Can I terminate a flooded house contract and get my earnest money back?

Status: Closed
Sep 12, 2017 Views1,386 Answer a Question

I've a contract to buy a house, which recently flooded by Harvey, the sellers did claim their flood insurance and get the repair done in 7 days and refuse to terminate the contract; given the situation, I don't feel comfortable about this house any more, pls advise how should I do in order to get my earnest money back? thank you!

Asked by
Consumer
Categories:
Home Buying
#1 Awarded – Best Answer
About 6 years ago
Hi Duke,

I have 3 suggestions. First you need to speak with your agent and broker. There job is it advocate for you. Second, if you are using bank finance, you need to speak with the bank to verify if they will still continue with the loan and then look at the contract to see if there is a financing contingency (appraisal value). Third, you may be able to use the situation to renegotiate. The flood may have altered the home in such a way just repairs are not enough.

If all else fails, you should speak to a real estate attorney. It would be worth the money to have the legal advice for such a big purchase.

I hope everything works out for you!

Michael Jobin, SRES
C&K Properties
713.545.2314
Disclaimer: Answers provided are just opinions and should not be accepted as advice.
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