Arbitration resolution question

[jhalpert]

Minnesota

My wife and I are going to go to binding arbitration to sue the sellers of our home for issues pertaining to non-disclosure of major issues to the property costing as much as $30,000 or more to fix – we found out about the issue days after moving in to the house. Our question is, when we write the resolution to send to the Arbitration Company, can we ask that one of the possible remedies besides the seller fixing the expensive problem be to undo the sale of the house? Is that reasonable and something that is seen on arbitration resolutions from buyers who are suing sellers? The only reason we’d offer that as a solution is because it might be easier/less painful for the seller to give us our money back plus expenses. We’re worried that we’d get caught up in an endless loop of never collecting from the sellers because they couldn’t afford to pay that much money or couldn’t take a loan for that amount. Perhaps there is something about arbitration and such we don’t understand as far as collecting, but from our point of view, if someone can’t afford to pay then they can’t afford to pay. If they can afford to give us our money back and put us back to where we were before buying the house as long as that included expenses and such then we could live with that as a possible outcome.

Other suggestions would be greatly appreciated.

Jim

 

[HomeGuru]

Minnesota

My wife and I are going to go to binding arbitration to sue the sellers

**A: an action for arbitration is not litigation, so you would not sue, rather you would arbitrate.
**********

of our home for issues pertaining to non-disclosure of major issues to the property costing as much as $30,000 or more to fix – we found out about the issue days after moving in to the house. Our question is, when we write the resolution to send to the Arbitration Company, can we ask that one of the possible remedies besides the seller fixing the expensive problem be to undo the sale of the house?

**A: you can ask for relief and settlement by requesting rescission.
Talk to your attorney about ALL options.
***********

Is that reasonable and something that is seen on arbitration resolutions from buyers who are suing sellers? The only reason we’d offer that as a solution is because it might be easier/less painful for the seller to give us our money back plus expenses. We’re worried that we’d get caught up in an endless loop of never collecting from the sellers because they couldn’t afford to pay that much money or couldn’t take a loan for that amount. Perhaps there is something about arbitration and such we don’t understand as far as collecting, but from our point of view, if someone can’t afford to pay then they can’t afford to pay. If they can afford to give us our money back and put us back to where we were before buying the house as long as that included expenses and such then we could live with that as a possible outcome.

Other suggestions would be greatly appreciated.

Jim

**A: you are putting the cart before the horse.

 

[jhalpert]

I’m not sure I understand the final statement about putting the cart before the horse. We have exhausted attempts to try to work with the sellers outside of arbitration. We’ve spent a few months collecting data, doing research on our situation and are ready to move forward. As we understand it, when we submit our letter to the arbitration company outlining the problem, we are also to outline a resolution. In our case, we would like to offer two possible resolutions. Is it not right to offer two resolutions? Are we only to put down one resolution? Or are we to outline the issue only and let the arbitrator make the decision as to what the remedy is?

Thanks for the advice,
Jim

 

[HomeGuru]

I’m not sure I understand the final statement about putting the cart before the horse. We have exhausted attempts to try to work with the sellers outside of arbitration. We’ve spent a few months collecting data, doing research on our situation and are ready to move forward. As we understand it, when we submit our letter to the arbitration company outlining the problem, we are also to outline a resolution. In our case, we would like to offer two possible resolutions. Is it not right to offer two resolutions? Are we only to put down one resolution? Or are we to outline the issue only and let the arbitrator make the decision as to what the remedy is?

Thanks for the advice,
Jim

**A: you are correct. My response was that you need to worry about winning your case first and not whether the Seller has the money to pay or not.