1st Time Home Buyer having second thoughts

What is the name of your state? Louisiana
I took a look at a property that was around the area that I wanted to live in. When my agent and I got to the property, the seller was there. The seller told us that we were early, well, that is when we both started thinking that another potential buyer was coming right behind us. We walked through and I kinda liked what I saw to such an extent. There was a couple of things that would need to be done but those things would come out in inspections. I decided to make an offer on the house and because the agent thought someone else was coming, she told me to offer more than the seller was asking to make sure I get the house. At that point in time I thought that was an okay idea, I didn't want to lose out this time around again, so I offered more. I called her back and told her that I offered them too much and I was regretting it now. She told me it was the right thing to do. Anyway when I made an offer she didn't have the disclosure with her. I am a first time home buyer, I am an IDIOT!!! In the agreement it was pending overview of the disclosure. I was suppose to hear back on the offer the next morning by 9:00am. The agent called me at 10:15am and told me that I just bought a house. I didn't realize at that time that the house is over 65 yrs old. I just got an average on the water bill and it is between 80-90$ every two months, which is pretty high. I want out and I am afraid that I might not get my good faith deposit back. Can I walk away from the contract at all??? Is there anyway that i could get my deposit back??? Please give me your advice. Forgive me for the length.

[BrokerRE]

You have the right to an inspection correct? Simply follow through with your inspection, and then let your agent know that your inspection was unsatisfactory.

You'll have to read your purchase agreement word for word, to make sure that you don't have to provide some type of explanation, or in the case my area, simply say unsatisfactory.

However, I can't help but get the feeling that you're simply getting cold feet. Sit back, relax, and think about it. In your story, it seems that if you do back off this house, it will be gone, and you're going to lose out again.

Sit down and talk to your agent, tell him your concerns, first make sure he represents you, and not the seller. You did sign an agency disclosure didn't you?

[HomeGuru]

Originally posted by Victoria44
What is the name of your state? Louisiana
I took a look at a property that was around the area that I wanted to live in. When my agent and I got to the property, the seller was there. The seller told us that we were early, well, that is when we both started thinking that another potential buyer was coming right behind us. We walked through and I kinda liked what I saw to such an extent. There was a couple of things that would need to be done but those things would come out in inspections. I decided to make an offer on the house and because the agent thought someone else was coming, she told me to offer more than the seller was asking to make sure I get the house. At that point in time I thought that was an okay idea, I didn't want to lose out this time around again, so I offered more. I called her back and told her that I offered them too much and I was regretting it now. She told me it was the right thing to do. Anyway when I made an offer she didn't have the disclosure with her. I am a first time home buyer, I am an IDIOT!!! In the agreement it was pending overview of the disclosure. I was suppose to hear back on the offer the next morning by 9:00am. The agent called me at 10:15am and told me that I just bought a house. I didn't realize at that time that the house is over 65 yrs old. I just got an average on the water bill and it is between 80-90$ every two months, which is pretty high. I want out and I am afraid that I might not get my good faith deposit back. Can I walk away from the contract at all??? Is there anyway that i could get my deposit back??? Please give me your advice. Forgive me for the length.

**A: if the offer was contingent on your review and acceptance of the disclosure statement, then get the disclosure statement, review it and then tell your agent that you don't accept. There should be other contingencies in the contract and BrokerRE has mentioned the home inspection.

[Souix]

Read the Disclosure Statement. Somewhere on your form it should say that the buyer has so many days after signing the Disclosure to rescind the transaction. Our's says 5 business days, your's may say different. Your Realtor will be able to tell you, and actually SHOULD tell you how many days after you sign the Full Disclosure you have to rescind the contract.

If its a Disclaimer the time period will be different also.

[HomeGuru]

So writer, after reviewing the various comments, what would be your response?

I just want to start out by thanking HomeGuru, BrokerRE, and Souix for even taking the time to look over my drama story. I really do appreciate the advice. Well long story short, we went to inspections and I wasted my money. You know what though, it was money well spent. The house has asbestos and old Romex wiring and splices in the wiring in the attic. Moisture spots. The house does have a leaking problem. That might explain the $80-90 water bill every two months. Foundation has settlement and cracks, and so forth. I believe me agent was out for the sale and therefore is fired. She told me that I have to supply the seller with a copy of the inspection. Is that true??? I also believe the seller was aware that the house wouldn't go FHA and the agent also therefore in my heart I think they should at least pay for half of it if they want the information to bring their house up to code. I am afraid though that if I do not give them this information, I might not get my deposit back. This agent thought we were still going to go to the Act of Sale after she heard what the inspector said. This is one of those very bad experiences. I am almost afraid to continue my search for a house with agents like her out there! LOL Thank you again!!!

[HomeGuru]

[quote]Originally posted by Victoria44
[b]I just want to start out by thanking HomeGuru, BrokerRE, and Souix for even taking the time to look over my drama story. I really do appreciate the advice. Well long story short, we went to inspections and I wasted my money. You know what though, it was money well spent. The house has asbestos and old Romex wiring and splices in the wiring in the attic. Moisture spots. The house does have a leaking problem. That might explain the $80-90 water bill every two months. Foundation has settlement and cracks, and so forth. I believe me agent was out for the sale and therefore is fired. She told me that I have to supply the seller with a copy of the inspection. Is that true???

