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Damien Bosco
Damien Bosco, Attorney
Category: Real Estate Law
Satisfied Customers: 2533
Experience:  Helping you with your legal questions.
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I purchased a seller financed home as is. I did not have

Customer Question

Hello, I purchased a seller financed home as is. I did not have anyone check it out and now I am regretting it. There is a visible broken pipe under the sink in the bathroom and a huge hole in the wall. Their are other plumbing problems with the house, as I cannot use my washer in the laundry room due to a pipe in the wall being broken. After calling plumbers, I found out it would take about $12000 to fix the problems. I am a young single mother, I work fulltime, and go to school fulltime. I barely cover my bills each month. I would like to get out of this situation but I am not sure how to. I have heard about deed in lieu situations, but normally they have to be approved by the bank that gave the loan. I put a down payment of 12000 on the house, purchasing it for $125000. He charges a high interest rate of 7.9. Any ideas on how I can get out of this situation?
Submitted: 8 months ago.
Category: Real Estate Law
Expert:  Damien Bosco replied 8 months ago.

Hello. My name is***** am an attorney. I will review your question and develop a response. We may discuss it too. Does that sound good to you?

Customer: replied 8 months ago.
that would be great. A little background information, I have owned this house for 2.5 years now. There is a clause in the contract stating I would have to sell the house or make a balloon payment for the rest of the amount I owe in 5 years after my closing date. There is no way I could sell the house in the condition it was sold to me in for the amount that they are asking. Two other homes on my street have gone up for sale but are unable to sell also because the neighborhood is unsafe.
Expert:  Damien Bosco replied 8 months ago.

Did you ever request a disclosure statement. A seller has a duty to disclose some issues with a sale of a home: A. The purchaser may recover in a civil action in the event of any of the following: 1. The failure of the seller to provide to the purchaser a disclaimer statement or a disclosure statement and any amendment prior to acceptance of an offer to purchase; 2. The failure of the seller to disclose in the disclosure statement or any amendment provided to the purchaser a defect which was actually known to the seller prior to acceptance of an offer to purchase; or 3. The failure of the real estate licensee to disclose to the purchaser any defects in the property actually known to the real estate licensee prior to acceptance of an offer to purchase and which were not included in the disclosure statement or any amendment provided to the purchaser. If any of the above occurred, you could have a claim against the seller. We can discuss more if you would like to do so.

Expert:  Damien Bosco replied 8 months ago.

Hello: I have not heard back from you. Do you want to continue to discuss your question or are we complete? Please let me know. Thank you.