Rental Property Investor · Indianapolis, IN · Member since 2018 · 2 posts · 0 votes
I am going to try and keep this brief. Currently I am in negotiations to purchase a home. For reasons here nor there, I would like to back out of the deal.
One of the things we discovered during the inspection was the fact that the water heater was older than they disclosed (6 years old, said it was 3). So my question simply is, is this enough grounds to stand on to be able to get my earnest money back? Also the inspection fee and appraisal fee.
Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
6y
If wanting to back out of a contract over a 3 year estimate of a water heater being off, then owning real estate really isnt for you. Aproximate value of problem here, $100.
Now that sellers are under legal obligation to report deaths at their property within 10 years, they are also under moral obligation beyond the 10 years, i.e. if you sell to a millennial. This is on the assumption that "ghosts" hang around 10 years, but who knows, especially my mom in law also invested in the property and she might hang around even longer. No one bothered to ask them.
That's why I leave these disclosure issues in the hand of real estate brokers. If a superstitious buyer asks about ghosts, they can say the sellers didn't see any and leave it at that. True, the seller may lie, about hot water tanks, plumbing, and even ghosts.
Real Estate Broker · Auburn, WA · Member since 2015 · 151 posts · 106 votes
6y
Holy crap! Just buy a home warranty that will replace those items if they fail! Sounds to be a lot wimpy!
You may need to stop wasting peoples time and move on! You wanted to get out of the deal from the beginning and now you're trying to find a FAKE way to get out! DOES THE WATER HEATER WORK? if yes, then buy the dang house. Maybe you should have brought a crying towel or mommy and daddy should be there for you and hold your hand.
Buyer, you're a law suit waiting to happen! If I were your agent, I would walk away from you NOW!