Congratulations on your success! There's a lot of information I didn't include in my posting, but I certainly didn't sign an agreement and sit back while twiddling my thumbs. I did my research and I absolutely read every line of every page. Despite agreeing to purchase this property, my argument was that I was sold a piece of land and a structure with actual square footage and listed rooms, not just a piece of land. I think it also helped by disclosing this adverse material fact to the seller prior to closing.
What I could have done better was staying on top of city officials for details - they still haven't contacted me back. I still want to know the what-ifs!
For something that should be left for the "big boys and girls," what a way to encourage those hoping to get into the business. Somehow, real estate is still my passion, but I'll take it as a lesson learned. I'm not using this forum for legal advice, I just hope to let my experience be known as it might help another "little" boy or girl some day.
In conclusion, I learned of the condemned status prior to closing, argued that I was being sold a structure per contract, seller agreed to cancellation, got my EMD / funds back. I think I did my due diligence.
I’m glad you got out of the deal, all I’m saying is I know people who have not gotten out of their deal, and ether lost Ernest money or ended up in court with a seller, I would bet if it was 2010 they would not have backed down so easy, . I have purchased on mos of the online platforms and represented buyers on them as well. All I can say is here is the potential to lose money in Real Estate, I have, that’s just how it goes. Best of luck on your next deals. Hope they go better, this current market is getting crazy, and I’m seeing more properties in worse condition and more complicated title issues, money can always be made but some problems are just harder to solve. Good luck out there!
My Title lawyer provided me with the latest code violations from the city (which I was already aware of) as part of her due diligence.