[retiredguy123]

Originally Posted by Bob04090

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]

Originally Posted by 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

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]

Originally Posted by 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

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]

Originally Posted by 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

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]

Originally Posted by scubawva

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]

Originally Posted by 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.

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]

Originally Posted by TeresaE

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]

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 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]

Originally Posted by 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

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]

Originally Posted by frayedends

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.