Jeannie in NJ Posted February 25, 2012 Share Posted February 25, 2012 and yesterday was the 14th day after both parties had signed the contract. The contract is the standard boilerplate one used by all the realtors here and there is a clause that gives the buyer 15 days to have an home inspection and then cancel for any reason. We sold our house "as is", they agreed to that but then had a home inspection and used that clause to cancel. They sent our realtor their notice to cancel in a email and then wrote that if dh and I will pay for all repairs then they might issue a new contract. We cannot afford to pay for any repairs that is why we are selling and selling "as is". This wa our only offer in 9 months. I am just sick over this and now we have to cancel on buying that beautiful but affordable house that we love. Â Our realtor tried calling the buyers all day yesterday, no response, he finally got an email last night and buyer said he will call our realtor this morning. For what reason I don't know and he hasn't called yet. Â I am spittin mad and upset. Quote Link to comment Share on other sites More sharing options...
Teachin'Mine Posted February 25, 2012 Share Posted February 25, 2012 I'm so sorry. Since it was being sold as is, that clause should have been stricken from the contract IMO. I think it would have been reasonable to give them a few days to have an inspection, but 15 days? :confused: Since this sale is so important to you, I'd go over the numbers with your husband and see what you could offer them in cash at the time of closing which they could then use for the repairs. It stinks, but I'd do what you can to help another contract be written up. Maybe? a contract could be made for say $10K more than what it was before, and then you give them $10K or $20K at the time of closing. It may not be the price of the home that's a problem, the buying of the house may leave them strapped for cash which they'll need to do the repairs. Just a thought. :grouphug: Quote Link to comment Share on other sites More sharing options...
Jeannie in NJ Posted February 25, 2012 Author Share Posted February 25, 2012 we have thought about if we can any way come up with some money but we don't even know what kind of money the buyer would want, would it be 10,000 or 50.000 or even more. He has not called our realtor yet with his demands. I feel like he is holding us hostage. Quote Link to comment Share on other sites More sharing options...
elegantlion Posted February 25, 2012 Share Posted February 25, 2012 :grouphug::grouphug: I'm sorry, I would be livid as well. We've had a few real estate deals fall apart, one on my birthday of all times. I cried buckets of tears and cursed enough for two lifetimes. Â I would think there would be something they could do because the purchase was to be "as-is". We've bought two houses as is, I think we could do an inspection if we wanted but we could not ask the seller to pay for any repairs. I'm not sure we could have even legally used the inspection to back out. I don't exactly remember, because dh always does own our inspections. Quote Link to comment Share on other sites More sharing options...
Impish Posted February 25, 2012 Share Posted February 25, 2012 I'm sorry :grouphug: Quote Link to comment Share on other sites More sharing options...
Parrothead Posted February 25, 2012 Share Posted February 25, 2012 I am so sorry. We are here holding our breath for the next 19 days hoping the same thing does not happen to us. :grouphug: Quote Link to comment Share on other sites More sharing options...
elegantlion Posted February 25, 2012 Share Posted February 25, 2012 we have thought about if we can any way come up with some money but we don't even know what kind of money the buyer would want, would it be 10,000 or 50.000 or even more. He has not called our realtor yet with his demands. I feel like he is holding us hostage. Â It does feel scammy (I know it's not a word). How could they agree to buy as-is and then come back asking for concessions from the inspection? Feels like a set-up all along. Would their realtor have told them to do this, just to get you to cover repairs on the back end. Â My initial gut reaction would not be good, I'm afraid. Â I wish you clarity and peace today. :grouphug: Quote Link to comment Share on other sites More sharing options...
simka2 Posted February 25, 2012 Share Posted February 25, 2012 Can you find out what the repairs are and lower the selling price accordingly? Â If I had any room to do that I would. It is probably what they are trying to get you to do anyway. Â :grouphug: Quote Link to comment Share on other sites More sharing options...
chepyl Posted February 25, 2012 Share Posted February 25, 2012 Are they getting a government loan? FHA, VA, Rural development? They may need repairs before closing to satisfy loan requirements. We dealt with this on both houses we havr purchased/sold. It is a pain. Quote Link to comment Share on other sites More sharing options...
chepyl Posted February 25, 2012 Share Posted February 25, 2012 Our first contract on our old house fell through this way. What really made us mad was that the way they did it, they got theor earnest money back. We had other looked that we lost with a contract pending and then no sale. Our realtor was mad, we were mad.....it is horrible! Quote Link to comment Share on other sites More sharing options...
