No Longer Want to Purchase This Home...How Can We Get Out of Closing?

[Anonymous]

Oops, you asked about our earnest money....it's only $200.

[webhopper]

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@Anonymous wrote:

Oops, you asked about our earnest money....it's only $200.

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If its only $200, you should walk away... First thing, Tell your realtor she is fired, and send her a letter certified mail return receipt requested to that effect. Send a Certified Mail Return Receipt Requested letter to the sellers and realtors involved, The letter should let them know you aren't buying the house.  
Send your lender an email that you aren't buying the house and you won't pay for an appraisal on it.  You should just accept loss of the $200. If you get it back great, if not, its not a lot of money 

[Anonymous]

What will happen if we back out based on something that wasn't included in our home inspection report?  They are all buddy-buddy with each other....the inspector, the builder(which is also the seller) and the realtor.   I feel like bawling!!  We have waited so much to buy and have been so much with renting problems (landlords not paying and going in to foreclosure without telling us, black mold causing severe mediacl issues).  sigh....

The problem that was not listed in the report is that there are tiny slit-like opening on each of the outside accent stones (on each sie of the garage and the corners of the home).  There are  (dried) rust stains running out of each of those.  We are bing told that there is nothing that can be done because they are natural stones so "this is a natural occuring issue".  It isn't because it appears that someone used some type of tiny metal like staple to (extra) attach them to the house.  I'm really not sure why the stains are there, but they are there and the seller is basicially saying tough, it is naturally occuring and, not only that, but it wasn't listed in the report.

[Anonymous]

We have already paid ($415) for the appraisal.  Our realtor has acted like we could be sued if we walk away.  Is this not the case?  Will we only lose out earnest money?

[MarineVietVet]

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@Anonymous wrote:

Hello all,

  We recently made an offer on a home, it was accepted.  We went through the inspection and the seller agreed to fix the things on it with the exception of one item.  Problem is, the inspector didn't even note this particular problem in his report....even though we pointed it out to him and he discussed it with us.  We honestly just assumed that he had included it since it was an issue (I know, we shouldn't have assumed).  Now the seller is saying, basicially, tough....not fixing it because it wasn't in the report.  Our realtor seems to be working more for him than us so we feel so scared and lost.  She knows that we want to back out of buying the home, but has not in so many words, told us that we can't back out.  We are desperate enough to now figure out how we can affect our credit score inorder to not have to close in the next 3 weeks.  I know that probably sounds awful and dumb, but we are not getting any help from our realotor or bank lender on how to proceed.

Any help/advice from you would be greatly appreciated!

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Hello and welcome.

The final decision of course has to be yours as to how to move forward with this but may I ask (and you certainly don't have to disclose) what the problem with the house is?

Is it something major?

Is it the only problem you see in the transaction?

Is the entire sale worth walking away from over this one item? It very well might worth backing out but again only you know all the details.

ETA: I see you've already talked about the undisclosed problem.

[webhopper]

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@Anonymous wrote:

We have already paid ($415) for the appraisal.  Our realtor has acted like we could be sued if we walk away.  Is this not the case?  Will we only lose out earnest money?

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Yes, if you walk away you might lose your earnest money...  I'd like to hear her threaten to sue me.  I'd threaten to countersue.

If you're looking to fix the rust stains, buy some 30% muriatic acid at the hardware store... this is what is used to clean concrete driveways and sidewalks.  If the stone is a calcium based stone, you will literally be able to remove the stain at the molecular level.

Be sure to follow the safety instructions...   After the stain is gone, you can seal the cracks with a ceramic type of mastic or grout that is dyed to match the stone's natural color.

[webhopper]

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Yes, if you walk away you might lose your earnest money...  I'd like to hear her threaten to sue me.  I'd threaten to countersue.

If you're looking to fix the rust stains, buy some 30% muriatic acid at the hardware store... this is what is used to clean concrete driveways and sidewalks.  If the stone is a calcium based stone, you will literally be able to remove the stain at the molecular level.

Be sure to follow the safety instructions...   After the stain is gone, you can seal the cracks with a ceramic type of mastic or grout that is dyed to match the stone's natural color.

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I agree with MarineVietVet,  You're the only one who knows ultimately what you want to do about the house...  Everything I mentioned is just a suggestion of what I would do, were I in your position.   

[Anonymous]

You guys have so incredibly helpful!!  Honestly, you have no idea what this means to me after dealing with people that don't care. 

The seller (builder, but the home was built in 2005) is saying that it's a natural stone so a sealer would not be advisable because it would eat through the stone.  However, I called a local brick company and he stated that natural stone wasn't used really too often until 2008 (here anyway).  He said that it's probably a cultured stone instead.  If this is the case, can we still remove the rust and a sealant?  I just don't take on an issue that could become an even bigger issue down the road.

[Lel]

Before you decide to walk away, you must read your purchase contract in detail.  In some contracts, there is a provision that would allow the seller to seek additional damages if you violate the terms of your agreement.

The seller stands to lose A LOT if this doesn't go through, and so they may be highly motivated to come after you for damages.  They have already made the repairs (with that one exception) that certainly weren't done for free.  If their home goes back on the market, they may not be able to sell it for the same price - future buyers will look askance at a property whose closing didn't go smoothly.  They may be trying to purchase another home that is contingent on the sale of their current one.  They will have to maintain the home and pay the mortgage (if applicable), insurance, and taxes until it sells.

You've described what sounds like a cosmetic issue.  There is nothing structurally wrong with the house.  You could be setting yourself up for a lot of headache if you go to the mat over this.

[webhopper]

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@Anonymous wrote:

You guys have so incredibly helpful!!  Honestly, you have no idea what this means to me after dealing with people that don't care. 

The seller (builder, but the home was built in 2005) is saying that it's a natural stone so a sealer would not be advisable because it would eat through the stone.  However, I called a local brick company and he stated that natural stone wasn't used really too often until 2008 (here anyway).  He said that it's probably a cultured stone instead.  If this is the case, can we still remove the rust and a sealant?  I just don't take on an issue that could become an even bigger issue down the road.

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Ceramic grout is not a sealant.... the sealant is something different.