Hi, everyone. First time homebuyer, here! My husband and I live in California and are in escrow for our first home. We were fortunate to view the house within its first few days on the market, as it was getting lots of attention due to being in really great condition with several upgrades. We ended up writing a letter to the seller explaining why we really loved and wanted her home, and got the home exactly at listing price. The seller clearly took pride in her home and claimed to be very pleased we were getting it.
Almost three weeks into our 45 day closing, we have already been conditionally approved for our loan and are just awaiting HOA documents to obtain a homeowners insurance quote. After that, we will be Clear to Close. The appraised value matches the listing price and we just had our inspection last week. Nothing major was uncovered during the inspection that would be a dealbreaker, but there were a few potentially costly repairs (such as a roof tuneup and some plumbing repairs) that we wanted to request from the seller. In California, we learned the seller by no means has to say yes to repair requests but we wanted to try to at least get a credit at closing. We knew in a worst case scenario, she would say no and we would have to be okay with that because this house is a great fit for us.
The seller sat on our repair request for days. Finally, we received forms back from her agent declining every request we made. Again, we knew this could happen, but our agent called the seller’s agent to try to negotiate. Evidently, the seller has changed her mind regarding the price she sold the home at and has decided that she won’t be negotiating anything anymore. Rumor has it that people in the seller’s life have been insisting she listed too low and now the seller is having regrets and is seeing if she can push us to cancel the contract.
Our good faith money is in the escrow account, our contract is ironclad with all appropriate signatures, and we have met every single deadline for removing all contingencies thus far. My questions is this - can the seller truly back out of the contract at this point? Do you think she will try to somehow sabotage the deal so that she can back out of it? I guess I don’t understand because the neighborhood comps matched the price of the home, so even if she had listed higher I feel like she would have ended up needing to do a price reduction if it appraised lower.
Thanks for any and all insight! As a first time homebuyer, this whole process has been overwhelming to say the least.
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source https://www.reddit.com/r/RealEstate/comments/ck3q6e/seller_is_having_regrets_and_trying_to_get_us_to/
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