AuntieM Posted February 25, 2012 Share Posted February 25, 2012 I think some real estate professionals can chime in with more accuracy, but in my experience, as a buyer/seller in various states, the term "as is" seems to have a shifting definition. The state RE laws should make it clear whether an inspection/cancellation period is mandatory. However, since you knew it was a clause in your contract, I'm sorry to say that your realtor should have at least prepared you for the possibility, especially if you are aware of the number of repairs. Do you feel like your agent made you fully aware of this possible outcome? Did you not expect any kind of mid-contract negotiations after inspections? That is a process which we have also found to differ from state to state. Â So here's one more thing to ask your agent about, because this is how it works here. Now that an inspection has been made, and the findings are "out there," do you have to add those findings to your property disclosure (ie, make that info known to all future buyers)? When we bought our current property, we ordered very thorough inspections. The results of those inspections caused us to go back to the sellers and say, hey, we need you to either cover this repair, or come down on your price, or give an allowance at closing to cover the costs of these repairs and we will take care of it. When the sellers got their feathers ruffled, our agent reminded them that the results of our inspections must be included in their future disclosures. The sellers then decided to come to terms with us. We were not in an "as-is" situation, however, the fact that there was an inspection/cancellation clause in your contract makes me think that your contract didn't represent a true as-is sale (and maybe the clause was required by your state's real estate laws). Â Anyway, is there anything you can do to salvage this sale? Can you think of it as still part of the negotiation process? Or have they completely walked away? Â I hope you can get this to all work out for you. Real estate transactions are SOOOOO stressful! Quote Link to comment Share on other sites More sharing options...
Jeannie in NJ Posted February 25, 2012 Author Share Posted February 25, 2012 they are using our realtor so our realtor is both the buyer and sellers realtor. He also is our realtor for the house we want to buy. He stands to lose 3 commissions, maybe 4 as the buyers own a condo a couple of blocks from us so they will probably want to sell that eventually or rent it out. Our realtor is steaming mad about this turn of events. They actually came to him to be their realtor is this sale, even tho he was already our realtor. Quote Link to comment Share on other sites More sharing options...
AuntieM Posted February 25, 2012 Share Posted February 25, 2012 I'm so sorry. Since it was being sold as is' date=' that clause should have been stricken from the contract IMO.[/b'] Â :iagree:unless state laws required it. Â I think it would have been reasonable to give them a few days to have an inspection, but 15 days? This is standard - it takes time to order-execute inspections. Â Since this sale is so important to you, I'd go over the numbers with your husband and see what you could offer them in cash at the time of closing which they could then use for the repairs. It stinks, but I'd do what you can to help another contract be written up. Maybe? a contract could be made for say $10K more than what it was before, and then you give them $10K or $20K at the time of closing. It may not be the price of the home that's a problem, the buying of the house may leave them strapped for cash which they'll need to do the repairs. Just a thought. :grouphug: . Quote Link to comment Share on other sites More sharing options...
