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Contract and number of bedrooms

Hello,

I did offer a house waving inspection contingency and payed 10,000 USD as first advance . The house is advertised for 4 bedrooms and shown us that one bedroom extension can be converted to bedroom . The lender home appraisal shows it has only 3 bedrooms and further to my investigation,we found the extension cannot be converted to a  bedroom . Can I exit the contract and get my deposit back.
The house is appraised for advertised amount .

Thanks
Jack

  • October 15 2013 - US
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Answers (3)

If you have already gotten to the appraisal step in the transaction you may have limited options.

Read your contract about contingencies and what was stated.  Did you make the offer based on it being convertible to a 4 bedroom?

If the home appraised for the sale price as a 3 bedroom my initial thought is you would have little or no recourse.

Your real estate agent who was party to the negotiations and statements by the seller should be the one helping you.  If you do not have an agent - you need to hire a Real Estate attorney to advise you.

We cannot give you a legal opinion.
  • October 15 2013
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The answer is in your contract.  All contracts specify terms on what each party must adhere to and which contingencies are allowed. Your choice to waive inspections probably limits your choices.  You can always quit, but at what cost?  Read your contract, if you do not understand the contract ask your agent or retain legal counsel.
  • October 15 2013
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  • October 15 2013
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