Skip to main content

Cancel Contract after repair requests

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.

submitted by /u/KookyLog7
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/gtr985/cancel_contract_after_repair_requests/
Labels:

Comments

Post a Comment

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear
1 comment
Read more

Fast Rising HOA Fees on NYC Condo, No Budget Provided

My wife and I are first time homeowners and could use some advice on a situation we've been having with our management company and Board. We bought a condo in Brooklyn two years ago, and since then our HOA fees have climbed dramatically. In August of last year, our fees were increased by ~30% and just yesterday we received notice that this new figure would be increased by 16% as of June 1st. The by-laws for our building state that ten days before such a change goes into effect, the Board must provide unit owners with the itemized budget upon which the new numbers were based. This didn't happen last year, and when I asked the management company about it, they just kept vaguely insisting the Board had done due diligence. After I kept pressing, they finally sent a budget that was several years old, so obviously not the one that the new numbers were based on. When I asked the management company for contact information for the Board to get further clarification, I was told that th
Post a Comment
Read more

How to create fidelity investments current bank statement for lender during escrow

I transferred a certain amount to my bank account to complete the minimum down payment required. The bank wants a current statement of the transaction. Unfortunately, fidelity only does quarterly statements so a December statement is not available and we are due to close next week. I called fidelity and they they can only provide a letter but the bank said that won’t suffice. Any way I can find or make one of my own that has my account number/name along with all the recent month’s activities? submitted by /u/bodaciousbeans [link] [comments] source https://www.reddit.com/r/RealEstate/comments/zmnnqo/how_to_create_fidelity_investments_current_bank/
Post a Comment
Read more