Regretting my purchase

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP I think I would feel somewhat better if they would allow me to inspect it. So worried that it’ll be a triple bit with overpaying, updates and then surprises.

Will they not allow an informational inspection?

If you want to access the house before closing -- for whatever reason (inspection, measuring for furniture, getting estimates for contractors) -- it needs to be in the contract. The seller has no obligation to let you into their house (and it is their house until closing) if the contract does not require it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP I think I would feel somewhat better if they would allow me to inspect it. So worried that it’ll be a triple bit with overpaying, updates and then surprises.

Will they not allow an informational inspection?

If you want to access the house before closing -- for whatever reason (inspection, measuring for furniture, getting estimates for contractors) -- it needs to be in the contract. The seller has no obligation to let you into their house (and it is their house until closing) if the contract does not require it.

This. It's risky for the seller to allow it if it's not in the contract.

[Anonymous]

OP can you not back out if the house doesnt PPRise for the list price?

[Anonymous]

Anonymous wrote:OP can you not back out if the house doesnt PPRise for the list price?

I am trying to figure that out right now.

[Anonymous]

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Anonymous wrote:

How do I have a claim on the title if I don’t own it yet?

You are under contract, correct?

Yes

Speak with an attorney. But in broad terms you have like a claim to the title until there is a signed release agreement. Like, the seller can’t re-list the property until there is a signed agreement saying your are no longer involved in a purchase agreement. Because the seller would not be able to re-list until your default is settled – which could drag out making the attorneys happy - sometimes sellers will negotiate the EMD to make you “go away”.

The devil is in the details (your contract).
Don’t take legal advice from the internet.
Speak with an attorney to weigh your options.

This is the answer.

I backed out of buying a house a few days before closing. A week or two into the contract I became aware that multiple basements on the block had repeated flooding problems, including the house I was about to buy. It was Virginia, so it never needed to be disclosed, and we were potentially on the hook for our entire EMD. I did literally start vomiting in the days before closing.

I worked with an attorney, they got us out with the loss of half of our EMD. My cash on hand net worth was and is is significantly lower than yours, and I lost a higher percentage of it by forfeiting half of my deposit than you would by forfeiting your whole deposit.

If you can find out SOMETHING negative about the house without an inspection, I would try to do that for leverage.

In many ways, that house was better than our current house, but I breathe of relief about how things ended up every time it rains.

Get out now. It will torture you for years. Your sanity is worth it.

Good to know. We had part of our yard that flooded not a basement. We put in French drains and regraded which was $$. All the neighbors knew but no one told us until after we bought the house (and we spoke with neighbors during inspection). Our current neighbors bought the home and the previous sellers put in a new sump and a French drain and their basement is bone dry. Our yard doesn’t flood anymore either.

Water issues can be a big deal and if someone doesn’t fix the issue it can potentially impact the foundation, but sometimes you can find solutions to water issues! I think it will just get worse with climate issues imo.

I’m the OP of this post. It was the sewer system backing up. I could have installed something to prevent it, but those can fail.

Ew. Was it a septic or sewer line? They probably needed a new main line.

A friend was renting a house and the basement smelled like sewer then the backup came and they had to dig out the basement and redo the sewer line and main line. She also had at the time small children. Ick.

Sewer. It was an area issue. Like I said, I think about the bullet I dodged every time it rains. Multiple houses on the block had the same issue.

Where was this?!

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP can you not back out if the house doesnt PPRise for the list price?

I am trying to figure that out right now.

Good luck and keep us posted!

[Anonymous]

R

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP can you not back out if the house doesnt PPRise for the list price?

I am trying to figure that out right now.

You need to have Appraisal contingency for that I think. Hope you had that contingency in place OP

[Anonymous]

Tons of people during the pandemic bought without inspections. You knew what you were doing when you made the offer. How old is the house? Do you think this could be just cold feet that comes whenever there’s a big step in Life?