AuntieM Posted February 25, 2012 Share Posted February 25, 2012 we have thought about if we can any way come up with some money but we don't even know what kind of money the buyer would want, would it be 10,000 or 50.000 or even more. He has not called our realtor yet with his demands. I feel like he is holding us hostage. Â They can exercise the walk-away clause according to the contract. They should be required to provide you copies of the inspection reports - your agent should demand them. Quote Link to comment Share on other sites More sharing options...
elegantlion Posted February 25, 2012 Share Posted February 25, 2012 they are using our realtor so our realtor is both the buyer and sellers realtor. He also is our realtor for the house we want to buy. He stands to lose 3 commissions, maybe 4 as the buyers own a condo a couple of blocks from us so they will probably want to sell that eventually or rent it out. Our realtor is steaming mad about this turn of events. They actually came to him to be their realtor is this sale, even tho he was already our realtor. Â Then I'd said he's going to have a very busy Saturday. :glare: Â Does your state have anything about buyer's agent? I know if we bought a house and used their realtor they had us sign a paper that they actually represented the seller, not us, and some of the "rights" (not the correct term) would go to the seller, not us. Quote Link to comment Share on other sites More sharing options...
elegantlion Posted February 25, 2012 Share Posted February 25, 2012 They can exercise the walk-away clause according to the contract. They should be required to provide you copies of the inspection reports - your agent should demand them. Â Shouldn't they also forfeit their deposit? Quote Link to comment Share on other sites More sharing options...
DawnM Posted February 25, 2012 Share Posted February 25, 2012 Did they put any money down that they will be losing? Â I am so sorry. Quote Link to comment Share on other sites More sharing options...
Mommyof4ks Posted February 25, 2012 Share Posted February 25, 2012 What did they find was wrong? If everything was disclosed, then they should have known what they were getting into. It might be a financing issue too. As is is fine for the buyer, but the bank may not take the risk of a cracked slab, bad plumbing, and so on. We know a few people who had to walk away when the sellers would not fix electrical issues, because the bank would not take the risk. I hope there is a way to work this out. Quote Link to comment Share on other sites More sharing options...
jenangelcat Posted February 25, 2012 Share Posted February 25, 2012 and yesterday was the 14th day after both parties had signed the contract. The contract is the standard boilerplate one used by all the realtors here and there is a clause that gives the buyer 15 days to have an home inspection and then cancel for any reason. We sold our house "as is", they agreed to that but then had a home inspection and used that clause to cancel. They sent our realtor their notice to cancel in a email and then wrote that if dh and I will pay for all repairs then they might issue a new contract. We cannot afford to pay for any repairs that is why we are selling and selling "as is". This wa our only offer in 9 months. I am just sick over this and now we have to cancel on buying that beautiful but affordable house that we love. Our realtor tried calling the buyers all day yesterday, no response, he finally got an email last night and buyer said he will call our realtor this morning. For what reason I don't know and he hasn't called yet.  I am spittin mad and upset.  :grouphug:  I feel for you. We had three in a row do this. Hubby and I were suffering from depression by the end of it. Quote Link to comment Share on other sites More sharing options...
Crimson Wife Posted February 25, 2012 Share Posted February 25, 2012 We actually signed cancellation paperwork on this house when the inspection turned up $60k worth of work that needed to be done and the seller balked at the price reduction we requested. We were willing to take the house "as is", but not at the initial offer price. It's a buyer's market and we were totally prepared to walk away from the deal. After we signed the cancellation, all of a sudden the two realtors were able to come up with a deal that everyone could accept. We would eat some of the repair cost, the seller would accept a somewhat lower price and also cover our closing costs, and the two realtors would share a lower commission. Â Good luck! Quote Link to comment Share on other sites More sharing options...
AuntieM Posted February 25, 2012 Share Posted February 25, 2012 they are using our realtor so our realtor is both the buyer and sellers realtor. He also is our realtor for the house we want to buy. He stands to lose 3 commissions, maybe 4 as the buyers own a condo a couple of blocks from us so they will probably want to sell that eventually or rent it out. Our realtor is steaming mad about this turn of events. They actually came to him to be their realtor is this sale, even tho he was already our realtor. Â Oh, I am very sorry to hear this. It leaves your agent in a position to ask you to compromise. Â I know the realtors here will object to this, but I'd be considering how much I'd be asking that agent to kick in for repair costs out of his commissions. I wouldn't mention that until the last minute, but I'd sure be doing the math. Â FWIW, I have only used an agent in a dual role once, and I will never do it again. Too much divided loyalty. It's really hard on the agent, as well as the clients all the way around. Quote Link to comment Share on other sites More sharing options...
