Experience with Real Estate Mediation & Arbitration
We recently purchased a remodeled home, only to discover after close that many of the premium upgrades promised by the seller (a professional real estate development company) were false and misrepresented: really poor paint job/quality, poorly built and un-permitted deck, poorly installed windows/doors that have exposed the home to water damage, wood rot/mold issues that they claimed were addressed but actually covered up, many upgrades NOT done with permits (and the permit remains open despite promises to close before escrow closed), etc. We are considering legal action and want to see if anyone has had experience with mediation, and possibly arbitration? Legal fees to get to mediation seem to be ~$20k and for arbitration even greater. We've consulted a few lawyers who say that we have a case and hope we will be able to mediate, but we aren't sure at this point if it's worth the effort, especially if we end up having to go into arbitration, if our damages are less than $100k. Has anyone had experience with going through mediation & arbitration?