What is the name of your state (only U.S. law)? NY
We purchased our home less than 2 years ago. Our house has an accessible crawl space. The listing from his agent says "home features reworked "foundation, plumbing, roof..." On the disclosure it states "is there rot or wood damage to the structure or structures"...he wrote "No" Are there any known material defects to the footings, beams columns"...he wrote "No".
We purchased the house via an FHA loan. We were told they were also going to do an inspection to guarantee that the home met 'minimum FHA requirements'...we aren't sure what those requirements are but we think our home didn't meet them.
Our inspector inspected the house and stated it was in good shape. He made note that our structure was 'average' and stated it needed MINOR repairs. This is written on the form.He stated there was a 'deteriorated column' that needed repair on the form. We agreed via a conversation and he stated it should be about 2,000.
We have come to find out 18 months later that we have btwn 20-30K in damage/repairs that need to be made. We found this out b/c our floor is literally sinking and we've been getting quotes for repairs.
We are wondering if we can sue anyone...seller for lying on disclosure (yes, we can prove he knew b/c he expressly bought the house to repair and sell, and he states he fixed it), inspector for completely missing and misquoting a 2K repair vs. 20-30K, and/or even FHA...as we feel their 'inspection' to determine if the house met minimum FHA requirements was bogus...we HIGHLY doubt they would have agreed to loan us the $$ for the house had they inspected the house properly...I would think an adequate foundation would be something necessary for FHA to commit to a loan? Had FHA not loaned us the $$ for the house due to the inspection we would have understood completely and moved on.
On to another question...should we determine the repairs are too costly and we can't sue...what options do we have for foreclosure? My husband and I have excellent credit- mid to upper 700s. But the house is only worth 130K...and socking in another possibly 30K to repair it? Well- I'm not 100% sure that makes sense. I'm a bit lost on what to do...How long would it take to get our credit back in order? To buy again? What if we make every other payment we have on time to all our other bills as we have been doing but just stop paying the mortgage? Can someone say 'well you CAN afford the payments but you just won't...so we are going to force you to pay?'....I HATE having to consider this but putting in 160K to a house that is worth 130K...we'll be upside down for A LONG LONG time. Not sure if the mounting repair bills and such make sense vs. foreclosure.What is the name of your state (only U.S. law)?
We purchased our home less than 2 years ago. Our house has an accessible crawl space. The listing from his agent says "home features reworked "foundation, plumbing, roof..." On the disclosure it states "is there rot or wood damage to the structure or structures"...he wrote "No" Are there any known material defects to the footings, beams columns"...he wrote "No".
We purchased the house via an FHA loan. We were told they were also going to do an inspection to guarantee that the home met 'minimum FHA requirements'...we aren't sure what those requirements are but we think our home didn't meet them.
Our inspector inspected the house and stated it was in good shape. He made note that our structure was 'average' and stated it needed MINOR repairs. This is written on the form.He stated there was a 'deteriorated column' that needed repair on the form. We agreed via a conversation and he stated it should be about 2,000.
We have come to find out 18 months later that we have btwn 20-30K in damage/repairs that need to be made. We found this out b/c our floor is literally sinking and we've been getting quotes for repairs.
We are wondering if we can sue anyone...seller for lying on disclosure (yes, we can prove he knew b/c he expressly bought the house to repair and sell, and he states he fixed it), inspector for completely missing and misquoting a 2K repair vs. 20-30K, and/or even FHA...as we feel their 'inspection' to determine if the house met minimum FHA requirements was bogus...we HIGHLY doubt they would have agreed to loan us the $$ for the house had they inspected the house properly...I would think an adequate foundation would be something necessary for FHA to commit to a loan? Had FHA not loaned us the $$ for the house due to the inspection we would have understood completely and moved on.
On to another question...should we determine the repairs are too costly and we can't sue...what options do we have for foreclosure? My husband and I have excellent credit- mid to upper 700s. But the house is only worth 130K...and socking in another possibly 30K to repair it? Well- I'm not 100% sure that makes sense. I'm a bit lost on what to do...How long would it take to get our credit back in order? To buy again? What if we make every other payment we have on time to all our other bills as we have been doing but just stop paying the mortgage? Can someone say 'well you CAN afford the payments but you just won't...so we are going to force you to pay?'....I HATE having to consider this but putting in 160K to a house that is worth 130K...we'll be upside down for A LONG LONG time. Not sure if the mounting repair bills and such make sense vs. foreclosure.What is the name of your state (only U.S. law)?