Paige Posted February 25, 2012 Share Posted February 25, 2012 I'm so sorry. We had this happen twice when we sold our house. Then, we had another contract cancelled on a technicality about 10 days before closing. We never got to keep earnest money. I think in many states that the buyer can walk away for any reason within the 15 or so days written in the contract for inspections or whatever. They don't even have to have a good reason. One of ours was cancelled and all we got was that they decided they wanted a bigger house. They just changed their minds! We were so mad but there's nothing you can do. Â :grouphug: I hope you get a better offer soon! Quote Link to comment Share on other sites More sharing options...
Crimson Wife Posted February 25, 2012 Share Posted February 25, 2012 Shouldn't they also forfeit their deposit? Â If there is an inspection clause, the buyer can cancel the contract within the inspection period without losing the deposit. I would NEVER sign an offer that didn't have this sort of inspection clause protection. Quote Link to comment Share on other sites More sharing options...
AuntieM Posted February 25, 2012 Share Posted February 25, 2012 Shouldn't they also forfeit their deposit? Â All depends on how the contract is written. When we bought this home, if the inspection results did not meet our satisfaction, we could walk away and keep our earnest money. Â You really do have to read all the fine print. :tongue_smilie: Quote Link to comment Share on other sites More sharing options...
Jeannie in NJ Posted February 25, 2012 Author Share Posted February 25, 2012 yes, they would get all their money back, deposit and earnest money. Still have not heard from realtor so he has not heard from buyer yet. Quote Link to comment Share on other sites More sharing options...
chepyl Posted February 25, 2012 Share Posted February 25, 2012 they are using our realtor so our realtor is both the buyer and sellers realtor. He also is our realtor for the house we want to buy. He stands to lose 3 commissions, maybe 4 as the buyers own a condo a couple of blocks from us so they will probably want to sell that eventually or rent it out. Our realtor is steaming mad about this turn of events. They actually came to him to be their realtor is this sale, even tho he was already our realtor. Â In both states I have bought homes in, that agents still YOUR agent, not the agent for the buyers. They must represent you. The buyer is basically on their own in the negotiations. Â Oh, I am very sorry to hear this. It leaves your agent in a position to ask you to compromise. Â I know the realtors here will object to this, but I'd be considering how much I'd be asking that agent to kick in for repair costs out of his commissions. I wouldn't mention that until the last minute, but I'd sure be doing the math. Â FWIW, I have only used an agent in a dual role once, and I will never do it again. Too much divided loyalty. It's really hard on the agent, as well as the clients all the way around. Â Our agent did thisnon our first offer. They were going to cover half the repairs. They buyers were being uncooperative. They had dwcided they wanted out. They were demanding repairs not mentioned in the inspection. The roof was fine, old, but fine and they wanted a new.roof! We refused that, but were fixing everything else. Quote Link to comment Share on other sites More sharing options...
In The Great White North Posted February 25, 2012 Share Posted February 25, 2012 When the sellers got their feathers ruffled, our agent reminded them that the results of our inspections must be included in their future disclosures. Â This must vary by state. We have bought and sold several houses and the disclosure was always signed as of the date of the contract with the realtor. There was no requirement to update it until a new contract was signed. Â We have never provided a copy of the inspection to the sellers either and no buyer has ever given it to us. The buyer paid for it and it is theirs. The seller don't have a right to that information. (The sellers can offer it, if they want to use it to negotiate, but it's up to them.) The normal inspection contingency clause allows the buyer to cancel without penalty after the inspection. It doesn't require them to disclose either the inspection or even the estimated cost of repairs. Â Check your state laws to see if you are required to update the disclosure form at all and whether you are required to update it if they do not give you a copy of the inspection (because without it you really don't know anything.) Â I think it would have been reasonable to give them a few days to have an inspection, but 15 days? Â The states we were in all had a three day waiting period before the contract was binding (not 15) but the normal inspection contingency was 30 days. Quote Link to comment Share on other sites More sharing options...
