Help! So we live in a hot housing market where homes are under contract within a day of listing. We jumped at a home we instantly loved and made a full price offer, put down a 3% deposit with a contingency of a home inspection and radon testing. We had that done within the specified time frame and there were several minor items on the report a few larger concerns and the radon testing came back high. Our realtor recommended that we negotiate for repairs to the home and received an inflated estimate for some of the repairs. We made sure to tell her we wanted the home regardless if the sellers were willing to agree to any repairs. We didn’t want to miss out on this home over a couple thousand dollars and were willing to make the repairs ourselves. So our realtor recommended we ask for the cost of the repairs and the installation of a radon mitigation system. We didn’t want to piss of the seller as it’s a hot housing market but were talked into asking for repair costs by our realtor. We asked for half of the estimate cost as we agreed it would be fair to split the cost and asked them to install the radon mitigation. She assured us they would either agree or just flat out say no leaving us with the original contract which we were fine proceeding with. So low and behold the sellers come back requesting we put the closing date off 10 weeks because they aren’t ready to move! We are moving to a new area with our kids who are in school and intentionally chose summer time to make the move! I told our realtor we would be happy to allow them to stay an extra couple weeks after closing as long as there was an agreement and they paid rent but we needed to move and be settled before schools starts. Our interest rate is locked in until a few days after our initial closing and I fear loosing the amazing rate we have locked in and would rather not delay the mortgage process. So our realtor calls to tell us that the seller can walk away if we don’t accept their offer. What?!? I don’t see it anywhere on the sales agreement and we specifically asked our realtor if that could happen and she assured us it would not. She stated that because we changed the terms of the contract by asking for repairs than we opened the door for negotiations voiding our original contract. I’m sick to my stomach. We were transparent from the beginning that the repairs were not a priority and I feel like we’ve totally screwed ourselves. What can we do? Our realtor insists they can walk away and doesn’t seem too concerned with resolving this for us. Do we have any options or protection from the seller backing out? To add: they have a strong sentimental attachment to the home and I think are struggling emotionally letting go.
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source https://www.reddit.com/r/RealEstate/comments/gtr985/cancel_contract_after_repair_requests/
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