can I get money back and get rid of my note

I purchased 4 houses on a plot of land in west asheville last year. I was from out of town, so I used the inspector my real estate agent suggested. When I hired a contractor to start remodeling I was told that the house is a loss. Infact it’s not a house, it’s 3 sheds with a fancy roof. It only has slats in the walls instead of 2x4s and has no foundation. The entire back wall is bowed out and ready to fall. Later the inspector told me he didn’t look at the back of the house because of brush and he said he didn’t look in the attic which would have revealed the issue because there was a wasp nest. He never mentioned these things on his report so I thought the house was fine and I bought it. Now I have a 90,000. home that needs to be demolished. The seller sold AS IS.Help

Asked on November 26, 2018 under Real Estate Law, North Carolina

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 2 years ago | Contributor

You can't get out of the note, because the note is between you and the bank/lender, not you and the inspector: since the bank/lender did nothing wrong, the contractor's failure has no effect on them or on the validity/enforceabiltiy of the note.
You can sue the inspector, and if you can show, as you may well be able to, based on what you write, that he didn't even look at parts of the house before issuing his report and ignored obvious and visible significant issues (like it not being a house--just "3 sheds with a fancy roof"), you can potentially recover monetary compensation, such as the demolition and re-building cost. It's certainly worth discussing this with a local attorney, who can review the facts in more detail with you and advise you as to your options, potential recovery, and strength of case.


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