Skip to main content

I messed up... Can my contract fall through and I still retrieve my EMD?

TL;DR - Tried getting a look at the foundation, and nothing came back. Panicked and moved forward, now regretting my decision. Can I get my EMD back? Closing date is suppose to be Thursday, November 30th.

Story time:

Newish Long Distance Investor. My capital is quite limited.

I put an offer, which was accepted. I got an inspection report. Amongst other things, there was a portion of the house where it was sunk and the foundation was messed up. Also, my inspector said that he suspects there's standing water below the housing due to mosquitoes coming out from the bottom. The weather on the day of the inspection was low 45 degrees Fahrenheit, high 72 degrees Fahrenheit. The inspector noted that they were unable to gain access to the foundation.

I communicated with my realtor, asking for one: an inspection extension, and two: access to the foundation so I can get a quote on any possible rehab. Realtor responded with "It's been requested." I communicated with a GC to check out the property and provide a bid. I specifically stated in my communication that I wanted to look at the foundation.

I get an email from the GC a few days later, and they also said that they weren't able to access the foundation, but gave me a extremely rough ballpark.

Here's where I messed up:

It was the last day of my inspection contingency and I panicked. I gave the counter of "Reduce the price, fix the foundation and I pay agreed price, or terminate the contract." Hindsight being 2020, I should've been more aggressive and only given 2 options, or just backed out. Also my realtor didn't really seem to have my best interest in mind. Now the sellers are looking at the costs to fix the foundation.

My question:

The contract is suppose to close November 30th (this coming Thursday). If the sellers don't get back to me by then, can I get my EMD ($2k) back?

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

source https://www.reddit.com/r/RealEstate/comments/185pl5b/i_messed_up_can_my_contract_fall_through_and_i/
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

Obtaining a real estate license as a hobby?

Hello, I am 24 years old - 2 years out of college and I have my main job. I was looking to get a real estate license (in California if location matters) as a hobby/for fun since I like real estate ever since I was in high school. In the past 2 years, I would go to open house in the weekends to look at homes for fun. I don’t plan to practice real estate full time as I have my main job but I am curious are there any benefits to this? In the future, I plan to own multiple properties and have rentals, so I was wondering if getting a real estate license can help me with it? Thanks submitted by /u/AlohVera [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1f0qx9i/obtaining_a_real_estate_license_as_a_hobby/
Post a Comment
Read more

Advice? Moved out of my primary residence and now renting

I moved out of the house I own in August 2021, I lived there for 8 years, I have been renting an apartment the past 3 years and renting out my house. My current tenant is moving out in September. I seem to have just missed the living 2 years out of 5 years rule for being exempt from capital gains tax and my house being a primary home. Any advice on what the best thing to do would be moving forward? Continue to rent out my house? I'm happy with my rental, but wouldn't mind buying another property down the road. I could sell my house down the road and try to do a 1031 exchange? Moving back in my house isn't ideal because it's an hour away from where I currently live. I could take a HELOC perhaps and try to buy another property and continue renting for the long term? I do have a 2.4% mortgage rate on the house so I don't mind keeping it for a while. Thanks for everyone's advice. submitted by /u/Ok-Top-7859 [link] [comments] source https://www.reddit.co...
Post a Comment
Read more