I am very young and am buying my first house in Raleigh, NC.
I made an offer to purchase a house which was accepted. On the disclosure form it clearly indicated that the house exterior was hardiplank (nicer and more expensive than hardboard or masonite).
The current owners paid for hardiplank. In their building contract they have stated that hardiplank was to be installed on the house. They foundout it wasnt hardiplank (it was hardboard) after my building inspector took a look. I already had my doubts.... They are very very upset about this (at the builder). This house was purchased new on 11/97.
Questions: 1) [being an engineer and knowing little of the law] Is there a statute of limitations for this type of civil break of contract? The cost difference of hardiplank v hardboard are big. They paid for thousands more in better siding the current owners didnt get. Is it too late to get any money from this? We have made an agreement to split the settlement....
2) They have very good documentation on this issue (and what siding they were suppose to have installed). Would this be an issue that more than likely would be settled out of court (cut and dry fault) or do you think they will drag the current owners in court? They are hiring an attorney because they are already on the defensive about this...
The current owners are very nice people. I bought the house 20k less than its appreciated value. I am still happy with the offer. Because there was an item not disclosed properly on the disclosure form, I could get my ernest back or submit a new offer. My realtor has sent them a letter basically stating that I expect one of two things to happen:
1) the siding be replaced with hardiplank (obviouslly by the builder. It would cost the owners over 15k to do it)
2) a cash settlement [no amount stated] from the builder is to be split 50/50 over this issue.
I can't do anything except encourage the owners. It is in their ball park. I want to know what my chances are on getting one of the two above...
Thanks!
Ryan
I made an offer to purchase a house which was accepted. On the disclosure form it clearly indicated that the house exterior was hardiplank (nicer and more expensive than hardboard or masonite).
The current owners paid for hardiplank. In their building contract they have stated that hardiplank was to be installed on the house. They foundout it wasnt hardiplank (it was hardboard) after my building inspector took a look. I already had my doubts.... They are very very upset about this (at the builder). This house was purchased new on 11/97.
Questions: 1) [being an engineer and knowing little of the law] Is there a statute of limitations for this type of civil break of contract? The cost difference of hardiplank v hardboard are big. They paid for thousands more in better siding the current owners didnt get. Is it too late to get any money from this? We have made an agreement to split the settlement....
2) They have very good documentation on this issue (and what siding they were suppose to have installed). Would this be an issue that more than likely would be settled out of court (cut and dry fault) or do you think they will drag the current owners in court? They are hiring an attorney because they are already on the defensive about this...
The current owners are very nice people. I bought the house 20k less than its appreciated value. I am still happy with the offer. Because there was an item not disclosed properly on the disclosure form, I could get my ernest back or submit a new offer. My realtor has sent them a letter basically stating that I expect one of two things to happen:
1) the siding be replaced with hardiplank (obviouslly by the builder. It would cost the owners over 15k to do it)
2) a cash settlement [no amount stated] from the builder is to be split 50/50 over this issue.
I can't do anything except encourage the owners. It is in their ball park. I want to know what my chances are on getting one of the two above...
Thanks!
Ryan