The sellers contractor did not complete work. Our rate lock is ending. What options do we have?

We went for our final walkthrough and found multiple issues with the work the contractors had completed. We also had major issues with our real estate agent and had to call the broker to request a no contact, which now their transaction coordinator has taken over. Anyway, major items on our removal of contingency were not done at all and some that were completed are a joke.

We had an inspector go out to check the repairs and found multiple issues (for example, a roof leak was supposed to be repaired and there is still a hole where light is coming in, inside the attic, which was noted on our original inspection/roc) and many other items that were not touched despite being listed on the invoice from the contractor they hired. The transaction coordinator sent an email to the listing agent with the findings from our inspector.

The selling agent told us that the sellers were refusing to pay for any additional repairs. We asked about holding $ in escrow to get the repairs completed or getting a credit at closing, they refused. Then we got a message from our transaction coordinator saying the sellers wanted to put the home back on the market. We told them, sure, as long as we get our earnest money back.

Now the broker for the listing agent is saying they’re going to try to negotiate with the contractor they hired to get the repairs corrected. We have an issue with this because of their poor quality of work to begin with and we also found court documents online against this contractor for the exact same sort of thing. So, clearly he is not trustworthy. Additionally, one of the items is related to the hvac and specifically states have an hvac tech repair. (The flue for the propane furnace is the wrong material and it’s literally connected to a dryer vent and tube).

To complicate matters more, our rate lock ends on 11/1 and it’s $83 a day to keep our rate. As slow as this has gone, it could continue a lot longer and be costly for us to keep our rate lock. Especially if the sellers try to get this less than satisfactory contractor back out and then we have to have the inspector go out again. Then what if it’s not fixed, more time and $. So, at this point we really want to walk but according to our broker, we have to be released.

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

source https://www.reddit.com/r/RealEstate/comments/qizss3/the_sellers_contractor_did_not_complete_work_our/