Thread: Bad Investor/Buyer Wants Me To Cover His Rehab Overage!!?!?!

Okay, we bought a house for $105K that had originally been listed for $150K. Agent represented both seller and us (buyer.) We signed a buyer agreement and everything. During offer period between us and seller, we had a licensed structural engineer come in. He told us that it needed around $10K in repairs. I emailed agent and told her that our rehab estimate went up $20K as a result of foundation issues and this was, ultimately, how we got the house so cheap. No skin off her nose... Anyway, we bought it and decided to try to not rehab it and just resell it. Well, two weeks later, we did! We sold it for $136K. Buyer was a real jerk to put it nicely. He had signed a contract on it for $141K and called us day before closing to tell us that his rehab estimate was more than anticipated and that he wouldn't close unless we lowered our sale price. We did it. I know, I know... Oh, he also CLAIMED that he didn't pay the birddog that was involved the $9K that he was supposed to pay him. Real winner, I tell you... Anyway, house closed for $136K. Two months later, buyer calls me up and says that the structural engineering report was wrong and that he's now $20K over budget. Capper? He wants ME TO PAY $10K toward his overage. He says that he's called the agent who we used to buy it and that she sent him my email where I told her that our rehab estimate was more than anticipated. We sold it to him AS-IS with no disclosure. We didn't even HAVE to give him the structural engineer's report, but we did to HELP HIM! Now, I am furious with him and the agent! The guy sent me another email telling me that if I didn't pay some of his rehab costs that he's going to call a lawyer since he "thinks we knew something that we didn't tell him." Um, we owned the house two weeks, set foot in it a total of two times and never did a thing to it! HELP!

This sounds like an attorney problem. You need to get one that understands real estate contract law and have them advise you.