Posted February 25, 2012 Share Posted February 25, 2012 they are using our realtor so our realtor is both the buyer and sellers realtor. Â This seems like a remarkably bad idea. Quote Link to comment Share on other sites More sharing options...
blessed2fosteradopt Posted February 25, 2012 Share Posted February 25, 2012 What kind of repairs are we talking? Inspection costs on reports are VERY inflated. Is your husband handy? He may be able to do some of the work himself. You would have to provide receipts for parts and they could have the repairs reinspected. We did this with our last home sale. Â Whatever the case, I do hope there is something that can be done to save the sale. I am so sorry. Â Lisa Quote Link to comment Share on other sites More sharing options...
Stacy in NJ Posted February 25, 2012 Share Posted February 25, 2012 agreed upon in the contract - maybe 2-5K less. Nothing like an in your face price reduction to cause regret in a balking buyer. Since your contract with that buyer is now void, you can let them stew about the price reduction. Quote Link to comment Share on other sites More sharing options...
Pippen Posted February 25, 2012 Share Posted February 25, 2012 We actually signed cancellation paperwork on this house when the inspection turned up $60k worth of work that needed to be done and the seller balked at the price reduction we requested. Good luck! Â Friends of ours cancelled when they did the walkthrough the morning of the closing. A major storm had passed through during the night and there was major damage due to a leaky roof. Â They didn't even negotiate--they walked away. Quote Link to comment Share on other sites More sharing options...
melissel Posted February 25, 2012 Share Posted February 25, 2012 Oh Jeannie, I'm sick to my stomach for you here :grouphug: I hope you all can find some way to work it all out. Real estate transactions can be so awful :( Quote Link to comment Share on other sites More sharing options...
melissel Posted February 25, 2012 Share Posted February 25, 2012 Friends of ours cancelled when they did the walkthrough the morning of the closing. A major storm had passed through during the night and there was major damage due to a leaky roof. Â They didn't even negotiate--they walked away. Â :svengo: I can't imagine being either the buyers or the sellers in that situation! How awful all around! Quote Link to comment Share on other sites More sharing options...
love2read Posted February 25, 2012 Share Posted February 25, 2012 I'm sorry this happened and can imagine how upsetting it must be. I want to move too, but know that no one would buy it without our moving it out of the fixer up stage, so we just stay here and make do. Quote Link to comment Share on other sites More sharing options...
melissel Posted February 25, 2012 Share Posted February 25, 2012 agreed upon in the contract - maybe 2-5K less. Nothing like an in your face price reduction to cause regret in a balking buyer. Since your contract with that buyer is now void, you can let them stew about the price reduction. Â Great idea. Quote Link to comment Share on other sites More sharing options...
Moxie Posted February 25, 2012 Share Posted February 25, 2012 So sorry you are going through this :grouphug:. Don't give up hope yet, maybe something can be worked out. Quote Link to comment Share on other sites More sharing options...
