Disclosure and cancelling contract

What is the name of your state? Louisiana

My husband and I attended an open house 5 days ago. While we were there we read the disclosure statement which the realtor made available. The question asked whether the property ever had termites and was answered yes but not explained. Another question asked if any repairs or defects were known in various areas of the house and yes was checked off for walls -- it was explained that stucco was repaired in two places. No A/C repairs were listed. I asked the realtor about the termites and stucco disclosures. She explained that there was minor damage due to termites and stucco moisture problems in one place and all was repaired.
The next day we had the realtor show us the house again. We then went to her office to write up an offer. We were told that the house would be sold to us by a relocation company but that the seller would be the one who receives the offer. We were also told that the seller had more information on the stucco repairs which were warranted for one year. She did not have the information at that time. Also, there was another offer on the house made that morning that she had not looked at yet but she did tell us about it.
The seller accepted our offer. Over the next two days we found out through paperwork we received from the realtor (which was just faxed to her by the seller) that there was extensive termite damage which included structural damage in several places. In addition we learned that the stucco had to be replaced in 5 areas due to excessive moisture behind the stucco. Also the seller had to have a home inspection several months ago for the relocation company and that report noted that an evaluation on the A/C unit was needed and repairs necessary. We still do not know the extent of the A/C problems and if repairs were performed.
Due to the fact that we feel the seller was not forthcoming in his disclosure statement and also feel that there may be more "hidden" problems we want to cancel the purchase agreement. We are afraid that there is more hidden structural damage and possibly termites inside the wall. The only way to be assured that this is not the case is to open the walls which is impossible. We cannot be confident that these problems are completely resolved. FYI -- he learned of these problems after the house was for sale and he was no longer living there so there was not much motivation for doing the best repairs and trying to find all structural damage.
I am waiting to hear from the realtor. I left a message on her voice mail, emailed her and sent a fax to her office.
Can I get out of this contract without a problem?
Thanks so much!

[HomeGuru]

Originally posted by iradi8
What is the name of your state? Louisiana

My husband and I attended an open house 5 days ago. While we were there we read the disclosure statement which the realtor made available. The question asked whether the property ever had termites and was answered yes but not explained. Another question asked if any repairs or defects were known in various areas of the house and yes was checked off for walls -- it was explained that stucco was repaired in two places. No A/C repairs were listed. I asked the realtor about the termites and stucco disclosures. She explained that there was minor damage due to termites and stucco moisture problems in one place and all was repaired.
The next day we had the realtor show us the house again. We then went to her office to write up an offer. We were told that the house would be sold to us by a relocation company but that the seller would be the one who receives the offer. We were also told that the seller had more information on the stucco repairs which were warranted for one year. She did not have the information at that time. Also, there was another offer on the house made that morning that she had not looked at yet but she did tell us about it.
The seller accepted our offer. Over the next two days we found out through paperwork we received from the realtor (which was just faxed to her by the seller) that there was extensive termite damage which included structural damage in several places. In addition we learned that the stucco had to be replaced in 5 areas due to excessive moisture behind the stucco. Also the seller had to have a home inspection several months ago for the relocation company and that report noted that an evaluation on the A/C unit was needed and repairs necessary. We still do not know the extent of the A/C problems and if repairs were performed.
Due to the fact that we feel the seller was not forthcoming in his disclosure statement and also feel that there may be more "hidden" problems we want to cancel the purchase agreement. We are afraid that there is more hidden structural damage and possibly termites inside the wall. The only way to be assured that this is not the case is to open the walls which is impossible. We cannot be confident that these problems are completely resolved. FYI -- he learned of these problems after the house was for sale and he was no longer living there so there was not much motivation for doing the best repairs and trying to find all structural damage.
I am waiting to hear from the realtor. I left a message on her voice mail, emailed her and sent a fax to her office.
Can I get out of this contract without a problem?
Thanks so much!

**A: it would largely depend on the contract contingencies for termination.

[Souix]

Originally posted by iradi8
What is the name of your state? Louisiana

My husband and I attended an open house 5 days ago. While we were there we read the disclosure statement which the realtor made available. The question asked whether the property ever had termites and was answered yes but not explained. Another question asked if any repairs or defects were known in various areas of the house and yes was checked off for walls -- it was explained that stucco was repaired in two places. No A/C repairs were listed. I asked the realtor about the termites and stucco disclosures. She explained that there was minor damage due to termites and stucco moisture problems in one place and all was repaired.
The next day we had the realtor show us the house again. We then went to her office to write up an offer. We were told that the house would be sold to us by a relocation company but that the seller would be the one who receives the offer. We were also told that the seller had more information on the stucco repairs which were warranted for one year. She did not have the information at that time. Also, there was another offer on the house made that morning that she had not looked at yet but she did tell us about it.
The seller accepted our offer. Over the next two days we found out through paperwork we received from the realtor (which was just faxed to her by the seller) that there was extensive termite damage which included structural damage in several places. In addition we learned that the stucco had to be replaced in 5 areas due to excessive moisture behind the stucco. Also the seller had to have a home inspection several months ago for the relocation company and that report noted that an evaluation on the A/C unit was needed and repairs necessary. We still do not know the extent of the A/C problems and if repairs were performed.
Due to the fact that we feel the seller was not forthcoming in his disclosure statement and also feel that there may be more "hidden" problems we want to cancel the purchase agreement. We are afraid that there is more hidden structural damage and possibly termites inside the wall. The only way to be assured that this is not the case is to open the walls which is impossible. We cannot be confident that these problems are completely resolved. FYI -- he learned of these problems after the house was for sale and he was no longer living there so there was not much motivation for doing the best repairs and trying to find all structural damage.
I am waiting to hear from the realtor. I left a message on her voice mail, emailed her and sent a fax to her office.
Can I get out of this contract without a problem?
Thanks so much!

***Also what date did you sign the Disclosure Statement and what are the provisions for recision with regard to same?***

[HomeGuru]

What happened to the thread writer?

Thanks for the responses. We did get out of the contract as it was never formalized with his signature. There was another offer that came in right after ours so he had another buyer.

When the realtor told him why we wanted out of the contract he wanted to talk to us. My husband didn't feel the need to talk to him about our distrust of him. So, he emailed us and included an attachment that he was adding to the disclosure to the next buyer. It had a laundry list of problems that were never disclosed on the original disclosure. I guess the cat was out of the bag and he knew that he had to disclose to the next person.

Thanks again! Oh, and we bought a lot and are doing house plans now. After this we decided building would be best for us.

[HomeGuru]

Thanks for the update and good luck.