"Jass" wrote in message
om...
A couple, friends of mine moved from Northern Virginia down to
Florida, about two months ago. They bought their first house, while
dealing with realtor and the bank over the phone. A family member who
lives in that area took few pictures for them so they knew what the
house looked like and stuff like that. So when they went down there to
sign the deal, in the closing time it was disclosed to them that the
house had previous work done back in 2000 I believe, something about
the house sinking into the ground and how they made a repair on it. My
friends came all the way down to find that out, but they bought the
house anyways. As the husband is a good general contractor he thought
he could fix the uneven celing. But as weeks are passing, they are
realizing how horribly the house is crooked, as if it's sinking again.
Now all the way is to sell it back to the bank, and come back to
Virginia because the house is not even and seems to be sinking despite
their work in 2000, plus all the hurracaines are getting to them.

To me this sounded like they were misled in the first place about the
house. I don't think that house is worth what it was sold as. Not for
a house that is uneven, about three four inches off from one side to
the other. They have a little girl who's learning to walk, and I see
this as hazardeus for her. Their contracts binds them that they can't
sell the house for the next 3 years. Now to me that is so harsh, as
the realtor/bank had to had known this house problem. What can they do
legally? Hire a laywer and sue them for misleading and hazardous
environment? They are also thinking of bancruptcy as a way out of that
huge buying the house mistake.

Any help would be appreciated!!!! Thanks!!!

Jass

We had a similiar situation. We were under a huge time constraint when my
husband obtained a job in a different state and we had 2 days to find a
house. Had we known then what we know now, we would have rented a house and
waited to purchase, when we weren't under such pressure.

Our house had many issues, none of them were disclosed to us at the time.
After my husband was laid off and the housing market in the town where we
lived fell drastically, we decided to transfer the lien back to the mortgage
company. This was our only way out, since we couldn't sell the house.

We paid $96,000 for the house, and 18 months later, after my husband and
many others in this small town were laid off, our house appraised for
$73,000.

Our only option was to do a "Deed in Lieu of Foreclosure". It took about 2
months and we had to keep our payments up to date, but it was such a relief
to finally be out from under that money-pit.

We did this back in April of this year and it's not yet on our credit
report, and hopefully it never will.

HTH,
Brigitte