Real estate question
 

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 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.

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.

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.

Cancel
 

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

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.

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.

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.

“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.

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.

Inspection
 

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.

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.

Diy
 

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.

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

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.

In Florida, not always. Some inspection clauses allow the seller to fix small defects and the buyer cannot cancel the contract.

No one knows for sure
 

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

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

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

Yes
 

especially in florida

You have options
 

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

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.

And the question is??

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

depemds
 

your contract should say

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

What You Want
 

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.

It all depends on the contract to purchase you signed.

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

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.

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

Asked. He said no we can't get refund

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.

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.

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.

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!

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".

He said we won't get our money back