dancer67 Posted February 25, 2012 Share Posted February 25, 2012 I am a licensed RE Agent. First of all, you now have a dual agency problem. Now your agent cannot(legally) offer advice to you nor the seller. BAD BAD move on HER part. She should have had another agent in her office handle the showing of your property, or if she works alone, sub it out to another RE co, then worked the commission out with them. Â Second, I have never heard of any contract stating you, the seller can walk away for ANY REASON. There is always something inthe contract that states that if you do this, you will forfeit your deposit, and can even incur legal fees, moving fees, etc if you are buying another home and now you have lost money on that deal. Â 15 days for a home inspection is standard. But, if they decide to do a home inspection and decide this is not the home for them as there is way to much work to be done, even IF YOUR CONTRACT states they can walk away for any reason, they are obligated to put in writing what those repairs are, and then negotiate the price. Especially since the home is being sold "as is". In the contract, it should have stated this. Even homes being sold as is, still has to have a clause indicating that the house is beyond repair, or the bank will not finance it. IOW, they have to have a plausible excuse. Just changing their mind is not an excuse. That is not legal ANYWHERE. Â I would get myself a good RE Attorney(one that you might have used to so the closing on your home). Because if nothing else, they should have to forfeit their deposit. Quote Link to comment Share on other sites More sharing options...
Heather in Neverland Posted February 25, 2012 Share Posted February 25, 2012 I'm so sorry. :grouphug: Quote Link to comment Share on other sites More sharing options...
Crimson Wife Posted February 25, 2012 Share Posted February 25, 2012 agreed upon in the contract - maybe 2-5K less. Nothing like an in your face price reduction to cause regret in a balking buyer. Since your contract with that buyer is now void, you can let them stew about the price reduction. Â The seller tried this kind of stunt with us, and this was the point where we signed the cancellation paperwork. We told her that if she thought she could find another buyer willing to pay that asking price, she was welcome to try. There were a ton of other houses on the market, and if this deal fell through, we would just move on without a second thought. Â I think the seller thought we were bluffing about walking away, but we weren't. Quote Link to comment Share on other sites More sharing options...
TranquilMind Posted February 25, 2012 Share Posted February 25, 2012 and yesterday was the 14th day after both parties had signed the contract. The contract is the standard boilerplate one used by all the realtors here and there is a clause that gives the buyer 15 days to have an home inspection and then cancel for any reason. We sold our house "as is", they agreed to that but then had a home inspection and used that clause to cancel. They sent our realtor their notice to cancel in a email and then wrote that if dh and I will pay for all repairs then they might issue a new contract. We cannot afford to pay for any repairs that is why we are selling and selling "as is". This wa our only offer in 9 months. I am just sick over this and now we have to cancel on buying that beautiful but affordable house that we love. Our realtor tried calling the buyers all day yesterday, no response, he finally got an email last night and buyer said he will call our realtor this morning. For what reason I don't know and he hasn't called yet.  I am spittin mad and upset. That's interesting that the buyer can cancel for ANY reason. Here, the reason must be tied to a "major defect" affecting habitability to cancel. Quote Link to comment Share on other sites More sharing options...
TranquilMind Posted February 25, 2012 Share Posted February 25, 2012 Friends of ours cancelled when they did the walkthrough the morning of the closing. A major storm had passed through during the night and there was major damage due to a leaky roof. Â They didn't even negotiate--they walked away. Wow. That's some really bad luck there. Sorry this happened to you. One hour later, and that roof job would have been on the new Buyer, not you. Quote Link to comment Share on other sites More sharing options...
TranquilMind Posted February 25, 2012 Share Posted February 25, 2012 they are using our realtor so our realtor is both the buyer and sellers realtor. He also is our realtor for the house we want to buy. He stands to lose 3 commissions, maybe 4 as the buyers own a condo a couple of blocks from us so they will probably want to sell that eventually or rent it out. Our realtor is steaming mad about this turn of events. They actually came to him to be their realtor is this sale, even tho he was already our realtor. At least your Realtor has an incentive to make a deal work, that way. Â As-is means as-is, and when I buy as-is, I take what I get. I would back out only if there were a Major Defect affecting habitability, like a broken foundation or serious roof damage that was undetected. Not more minor stuff. That is to be expected in an as-is sale. Quote Link to comment Share on other sites More sharing options...
