Question by Cara P: What is the penalty for genuine estate misrepresentation?
My husband and I are/have been in the procedure of purchasing a property. We had a satisfactory inspection, appraisals were great and we have been 2 weeks away from closing when we obtained a letter from the vendor stating that he had knowingly misrepresented the residence in the vendor disclosure. He signed a letter stating the factors that he had misrepresented. We had a contractor go to the home nowadays to give us estimates on what the misrepresentations would value to fix. We nevertheless extremely considerably want the residence but want the vendor to make restitutions for his lies. What are our rights? Our attorney has stated it would be less complicated to just stroll away from this but we would be out 3,000.00 for appraisals & inspections. Please advise….. isn’t fraud a crime even if a single confesses it after the fact?
Solution by Debbie2243
buy it “as is” and do the repairs your self..inform him to decrease the value according to repairs needed…and appreciate your new residence…
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Originally posted 2014-05-20 09:35:03. Republished by Old Post Promoter