Mis-representation of a single family property
HI, I am under contract for a single family property. I put an offer while I was out of town and my offer is selected. In option period, I got inspection report (still I was out of town) and decided to move forward. After the option period (or inspection period), I finally came back home and had a chance to visit the property with my contractor. Then I realized that the house is 2 bed/1 bath, instead of 3 bed/2 bath as listed in MLS. The contractor says it will be way over my budget to change the house to 3bed/2bath. In this situation, is it possible to back off from the contract with my EMD? What options do I have in this situation? Thanks!
Hi Jason, I would notify the owner that you have learned the property is only a 2 bedroom and not a 3 bedroom as advertised and ask the seller to release you from the agreement. As a former practicing attorney in Pennsylvania I would recommend you get legal advice from a practicing Texas licensed attorney. I would avoid a conflict if possible as the lawyers are the only participant in a fight who are guaranteed to make money. Good luck.
I would have had the property walked during inspections. Accepting it without even walking or having someone else is a issue. Future ones bring a GC(s) out during the inspection period and walk it during the period to avoid something like this. Did you have an agent helping you? For out of state clients I always take video for them walking through. I am not sure what your contract says but you might have an out. Worst case you guys split EMD and learn for the next one
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Quote from @Jason Sung:
HI, I am under contract for a single family property. I put an offer while I was out of town and my offer is selected. In option period, I got inspection report (still I was out of town) and decided to move forward. After the option period (or inspection period), I finally came back home and had a chance to visit the property with my contractor. Then I realized that the house is 2 bed/1 bath, instead of 3 bed/2 bath as listed in MLS. The contractor says it will be way over my budget to change the house to 3bed/2bath. In this situation, is it possible to back off from the contract with my EMD? What options do I have in this situation? Thanks!
I am more curious how the listing agent and the other agent obviously missed this. Is there more to the story on this?
@Jason Sung did your Realtor inspect the house prior to you making the offer ?
