All Forum Posts by: Account Closed

They should be making a claim for repairs. If the current owners didn’t act promptly to remediate the water damage, the home will likely develop mold.

Given that this issue was not disclosed and happened prior to closing, I would not put pen to paper.

I would not want to live in a sick home, or one that likely will bury you in repairs costs.

What other surprises awaits.

they don;t want to sell the house. they let us know the day before this happened and had offered to reimburse us for inspection fee. The day after this happens. Please no conspiracy theories. They want out of the deal, they don't care for hardball negotiations. Our offer is more than 100k over asking and they give 2 ***** about it, so renegotiating the deal is not what I'm after. What I'd like to know is if the clause posted in the update lets them off the hook without penalty or if I am able to proceed with the sale.

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Originally posted by @Derek R Clark:

This is probably not the first time this has happened. So you could test for mold if you are not past the resolution date and ask for allowances with your finds for repair cost line them back to back if you have still have time.

They DO NOT WANT TO SELL the house anymore. No conspiracy theories. They expressed they wanted out of the deal the day before the storm. Now the basement flooded after a crazy storm that's documented in national news. Contract clause is in the post, what I am trying to find out is if the clause lets them off the hook.

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Originally posted by @Marian Huish:

@Amanda Schneider … plenty of advice here already but I’ll add my two cents. I take it you’re not working with a realtor? Check your contract. Typically there is a walk-through. And the house needs to be in the same general condition as when you inspected it. Otherwise you have the right to cancel with full refund of your deposit. Also sounds like more issues than you will want to deal with unless they of course want to renegotiate on price.. I had this happen to me on a sale and the buyer walked without penalty. Seller on the otherhand…. Best of luck!

what penalty would a seller have if buyer walked away though? Clause is at the top of my post

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Originally posted by @Ryan Kelly:

@Account Closed your contract should state exactly what should happen in this situation. In Texas, the contract states the seller is required to deliver the home to the buyer in the same condition it was in at the time the contract was executed. If major damage occurs, like flooding or fire, the seller is either required to fix it and return to the same condition, or the buyer earns a way to legally terminate the contract and receive their earnest money back.

the clause is in the post

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Originally posted by @Jeyo Punnakottil:

@Amanda Schneider

i am positive after reading the clause ,the seller got all privilege to terminate the contract and you as buyer donot have any loophole to force them not to terminate.I am not an attorney and this is not legal advice .But this is what i feel after reading the above mentioned paragraph

thank you, this is the answer to my question. I think both sides can back out after this

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Originally posted by @John Teachout:

If you can get your deposit back and be made whole, I would definitely walk away from this one. If it flooded once, it's likely to do it again. While the water issue may be able to be solved, keep looking for a dry property. Sounds like you'd be doing both them and you a favor by not moving to closing.

Seems like we get our deposit back if they terminate the contract but not inspection.

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Originally posted by @Theresa Harris:

Originally posted by @Account Closed:

Originally posted by @Theresa Harris:

The house needs to be in the condition it was when you did the initial viewing (or better). It is up to the seller to get it fixed as part of their insurance claim. The 'as is' does not apply in this case as it wasn't in this condition when the offer was accepted. Your realtor should be telling you this and if the sellers try to back out, get a lawyer involved. Obviously the closing will have to be pushed back due to the flood damage.

They don't want to sell the house anymore, so they won't be making repairs or giving credit towards repairs. I was also told that acts of god don't make them responsible for fixing, just disclosing

I'd get a lawyer involved. It doesn't matter if they don't want to sell, they signed a contract. If you are okay with them backing out, make them pay. Not just for the inspection and lawyer and other costs, but also a small amount for your time and the fact that you now have to find another place. I'd also have them sign a clause that if they fix it and list it again within a set amount of time, that you get to buy it for the original amount in the contract....assuming you'd want to.

I believe they can back out based on this clause in our contract?

