CntryBoy777 - The Lazy A** Acres Adventures

[greybeard]

It is said there are 3 kinds of property owners in the South. Those that have termites, those that have had termites, and those that are going to have termites in the future.

Considering the number of years ago the home was built, I have to wonder if the buyer didn't previously know about the damage and failed to report/divulge it to the agent and prospective buyers as required by law?

Hopefully your escrow will be returned without much trouble or time.
If any party disputes it's disbursement, (Buyer/seller/real estate agent or the 3rd party that actually holds the funds in escrow), it can be troublesome, but if it's just a straightforward deal, it should go smoothly.
And you will want to check your contract immediately to see if it contains what is known as a "liquidated damages clause".

 

[CntryBoy777]

I certainly doubt they didn't know about the issues, but we are well within the scope of the agreement to backout of the deal at this point....because it is based on an inspection by a certified inspector and he has pics of many issues that were written into the contract. I just hope they are as timely in returning it as I was in making the deposit.........tho, I will say that I certainly don't expect it....based on the recent past.....

ETA: we are going tomorrow afternoon to look at 4 more places....we'll see if any of them "speak" to us.

 

[Rammy]

Good luck!

 

[greybeard]

I just hope they are as timely in returning it as I was in making the deposit.........tho, I will say that I certainly don't expect it....based on the recent past.....

No it probably won't be immediately on demand. And, unless other arrangements were made, it may not (or may) be for the full amount. There is likely to be some billable time from your agent that would have normally been paid at closing..often as part of the agent's commission. Since the deal fell thru, (and I don't blame you a bit for backing out) the agent may require payment for the time spent on contract work, filing fees, etc to come out of the escrowed funds.

IF, the damage is something you think you can repair yourself, you can always make a new offer at a discounted amount. Even if it's something that would require a contractor, you could get an estimate from one locally, subtract that amt from what you were willing to offer before....if the place is what you really really wanted.

2 Years ago I and one other guy replaced three 8x8 x20' sills and about 1/2 the floor joists in a "bunkhouse" my sister keeps for guests. Termite damage. It wasn't terribly difficult but there was a couple of feet clearance under there to work. Took us about a week.
(all depends just how far up the walls the termite damage is)

 

[RollingAcres]

Oh man that sucks.
Good luck to you Fred!

 

[CntryBoy777]

There are many other issues to go along with the termite damage, so we will pass on it....the plumbing would also have to be redone and the clearance under the house is less than a foot in 2/3 of the house.....we don't have the time nor energy to dicker with it and certainly don't have the bucks....we really do like it, but not enough to get that deep into repairing it. There will be others.....just not with that much land. The inspector barely scrathed the surface and found enough to not move forward.....he only charged us a small portion of his quoted fee.....and the agent stated that we would get a full refund from the escrow.....both are very nice people and enjoy working with them..........we are not discouraged, because this just shows us that this wasn't the right place for us to be....tho, I think we are at least in the "ballpark"......

 

[greybeard]

I don't know how it works for sure there, but maybe if the same real estate agent finds you an acceptable place, the same escrow can just be held for that one?

Clearance less than 1'? Definitely a no-go for me too.

 

[Latestarter]

Yeah... if you're going to have a "crawl space" under the house, it has to be at LEAST sufficient to be able to crawl... and still do any work needing done. You'll find the right place Fred.

 

[Senile_Texas_Aggie]

Mr. @CntryBoy777,

I don't know how much you know about real estate law, but I strongly encourage you to sign a buyer's representation agreement with a real estate agent, if you have not already done so. If the laws in Florida are like the ones in Texas, then a real estate agent cannot be neutral, except in very rare circumstances. She is a fiduciary; she must represent someone in the transaction. If she is not representing you in the transaction, then she must represent the seller, even if she has been working with you. Whomever she represents is the one to whom she owes fiduciary responsibility. If she is not representing you but rather the seller, then if you provide information that is not prohibited by law or contract to be kept confidential, then she is obligated by law to tell the seller that information. If she does not and the seller learns that she failed to provide that information to them, they can sue her for damages. That is why it is important to know whom the real estate agent represents. If you sign a buyer's representation agreement, then you know whom she represents.

You can read all about it at http://www.myfloridalicense.com/DBPR/servop/testing/documents/Printable_LawBook.pdf, p. 21, starting with 475.255.

Senile Texas Aggie
Licensed Real Estate Agent in the state of Texas (license #494177, inactive, and soon to be expired )

 

[greybeard]

But, a different licensed agent at a desk right across the room from the buyer's agent can represent the seller...all within the same real estate company. (in Texas anyway)