were buying. Everything turned out to be fine, but we had our real estate agent get all the records of the claim from the seller before we would proceed.

Things like this can vary from state to state it seems. This was not our Florida house.

As the market tightens, perhaps buyers can include more specifics on deal killers in a contract to purchase.

Florida is different though. I am curious as to if this is a Villages agent or the MLS. ( I have read most of this thread but not the last few responses yet, so forgive me if that info has been posted.)

Boomer

[TeresaE]

OP, you may want to call Frank D'Angelo, 352-250-7818, to see if he will take a look at the water damage and give you a second opinion about the severity of it. He is probably the best home inspector in The Villages. Did the home inspector take photos of the damage? If the damage is severe, you have every right to cancel the contract.

Only if you are still within your inspection period. If you are past that, you are done. That’s why it’s important to read your contract and know your dates.

[retiredguy123]

Only if you are still within your inspection period. If you are past that, you are done. That’s why it’s important to read your contract and know your dates.
Apparently, the original inspector didn't take any photos, which I think is absurd. If he had, Frank could at least view the photos.

[ElDiabloJoe]

Sounds like you want to cancel the transaction because the home failed the inspection contingency. There should be an addendum in your contract. Tell the agent your intention.... in writing. you'll get your money back. The leverage you have is until this is cancelled the seller has to disclose to any buyer the home has a contingent offer that the seller has accepted. You'll get your money back....
I would add, cc: the escrow / title company on your demand letter to the agent. Keep copies. If you're really motivated, send the demand and the cc:'s with a return receipt from the USPS.

[frayedends]

Here is the latest. No I haven't signed the extension I believe they have till Friday to repair. The contract is difficult for me to understand and my husband had a stroke so he can't help the realtor who sold us home showed us one other in Area which I liked (Realty Executives) however told me seller won't budge on price. That same day , few doors down, this one came on market, same exact model, but $40,000 less. Realtor told me good price and it will go fast. I believed her and since my husband has major surgery coming up and I wanted to get him settled I guess I acted too fast and now regret it because of water damage found and windows need replacement. I'm so stressed. She just keeps asking me to sign extension. I told her no. I don't want this one, will wait till YOUR LISTING GOES DOWN and she said I can't get out of this!! Can't handle this stress. Hubby already had stroke

This is all very confusing. It sounds as if this agent is your buyer's agent and not the listing agent. If that is the case, she should be sending the selling agent a request for release and return of deposits due to results of the home inspection.

Not only that, if she is your buyer's agent, she is obligated to send your offer on a home, regardless if she thinks the seller won't budge on price. The seller's agent is obligated to present all offers to the seller.

What exactly does your contract state regarding the home inspection? Copy and paste it here so we can understand what this extension request is all about.

[Snowbirdtobe]

It seems that you are being taken advantage obviously because of your age and your husband's medical condition.
The Seniors Vs Crime Project has local phone numbers and has volunteers that can tell you if you the victim of a crime for FREE.
Call 352-775-3186 in Sumter county for FREE help. They are have volunteers there Tues-Thur 10A - 1P there are other offices on the seniorsvscrime.com site. They are a real help for FREE. I expect a note to the real estate agent telling him you have contacted them for help will move things along. They are a group of old people that'll chat with you and may help resolve your problem for FREE.

[retiredguy123]

This is all very confusing. It sounds as if this agent is your buyer's agent and not the listing agent. If that is the case, she should be sending the selling agent a request for release and return of deposits due to results of the home inspection.

Not only that, if she is your buyer's agent, she is obligated to send your offer on a home, regardless if she thinks the seller won't budge on price. The seller's agent is obligated to present all offers to the seller.

What exactly does your contract state regarding the home inspection? Copy and paste it here so we can understand what this extension request is all about.
Unless the buyer is paying for a buyer's agent in a contract, the agent does not represent them in the legal sense. Most buyers do not not have an agent.