" Seller shall repair any damage that occurs from the date of this Contract to the date of Closing, reasonable wear and tear excepted. If Seller fails to repair the damage or chooses not to repair the damage, Seller and Buyer shall be entitled to either: (i) deduct a mutually agreed cost of repair from the purchase price of the property; or (ii) terminate the Contract in which event any and all deposits previously delivered to Escrowee shall be returned to Buyer without offset. In the event that the damage to the property exceeds 10% of the purchase price either Seller or Buyer may terminate this Contract and Buyer’s deposit monies shall be returned in full."

Does that mean they can pull out of the sale agreement?

4 Votes

Originally posted by @Michael Brattelli:

@Amanda Schneider unfortunately you can’t force the seller to fix it. They can just decline the repair. I would ask for the repair and if they decline your option is then to walk away. If it sounds like they don’t want to sell anymore that could be a negotiating tactic to get you to accept it as is. I would walk if the seller does not correct. Did your agent and attorney explain this to you?

They don't want to sell it because they can't find a house, so we had originally agreed to do a lease back. So it's not like they're trying to back out for more, they don't want to sell at all and stay put

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Originally posted by @Theresa Harris:

They don't want to sell the house anymore, so they won't be making repairs or giving credit towards repairs. I was also told that acts of god don't make them responsible for fixing, just disclosing

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Originally posted by @Dennis Yosco:

Originally posted by @Account Closed:

Originally posted by @Dennis Yosco:

@Amanda Schneider

Do you plan on using the basement for living space?

Is there a sump pump. Is there a French drain system.

What is the flood zone, is it in a 100 year or 500 year plain.

What town in nj? There’s lots of little spots of jersey that flood but aren’t on flood maps.

It’s all dependent on the person. If it’s just a basement you don’t plan on doing anything with then it’s whatever you feel is right about it. I’m sure you can get out of the contract because most likely the seller knew of this issue and hoped it didn’t flood before the sale.

I’d also say that more than 50% of north nj basements take on water. You can do some grading around the property to stop water inflow. Check that the gutters drain away from the house, check if there is a sump pump. Check for French drains. Ask the neighbors if they take on water.

No drains or sump pump.

The basement is finished. Everything got water on- drywall, carpet etc, utility room, everything. Water was a few inches high outside the basement windows during the storm. Not in flood zone. No known flood issues in seller's disclosure.

We're under contract right out of the inspection period so we don't know the neighbors. Sellers had already expressed they no longer wish to sell prior to this happening, so they will not be making any repairs. Do we walk from this or can we force them to repair?

well you just got the house on sale!
this is a bargaining piece you can use. In this type of situation your attorney can go back at them and modify the contract and get you a price reduction or you walk.

The thing with water and drywall is it all has to be ripped out. ALL of it. Not just 6” of it. Drywall wicks up water. So it will mold. The studs in the basement should be metal as well or at minimum pressure treated.
do not put carpet in a basement!

You’ll need to install a sump pump. That should also be included in the sale. So now go back and negotiate. Get 3 qoutes for repairing the basement. Don’t let the owners get the qoutes because they’ll get the cheapest contractors.

If they decide to walk let me know. I’d be curious if they do

Thanks, They don't want to sell the house anymore. So we're kind on a "as is" situation. They want out of the deal, so there's no bargaining on our end unless there's such a thing as suing to force them to fix AND force the sale

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All Forum Posts by: Account Closed

Account Closed has started 4 posts and replied 25 times.

Post: Under Contract and Basement Flooded. Now what?

Post: Under Contract and Basement Flooded. Now what?

Post: Under Contract and Basement Flooded. Now what?

Post: Under Contract and Basement Flooded. Now what?

Post: Under Contract and Basement Flooded. Now what?

Post: Under Contract and Basement Flooded. Now what?

Post: Under Contract and Basement Flooded. Now what?

Post: Under Contract and Basement Flooded. Now what?

Post: Under Contract and Basement Flooded. Now what?

Post: Under Contract and Basement Flooded. Now what?