Skip to main content

Refusing to close on home after major structural issues discovered. Worried about specific performance.

I’m under contract on a home in Maryland and I am refusing to close after discovering major structural issues that were heavily downplayed during the inspection process.

My agent is my partner’s aunt, which makes this much harder emotionally. I trusted her completely, and throughout the process she pressured us to move very quickly. During inspections, instead of bringing in licensed specialists, she brought in her own people who were apparently unlicensed and gave extremely low repair estimates.

The inspector she recommended described the front stone facade and deck issues as relatively minor. Based on that information, we negotiated a $6k credit and moved forward.

After contingencies were removed, I independently hired a structural engineer, contractors, and a licensed stone mason. Their findings were dramatically different. We are now being told repairs could potentially reach $50k+ and may involve major reconstruction work.

I’m now speaking with an attorney and trying to recover my earnest money deposit. Part of our strategy is that we have not yet released the engineering report to the seller because once disclosed, it would likely create major disclosure obligations and significantly impact the property value moving forward.

I do not want to sue my agent because she is family and I do not want to create a permanent rift. I mainly just want out of this deal and to move on.

At this point, I fully intend to refuse to close. I can survive losing the EMD, although it would hurt financially. My biggest fear is the seller pursuing specific performance and somehow forcing me to buy the property.

Has anyone dealt with something similar? How realistic is specific performance in situations involving severe structural discoveries this late in the process? Is losing the EMD usually where these situations end?

Not looking for legal advice since I already have counsel involved. Just hoping to hear real-world experiences from people who have gone through this.

submitted by /u/Salsa-N-Chips
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/1thrdls/refusing_to_close_on_home_after_major_structural/
Labels:

Comments

Post a Comment

Popular posts from this blog

North Carolina – “One to Buy; Two to Sell”

I realize I will likely have to contact a real estate attorney but also hoping to hear insights and experiences from others! I have a house in NC that I bought by myself in 2009, and paid off, in full, in 2022. I got married in 2023. My spouse and I have not lived in the house as our "marital residence". We have maintained separate residences even after we got married. (That a separate topic!). I am now selling this house. Realtors have told us that my husband has to sign the deed at time of transfer but I am not convinced since the house has not been our marital residence. The realtors like to use the phrase "one to buy; two to sell", which seems like a broad-stroke statement which is not applicable under all circumstances. And of course, the realtors don’t realize the details of my specific circumstances: I purchased and paid for the house in full prior to marriage Only my name is on the deed And most importantly, we have never lived in the house as a marit...
Post a Comment
Read more

Question With Tricon "Pending ID".....

My wife and i, along with 2 other peopl applied to rent a house, and our application says "Approved, Pending ID". Anyone else know what that means? Do we pretty much have the place or are we missing something? submitted by /u/Itskrueger [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1orixqj/question_with_tricon_pending_id/
Post a Comment
Read more

warning about Biggins and Scott Brunswick

his is a general warning for people who use this agency to rent a property. I am going to share a disgusting experience that I had with the above agency. I was new to the rental experience after a marriage breakdown so I answered a add on Real Estate .com and met a guy in Maribyrnong to look over a apartment . He suggested he was not only going to be my roommate, but he also worked at the company in Brunswick. All looked good and myself and a lovely lady moved in to the apartment in late March. Everything was going well ,we were paying our rent and things were moving forward with 3 people coming from different age groups and different upbringings. Then on the 25th of June out of nowhere 3 Breach Notices appeared on my email from my roommate but on Biggins and Scotts letterhead. I was completely surprised and after trying to reason with the sender of these documents, I then decided I had to call his boss the Director of Biggin and Scott in Brunswick. David told me that he was ...
Post a Comment
Read more