[roguesearcher]

Here is the latest. No I haven't signed the extension I believe they have till Friday to repair. The contract is difficult for me to understand and my husband had a stroke so he can't help the realtor who sold us home showed us one other in Area which I liked (Realty Executives) however told me seller won't budge on price. That same day , few doors down, this one came on market, same exact model, but $40,000 less. Realtor told me good price and it will go fast. I believed her and since my husband has major surgery coming up and I wanted to get him settled I guess I acted too fast and now regret it because of water damage found and windows need replacement. I'm so stressed. She just keeps asking me to sign extension. I told her no. I don't want this one, will wait till YOUR LISTING GOES DOWN and she said I can't get out of this!! Can't handle this stress. Hubby already had stroke
Go directly to the Broker ASAP. Tell him you want the money back. Tell him you'll go to the Seniors Crime Group as mentioned in this post, if he doesn't cooperate. You may need their help.

[Finchs]

I would ask / tell RE that you do not want to proceed. If they are working for you not the seller they will advise. But read your agreement.

This was news to me, but in Florida the state statutes define both agents as working for getting the sale to completion. That means the seller wants to sell, and so do BOTH agents.

[Heartnsoul]

As per contract says RE AGENT. I cannot get my money back. Have to give them time to remedy situation

[Heartnsoul]

The carpet was soaked so water coming up from underneath

[Normal]

The carpet was soaked so water coming up from underneath

That one could be an expensive fix. It won’t be repaired by Friday.
Costs could include cutting and removal of concrete, plumbing repair and the refill with reinforcement rebar and concrete. Somewhere in there will be the 2 day cure of the cement. Then the padding and new carpet can be installed.

[frayedends]

Okay, so regardless of who the realtor is representing, if the contract says you have to give them time to remedy the situation then you have to give them time. If that time is 10 days per the contract and you don't let them extend that, and they can't fix it in 10 days, at that point request your deposit back and release from the contract.

[Heartnsoul]

Real estate agent just called to tell me it was a broken sprinkler system? Is that possible water would shoot up into our villa closet from neighbors sprinkler system?? It's a stucco villa

[retiredguy123]

Real estate agent just called to tell me it was a broken sprinkler system? Is that possible water would shoot up into our villa closet from neighbors sprinkler system?? It's a stucco villa
In courtyard villas, the nextdoor neighbor has several sprinklers located under the eave of their neighbor's house. If one of these sprinkler heads breaks, it can shoot a geyser of water that hits the roof eave and water gets into the attic and trickles down into the house. This can also happen if any sprinkler head sprays water at the roof eave. I don't know if this is the same situation. I cannot think of another situation where sprinkler water would get into a house, except maybe if it is spraying water at a window. Sprinkler pipes are not located under the house.

[Normal]

In courtyard villas, the nextdoor neighbor has several sprinklers located under the eave of their neighbor's house. If one of these sprinkler heads breaks, it can shoot a geyser of water that hits the roof eave and water gets into the attic and trickles down into the house. This can also happen if any sprinkler head sprays water at the roof eave. I don't know if this is the same situation. I cannot think of another situation where sprinkler water would get into a house, except maybe if it is spraying water at a window. Sprinkler pipes are not located under the house.

If so, the roof and attic space under the geyser could be water damaged where the soffit is connected. I definitely would be looking at mold damage.

[KAM+6]

No I don't believe inspector took photo of damage but he couldn't figure it out. Of course RE agent was there and tried to tell him it's probably neighbors sprinkler system? Making light of it

So much for "Code of ethics"with mls. Contact a lawyer ASAP

[retiredguy123]

So much for "Code of ethics"with mls. Contact a lawyer ASAP
I agree. It seems to me that the real estate company should return the earnest money and remove the house from the market for a month or so while they completely alleviate the water issue. The purpose of earnest money is for the buyer to demonstrate that they are serious buyers, not for the real estate company to hold the buyer hostage and to force an unwanted sale. In my opinion, the real estate company is not acting appropriately by refusing to cancel the contract and to return the money. I would expect this behavior from a car dealer, not a licensed real estate company who is bound by ethics under state law. A simple demand letter from an attorney would end this fiasco immediately.

