We are involved with a transaction that taught us a lesson.
The Realtor and the seller did not know that we developed a rapphort with the electrician.
The electrician told us he will probably lose a customer over this:
The seller put in a 200 Amp Circuit Breaker. Per the addendum. But he did not wire the circuit breaker for 200 AMP service. He was told to put in a 200 Amp Circuit breaker. He was told not to pull a permit. (if a permit was pulled the inspector would see that it is not wired for 200 AMP service and would fail the inspection).
We found out of course and took this to our broker and to the legal hot line. And guess what. The installed a 200 AMP circuit breaker satisfies the addendum.
The problem is that the buyer knows. And if the buyer buys insurance and does not disclose the substandard work, the buyer will be guilty of insurance fraud. So we are told.
Since this is an ongoing drama, we don't know the net result.
The buyer can't get insurance, yet they seem to be bound to a contract that may be enforceable by the seller.
The Realtor is certainly looking at some kind of ethics violation and the seller is ready to persue that angle.
Yet, the buyer is still bound.
Stay tuned for more updates. (lesson 1....addendum should say 200 Amp service with a permit).
Curious about the pitfalls of buying real estate with out an informed Realtor?
If you don't know about SWIFTMUD Swales, and impacts of homes removed and the impact fee implications. If you don't know about home inspections and survey implications, if you need to write an addendum to get repairs done and/or if you do not have much experience buying homes...get an established experienced Realtor to be your advocate.
Randy Jenkins Broker Associate 727-409-4663
Coldwell Banker F Grey and Son
6330 US 19 New Port Richey Fl 34652 www.409home.com