TranquilMind Posted February 25, 2012 Share Posted February 25, 2012 FWIW, I have only used an agent in a dual role once, and I will never do it again. Too much divided loyalty. It's really hard on the agent, as well as the clients all the way around. Â I've done it and it worked out really well, but then I am an attorney (back in the day) married to a real estate attorney and we don't need any representation, just schmoozing. One Realtor getting both sides of the commission will really go to bat to get the deal done, and gets more money. So it can work if you know what you are doing and if the Realtor is really excellent and diplomatic! Quote Link to comment Share on other sites More sharing options...
TranquilMind Posted February 25, 2012 Share Posted February 25, 2012 I am a licensed RE Agent. First of all, you now have a dual agency problem. Now your agent cannot(legally) offer advice to you nor the seller. BAD BAD move on HER part. She should have had another agent in her office handle the showing of your property, or if she works alone, sub it out to another RE co, then worked the commission out with them. Second, I have never heard of any contract stating you, the seller can walk away for ANY REASON. There is always something inthe contract that states that if you do this, you will forfeit your deposit, and can even incur legal fees, moving fees, etc if you are buying another home and now you have lost money on that deal.  15 days for a home inspection is standard. But, if they decide to do a home inspection and decide this is not the home for them as there is way to much work to be done, even IF YOUR CONTRACT states they can walk away for any reason, they are obligated to put in writing what those repairs are, and then negotiate the price. Especially since the home is being sold "as is". In the contract, it should have stated this. Even homes being sold as is, still has to have a clause indicating that the house is beyond repair, or the bank will not finance it. IOW, they have to have a plausible excuse. Just changing their mind is not an excuse. That is not legal ANYWHERE.  I would get myself a good RE Attorney(one that you might have used to so the closing on your home). Because if nothing else, they should have to forfeit their deposit. I would like to see the actual language of the Purchase Agreement. I've also not seen any language permitting the buyer to cancel "for any reason" in reference to any sale, much less and as-is sale. Here, it would have to be for a major reason affecting the habitability of the home and NOT previously disclosed. If it has been disclosed in an as-is sale (or any sale), there is no basis for cancellation. Quote Link to comment Share on other sites More sharing options...
TranquilMind Posted February 25, 2012 Share Posted February 25, 2012 Sorry for that bad news. I hope something good comes along soon. From their perspective I still think it's fair. My understanding of "as is" is that the seller will not fix anything, but this doesn't mean the buyer cannot back out after finding out what needs to be done to it so long as it is within the agreed upon time period (hence why they got an inspection). What would be the point of an inspection otherwise (and as you know they are not cheap)? AND so long as it has not been previously disclosed. Quote Link to comment Share on other sites More sharing options...
Lawana Posted February 25, 2012 Share Posted February 25, 2012 I am a licensed RE Agent. First of all, you now have a dual agency problem. Now your agent cannot(legally) offer advice to you nor the seller. BAD BAD move on HER part. She should have had another agent in her office handle the showing of your property, or if she works alone, sub it out to another RE co, then worked the commission out with them. Second, I have never heard of any contract stating you, the seller can walk away for ANY REASON. There is always something inthe contract that states that if you do this, you will forfeit your deposit, and can even incur legal fees, moving fees, etc if you are buying another home and now you have lost money on that deal.  15 days for a home inspection is standard. But, if they decide to do a home inspection and decide this is not the home for them as there is way to much work to be done, even IF YOUR CONTRACT states they can walk away for any reason, they are obligated to put in writing what those repairs are, and then negotiate the price. Especially since the home is being sold "as is". In the contract, it should have stated this. Even homes being sold as is, still has to have a clause indicating that the house is beyond repair, or the bank will not finance it. IOW, they have to have a plausible excuse. Just changing their mind is not an excuse. That is not legal ANYWHERE.  I would get myself a good RE Attorney(one that you might have used to so the closing on your home). Because if nothing else, they should have to forfeit their deposit.  We just sold my mother's house this past summer. There was a clause (standard boiler plate contract) that sounds almost exactly like the OP's. The buyer had 15 days to walk away for any reason after an inspection. I don't know what would have happened if an inspection was never performed─perhaps the seller could sue the buyer, but somehow I doubt the seller would prevail.  We were selling as is, knowing there were issues (110yo house). The buyers still came back asking for repairs/reductions. We weren't upset: we assumed they were doing their best to negotiate the price most favorable to them. We just declined to give any consessions, and the deal went through. The house was underpriced to start with, the offer was for $10k more than the asking price, and we would have just relisted at a higher price. I do understand, however, that most persons selling houses don't happen to be in that kind of position. Quote Link to comment Share on other sites More sharing options...
