My husband and I signed a contract on Nov 2 to purchase a SFH in NJ. We had our home inspector go through the property and found a number of items (about 25) that were faulty so we asked the seller to fix, repair or provide documentation of any repairs/installations that were completed. We fully intended to purchase the property prior to the inspection - however after doing a walkthrough with the inspector and rereading the inspection report, we felt we were not told the whole truth about this property. One thing that raised red flags for us is when the inspector found evidence of a fire in the garage but could not see behind the OSB boards on the walls, he could only see the damage on the ceiling. We asked the seller about it and he denied it, stating it was probably from car exhaust. The seller stated he put up OSB board to reinforce the whole structure. This is just one example of questionable responses by the seller. There are contradictions from the sellers disclosure and email communication/letters sent to our realtor and contract attorney which the seller and sellers agent wrote to us after we requested to be released from our contract 3 times. The seller is refusing to sign the release because he wants us to agree to give him half of the deposit for their time and disappointment. The main issue for us is no permits were pulled for the electrical work he did. However, he did state he would agree to hire an electrician to certify the work he did but that's not what we asked for. Also, he did put on the sellers disclosure that permits were not pulled for any electrical work done. My husband and I feel we would be inheriting the sellers problems, forcing us to fix anything that was done incorrectly or not up to code. How can we get the seller to sign the release without involving a real estate attorney and without giving the seller any money in escrow? Also, in our contract we have until Dec 15th to secure a loan for this home and if we don't, will we be in default even though we have requested to be released from this contract?
closes? Can a hard money lender refinance a SBA 504 loan before the SBA closes escrow?
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