First, welcome to Needham! I hope you love living here as much as I do.
Second, it seems to me that your attorney and also your agent dropped the ball on this. At this point, you've closed on the house and you likely have no negotiating leverage what so ever to get the seller to pay for this repair. You may be able to take the seller to small claims court if you can prove that they somehow violated the terms of your contract.
Really, the appropriate way to handle this would have been to arrange to have some of the seller's proceeds held in escrow to cover the possible cost of the repair. In this scenario, if the seller repairs the problem to your satisfaction they get the remainder of their proceeds. If they don't, then you'll get those funds which will allow you to make the repair. Typically, just having the money held aside is sufficient to motivate the seller to make the repair. Alternatively, you might have been able to negotiated a credit from the seller against your closing costs equal to the amount you estimate for the repair. This would put cash in your pocket which would allow you to make the repair.
The time to negotiate these things is before you sign on the dotted line. At this point, your best bet might be to just take what the seller has offered and consider it a learning experience. Unfortunately, it sounds like the "professionals" you hired to protect you in such a scenario did not perform their designated duties as well as they should have.... more
The absolute best person to answer your question is your Attorney. It all depends on how the contract for the repair was written...
I hope you can work this out and end up with the home of your dreams.
You can not just withhold money unless teh seller agrees to it. You need to work with the listing agent to get the seller to realize they are in default. The problem will be if it is a short sale, the seller will not care. If teh seller is receiving proceeds from the sale, they will care if you threaten to not close and go after them for damages. The liisting agent is the key and the type of seller will be how willing they are to be reasonable... more
If you are not selling your home - check to see how renting it out may affect your ability to get financing. The way they calculate rent - and qualify you has become more stringent over the last year.
If you can afford to do so - and your home in Boston is in a good neighborhood - why not keep it? Generally - it is better to sell when the market is strong. A few years down the road may be a better time.
I lived in Annapolis for years and know it well. You will LOVE the area and surrounds. If you need assistance - feel free to contact me,
Licensed in MD, Virginia and D.C.
Hi A. Klein, what is your specific question? If you would like I can email you the sale prices on Breen St for the last 5 years. You can contact me through my website below or give me a call at 508-879-8999.
mdm realty... more