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Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 37381
Experience:  16 years real estate, Realtor. Landlord 26 years
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We signed a contract on 9-29-15 to purchase a house. we had

Customer Question

we signed a contract on 9-29-15 to purchase a house. we had an inspection 3 days later. the inspection showed asbestos tiles , my wife has wegeners granulamatosis a pretty sever lung disease in which she has already had half of her lung removed. in reasearching this on the internet i have read numerous articles on diy projects and how the asbestos has signaficantly gone up in years to people not knowing they were actually removing asbestos. the ac unit is 18 yrs old along with the furnace and water heater. they have no knowledge as to wheter tiles were removed but the inspector said he would have a hard time believing the tiles would just be located in one little area as that is what they laid all over houses in the 50's. inspection also showed the garage had peeling back shingles, garage door mechanism totally broken, water damage and rot in garage , inspector said main roof on home had another 3 yrs however 2 contractors said a yr at most. the bathroom has flooded during this past summer. as if this is not enough, on tuesday i was terminated from my place of employment. i have an interview (we live in peoria il) in dallas this weekend for a sales position. so even if we did qualify it would not be owneer occupied which is what contract states. we have told them they can keep the 500.00 ernest money but with all the repairs and health concerns and job concerns we needed to back out. what are my options. our realtor told us" yall are going to devastate a lot of people here since they alrady put an offer on another house" my concern is us not them.. any advice
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Barrister replied 1 year ago.

Hello and welcome! My name is ***** ***** I will try my level best to help with your situation or get you to someone who can.

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Does your purchase contract have an inspection contingency as well as an appraisal and financing contingency?

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Or was this a cash offer?

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thanks

Barrister

Customer: replied 1 year ago.
financing is to be for owner occupied and conventional loan . we found out from another bank that we had not gotten pre qualified thru that since my wife is self employed, she would have to have 2 yrs of self employment proof which she does not have, the inspection says as is condition with limited warranties amd all would have to be in reasonable working order. the ac furnace unit came back with a 14 degree difference , which if its on 75 could be 89.. that is not reasonable to us. they asked what we wanted them to repair, we said nothing we want out. the buyers agent has called our person at the bank that pre qualified us. she told us she could not disclose anythng except to say they have neither been denied or approved
Customer: replied 1 year ago.
if i accept this position in dallas we would not be able to be owner occupied, our agent told us that my wife could stay in the house. Um no, we would go as a family, she can get work anywhere
Expert:  Barrister replied 1 year ago.

I would opine that based on the results of the inspection, and the fact that your employment has been terminated, the bank is going to deny the loan. This will give you the legal right to terminate the purchase contract and receive all your money back.

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So I would notify the bank about your change in employment and the condition of the house with asbestos and the other issues and they should then go ahead and issue a denial letter you can present to the seller to get out of the contract and get your deposit money back..

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thanks

Barrister