**A: no, unless your contract stipulated so.
********


I also believe the seller was aware that the house wouldn't go FHA and the agent also therefore in my heart I think they should at least pay for half of it if they want the information to bring their house up to code. I am afraid though that if I do not give them this information, I might not get my deposit back. This agent thought we were still going to go to the Act of Sale after she heard what the inspector said. This is one of those very bad experiences. I am almost afraid to continue my search for a house with agents like her out there! LOL Thank you again!!!

**A: ask the Seller if they are willing to pay for the inspection. Heck, they should have ordered their own inspection rather than waiting for a Buyer to pay for one then demanding a copy for free. Bunch of cheapskates. There are many good real estate agents around so you do not have to put up with crap from a bad agent.

[Souix]

Our contracts say you must furnish the seller a copy of the inspection upon demand, but your's may be different.

Actually, I don't like having to furnish the seller with a copy for free because they can turn around and give it to the next buyer and you were the one who paid for it. Definately ask the seller to pay for the inspection.

Interview your next agent very carefully. Ask them for references from their past clients. Ask them questions like how many houses they have sold this year and last year and what their market share is. Hopefully you will find someone that cares about you and doesn't have $$ signs in their eyes.

HomeGuru,
Unfortunately, I just read the agreement to purchase and found that I do have to submit to the seller or seller's agent a copy of the inpections. That is horrible. They always say you learn from your mistakes, and I believe it. I don't know everything about buying a house but you have certainly helped me in pointing out some things I need to be aware of. But I can believe that someone would want another person to pay for something and get it for free. I thought that was pretty slick.

Would you say that I ask my agent to ask the seller or should I call or visit the seller myself? I just don't want to step over any lines. Call me paranoid as I am sure you can tell. LOL

[Souix]

Originally posted by Victoria44
Would you say that I ask my agent to ask the seller or should I call or visit the seller myself? I just don't want to step over any lines. Call me paranoid as I am sure you can tell. LOL

**Ask your agent. Going to the seller directly has a way of making things worse....for you**

Thank you sooo much all of you for your advice. I am so grateful!!

[HomeGuru]

[quote]Originally posted by Victoria44
[b]HomeGuru,
Unfortunately, I just read the agreement to purchase and found that I do have to submit to the seller or seller's agent a copy of the inpections.

**A: please post exactly what the clause says.

It states that - Upon completion of such inspections, Purchaser must provide Seller or Sellers's agent with a copy of all inspection reports. If Purchaser is not satisfied with the present condition of the property as reflected in the inspection report, purchaser must indicate in writing the deficiencies and desired remedies and the seller has 72 hours to respond in writing his willingness to remedy those deficiencies. I talked to the agent today and she is still trying to get me to purchase the property. I told her I didn't think she was working for me because she isn't trying to help in getting me out of this situation. She told me to list the deficiencies and remedies, I told her I want out, just the asbestos alone is a health hazard. Let me ask you this, Under the Lead based paint disclosure clause it states that if the property was built before 1978 then this contract is contingent upon a risk assessment or inspection of property for the presence of lead-based paint/hazards at the purchaser's expense until the end of the tenth calendar day after acceptance of this agreement. the contingency will terminate on the above predetermined deadline unless the purchaser or purchaser's agent, delivers to the seller or the seller's agent, a written contract addendum listing the specific existing deficiencies and corrections needed, together with a copy of the inspection/risk assessment report. My question - Does asbestos fall under a lead based paint disclosure clause? And if I am wanting to get away from the property, do I need to send a property condition clause reponse? I don't want to take a chance in sending this and them fixing all of the problems, and I am still stuck with this house. My agent isn't helping me, she said that she told the seller's agent I wanted out, but the seller's agent said that they would make any repairs to sell the house. I have to fax the remedy paper to her today because this is the 10th day in inspections. I feel she is trying to con me.

[HomeGuru]

[quote]Originally posted by Victoria44
[b]It states that - Upon completion of such inspections, Purchaser must provide Seller or Sellers's agent with a copy of all inspection reports. If Purchaser is not satisfied with the present condition of the property as reflected in the inspection report, purchaser must indicate in writing the deficiencies and desired remedies and the seller has 72 hours to respond in writing his willingness to remedy those deficiencies. I talked to the agent today and she is still trying to get me to purchase the property. I told her I didn't think she was working for me because she isn't trying to help in getting me out of this situation. She told me to list the deficiencies and remedies, I told her I want out, just the asbestos alone is a health hazard. Let me ask you this, Under the Lead based paint disclosure clause it states that if the property was built before 1978 then this contract is contingent upon a risk assessment or inspection of property for the presence of lead-based paint/hazards at the purchaser's expense until the end of the tenth calendar day after acceptance of this agreement. the contingency will terminate on the above predetermined deadline unless the purchaser or purchaser's agent, delivers to the seller or the seller's agent, a written contract addendum listing the specific existing deficiencies and corrections needed, together with a copy of the inspection/risk assessment report. My question - Does asbestos fall under a lead based paint disclosure clause?

**A: no.
*************
And if I am wanting to get away from the property, do I need to send a property condition clause reponse? I don't want to take a chance in sending this and them fixing all of the problems, and I am still stuck with this house. My agent isn't helping me, she said that she told the seller's agent I wanted out, but the seller's agent said that they would make any repairs to sell the house. I have to fax the remedy paper to her today because this is the 10th day in inspections. I feel she is trying to con me.

**A: yes, you need to notify the Seller in writing.