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Real Estate Law Question?
I just purchased a four bedroom three bath home. I paid their asking price which was a little high compared to the other homes in the area. Today I found a tag inside a kitchen cabinet that said the home is a modular home. This was never disclosed by the seller or the seller's agent. I called my agent and told him what I had found and after reviewing all of the paperwork he confirmed that the fact that it was a modular home was not disclosed. In my opinion a modular home is not as valuable as a stick built home. The house is in Tennessee. Do I have a case?
11 Answers
- 5 years ago
Why don't you become a developer? Law is gay. To practice the type of law you want to do, you will have to go to a great law school and graduate in the top 10% of your class, and maybe you will have a shot. The odds are stacked against you. As an example, one time there was a real estate law job advertised I really wanted. I had the right everything, which is rare because unlike being a dentist or a doctor most law ads don't say looking for a lawyer, they are pretty specialized because no one wants to invest in training you. I was called into interview twice. The hiring manager and I clicked. He told me that for this one position that 100 attorneys applied. Out of the 100, 10 were called in for a second interview, then it was down to me and another attorney. This was a 2-3 month process. This was around late 07' and the real estate market had begun to tank. To make a long story short the position was eliminated due to a poor real estate market. This is the typical crap you will deal with as an attorney. So to summarize, I had a 1% chance at the beginning. If you like 1% chances try to become a commercial real estate attorney. If you want good pay, health benefits, and do not want to move back in with your parents go into medicine. Harvard law grads had trouble in 09' and 10' getting placed in jobs. If the #1 school in your profession cannot place its grads what does it mean for all the other school's graduates? Avoid law.
- A_KansanLv 41 decade ago
First, different states place different requirements on real estate transactions. Most states, including mine, state that all real estate is sold as is where is, except as agreed to otherwise.
This means, that the seller is not required to disclose anything unless you ask them. Sometimes, good agents will have them fill out a seller's disclosure, but they aren't required to get a seller to do so.
This is where a house inspection comes in. Using that inspection you can request a seller's disclosure, but they don't have to tell you and you don't have to purchase it either.
Some states do require the seller to disclose all KNOWN problems. A modular manufactured home, isn't a problem. And, in any case, the quality of the home is not less than a stick built home. In fact, a case can be made that they are actually a higher quality since they are precission built.
I would ask yourself, "Do I like this house, or am I just having buyer's remorse?" "Are there real problems with the property, or is my inexperience coloring my judgment?"
I know when I purchased my first house, it seemed like everything broke at once. I was having a fit. Spent all that money for inspections, and crap still broke. Mine is a much older home though.
Well, I began to see how it was God's plan, as I am now a landlord and own a bunch of houses. I cut my teeth on this one and learned to fix for the others.
Manufactured housing is as good as stick built, it is just replicatable, and you may see other ones just like yours.
Don't sour on your home. Just enjoy it.
Good Luck
Source(s): Landlord - JimmyLv 51 decade ago
I do not know if anyone here can tell if you have a "Case" and the advise to contact a real estate attorney is prudent and I'm curious was the home on a solid foundation? and what did the disclosures say.?
Perhaps an appraiser can verify you paid over or under market value.
As to the agent is there duty to disclose, disclose, disclose.
Best to you.
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- Anonymous1 decade ago
This should have been disclosed however if the modular has been set on on a permanent foundation then it becomes REAL PROPERTY. meaning it is classified as a house.
- 1 decade ago
The appraisal or inspection papers will state what type of home it is. If either of those documents are incorrect then you can pin that lawsuit on the inspector or appraiser. If not... Unfortunately you will have a hard time convincing a judge of any smoke and mirrors.
- 1 decade ago
You have a case. You have to decide if it is worth your time and money to pursue it. Call three real estate lawyers and explain your situation. You will get a good feel from there reaction if it is worth pursuing your case.
- 1 decade ago
YES! Contact the sellers and advise them that you are aware, then their listing agent and inform both that if that do not rectify this situation you will see them in court!!!
Source(s): Real Estate and Mortgage business since 1998