[retiredguy123]

Originally Posted by Vermilion Villager

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]

Originally Posted by 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!

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]

Originally Posted by Bhighley

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]

Originally Posted by 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?

run

[Normal]

Originally Posted by dougjb

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]

Originally Posted by 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?

-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!

Originally Posted by 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?