Catwoman Posted February 25, 2012 Share Posted February 25, 2012 and yesterday was the 14th day after both parties had signed the contract. Â How gracious of them to wait until the last possible minute. :glare: Â Personally, I think it's a ruse to get you to lower your price. They waited 14 days to let you know, because they probably figured you would have already committed to buy your new home by now, and would stand to lose thousands of dollars on that one if you had to cancel the contract and lose your deposit. Â There's probably nothing wrong with the house that they didn't know about when they signed the contract. I think they knew the house had been for sale for 9 months and figured you were desperate, so they could pull a fast one at the last minute and get away with it. :mad: Â Your realtor stands to lose a ton of money on this, so be very firm in your stance about not being able to do repairs or reduce the price by more than a few thousand dollars. Otherwise, if it looks like the buyers are being difficult, he may play both sides of the deck and try to get you to agree to a huge reduction, just to ensure he gets a commission on both home sales. Be very careful about showing any weakness to your realtor, no matter how nice he seems to be. This is all about the money. Don't act like you're desperate to get the new house; try to make it seem like there will always be another house out there and very sweetly say that maybe it's time to take a break from looking at houses for a while. You need your realtor to view you as the stronger party here, and to think he may not be getting any commissions from you if this deal doesn't work out. Â :grouphug::grouphug::grouphug: Quote Link to comment Share on other sites More sharing options...
Teachin'Mine Posted February 25, 2012 Share Posted February 25, 2012 they are using our realtor so our realtor is both the buyer and sellers realtor. He also is our realtor for the house we want to buy. He stands to lose 3 commissions, maybe 4 as the buyers own a condo a couple of blocks from us so they will probably want to sell that eventually or rent it out. Our realtor is steaming mad about this turn of events. They actually came to him to be their realtor is this sale, even tho he was already our realtor. Â Then your realtor should be working double time coming up with a solution. I agree - you need to know how the results of the inspection and how much the buyers think it will take to fix the important things. I'd definitely put it to your realtor that you can't come away with less, even though you may have to go a bit less in the end, but that a contract can be drawn up for however much more they need, and then that money would be given to them at the time of the closing. That should be a win-win situation - unless they're just looking to pay less. Hopefully, that's not the case. Quote Link to comment Share on other sites More sharing options...
MariannNOVA Posted February 25, 2012 Share Posted February 25, 2012 Oh, Jeannie!!! I am so sorry!!!!:crying::crying::crying: Â :grouphug::grouphug: Quote Link to comment Share on other sites More sharing options...
Crimson Wife Posted February 25, 2012 Share Posted February 25, 2012 I would like to see the actual language of the Purchase Agreement. I've also not seen any language permitting the buyer to cancel "for any reason" in reference to any sale, much less and as-is sale. Here, it would have to be for a major reason affecting the habitability of the home and NOT previously disclosed. If it has been disclosed in an as-is sale (or any sale), there is no basis for cancellation. Â The buyer made the offer assuming that the house was in a certain condition. If the inspection turns up latent problems, they have every right to request either repairs or a price reduction. If the seller is not in agreement, then the deal falls through and the seller can try to find another buyer willing to pay a higher price. Â The house we bought was presented as being in "move-in condition". Thank goodness we hired a thorough home inspector who discovered $60k worth of things that needed to be fixed. We were fine taking the house in "as is" but not at anything close to the original offer price. Quote Link to comment Share on other sites More sharing options...
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