Q: I sold my home that was paid for in great shape. Purchased a Fixer but found out after moving in it has to be tore down.
I did not have a home inspection because it was Obvious that it needed some work roof replacement , Windows but after starting to work on it realize termites and severe water damage Including foundation damage Severe. I don’t have enough to rebuild the entire house. Nothing is salvageable. Realtor felt bad and send a $2500 gift card .do I have any rights after purchase. I’ll be homeless if I can’t rebuilt . The seller was aware of the condition of the house but stated it was in good condition.
A: I think you have a pretty tough road on this one. Buyers are entitled to have termite inspections and building inspections, but if they waive that right, they usually acknowledge such waiver in the escrow, and accept the risk that the property has hidden defects. It is like taking a car "as is". You can take it to a mechanic before you buy but you are pretty foreclosed from complaining after you have bought it. The old adage is "Don't buy a pig in a poke." meaning inspect what you are buying. Sorry to hear that you got yourself into this situation. Of course, if the seller knew of the condition and actively concealed it or deliberately told you something else, then you would have fraud. You should contact a Real Estate attorney in your local area.
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John T. Kontrabecki agrees with this answer
A: I agree with the answer below from Maurice Mandel. In the real estate world the contract to purchase is said to merge with the deed and is extinguished as a basis for asserting a claim. I suggest you find an investor/developer partner and get assistance to redevelop the property as a new construction project. This way you will create value and be able to recover your capital. If you contact me and tell me the city where the property is located I may be able to assist by introducing you to some people who can help you.
Maurice Mandel II agrees with this answer
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