[DrMack]

I would be onto a lawyer ASAP. Not all real estate agents, but many, are in it for the money. The house was likely difficult to dump on anyone. Now that they have you on the line, they will be hesitant to let go. It may be some time before they hook another.

[frayedends]

The seller decides if they will issue a refund based on the contract, not the real estate agent. The agent should be presenting a release to the seller to sign and release the funds. If the seller says they won’t sign, the agent can’t do much.

If this was an irrigation line leaking underground it could cause this problem and be an easy fix. Of course, carpet and even compromised concrete could need replacing.

[retiredguy123]

The seller decides if they will issue a refund based on the contract, not the real estate agent. The agent should be presenting a release to the seller to sign and release the funds. If the seller says they won’t sign, the agent can’t do much.

If this was an irrigation line leaking underground it could cause this problem and be an easy fix. Of course, carpet and even compromised concrete could need replacing.
Not exactly. First of all, the escrow company determines if the buyer has breached the contract, which is the only time the earnest money can be forfeited. Second, the broker legally represents the seller via the listing contract. In many listing contracts, the broker is entitled to half of any forfeited earnest money. In some states (not in Florida), you actually need a court order to have earnest money forfeited. The reason earnest money would ever be forfeited would be to cover any losses the seller incurs. So, even if the money is forfeited, the buyer can seek a refund unless the seller can prove that they lost money, such as actually selling the house for a lower price.

But, as a practicable matter, I believe that, if an attorney demanded that the earnest money be returned, I doubt that the broker or the escrow company would challenge it.

[retiredguy123]

Okay, so regardless of who the realtor is representing, if the contract says you have to give them time to remedy the situation then you have to give them time. If that time is 10 days per the contract and you don't let them extend that, and they can't fix it in 10 days, at that point request your deposit back and release from the contract.
Exactly correct. And, the agent has already tacitly admitted that the repair will take more than 10 days by asking the buyer to extend the repair time. Unless the buyer really wants the house, under no circumstances should they sign an extension.

[frayedends]

Not exactly. First of all, the escrow company determines if the buyer has breached the contract, which is the only time the earnest money can be forfeited. Second, the broker legally represents the seller via the listing contract. In many listing contracts, the broker is entitled to half of any forfeited earnest money. In some states (not in Florida), you actually need a court order to have earnest money forfeited. The reason earnest money would ever be forfeited would be to cover any losses the seller incurs. So, even if the money is forfeited, the buyer can seek a refund unless the seller can prove that they lost money, such as actually selling the house for a lower price.

But, as a practicable matter, I believe that, if an attorney demanded that the earnest money be returned, I doubt that the broker or the escrow company would challenge it.

Yeah this situation is confusing. I’m used to the buyer having an agent that asks the seller agent for a release. Massachusetts is an attorney state so usually if there is disagreement the attorneys hash that out.

[TCRSO]

You did not indicate whether the home is listed with The Villages or MLS broker. The Village contract allows the seller to cure by repairing (up to 1.5% of sale price). You can cancel only if the seller refuses to correct.

[Heartnsoul]

No don't love villa so much I can't move on BUT they won't refund our 10,000. Yes pls name of RE AGENT

[Heartnsoul]

Latest. RE AGENT SAID IT WAS A BROKEN WATER SPRINKLER HEAD AND ITS ALL TAKEN CARE OF?? ALL DRY HE SAYS. HOW CAN I BELIEVE HIM?? HE SAID IRRIGATION GUY LOOKED AT IT??? DOESNT SEEM SUFFICIENT TO ME?

[Heartnsoul]

Not villages. Realty Executives

[Velvet]

Not villages. Realty Executives

Hmmm? I dealt with them. Call the attorney, Retiredguy123 gives reliable advice.

[Robnlaura]

Over a sprinkler?? That’s pretty weird unless water damage causes some major problem it would not be called a “broken $3 sprinkler”

[Velvet]

Over a sprinkler?? That’s pretty weird unless water damage causes some major problem it would not be called a “broken $3 sprinkler”

No, because they want to keep her deposit. There maybe mold, the line maybe cracked etc etc why are you trying to minimize the issue?