Skip to main content

Cash Buyer backs out after contingency deadline, refuses to give up EMD and come to find out the EDM was never sent

So we had a cash offer for 375 on our house (listed at 400 but had contingent offer on home so 375 and cash was worth it). 1k emd and inspection contingency. Buyer from Alaska(we are WV) never saw house in person. Has relative join inspection where he(not inspector) said the 9 year old roof needed replaced and all the deck so she should back out instead of negotiating. I should also note that the roof and deck both past as good on the inspection. One portion of the deck is “spongy” but serviceable. They take 4 days to inform us, submit paperwork and requested the EMD returned. Contingency was for 2 days. We deny their request and then are informed that the 1k was never received. Seems stupid to pursue for 1k but if we can’t get another buyer this month we lose the contingent house that has had an inspection, appraisal and 2500 EMD tied in. Not to mention the other 1500 we are out for storage and deposits lost.
Our realtors have escalated it as far as they can so do I proceed with the closing scheduled next Tuesday and then take them to court or just give up? Had they submitted it when they were supposed to or had the relative show up for the initial showing or to see the house at any time we would not be in this situation. Seems a bit useless to establish a contract if none of it is followed through.

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

source https://www.reddit.com/r/RealEstate/comments/1h6gozp/cash_buyer_backs_out_after_contingency_deadline/
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

Pool fill without engineer oversight

We are in the process of purchasing our first ever home in CA and we just discovered in the disclosures that the new build property we are purchasing previously had a swimming pool which was filled without an engineer onsite to approve the work (details from disclosure below). Is this something we should be concerned with or not? Is it something we should have additional inspections conducted on? We are originally from the UK and not really sure what to do with this information and if it is concerning or not. A POOL DID EXIST PREVIOUSLY. COPING, TILE, GUNNITE AND REBAR WERE ALL REMOVED AND DIRT AND CLEAN DRAIN ROCK WERE USED TO FILL IT IN. COMPACTED FILL WAS NOT USED AND NO ENGINEER APPROVED THE DIRT AND DRAIN ROCK FILL IN submitted by /u/tommot82 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/dpyzw8/pool_fill_without_engineer_oversight/
Post a Comment
Read more

Making offers on houses not listed for sale.

I want to buy a home for retirement. I am looking at lots of options, mostly focusing on the locations that appeal to me. I see lots of Zillow estimates of homes that look like great deals to me. Are these estimates accurate, even though similar houses in the same area that are for sale are usually priced much higher? If so, is it realistic for me to try to make offers to owners that do not have their homes listed? Would a realtor even consider helping me do this? Or, do these values indicate that the houses listed for sale are overpriced, and I should just lowball until someone accepts? Are houses today tending to sell far below list prices, or ??? submitted by /u/chewybrian [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1o4mcon/making_offers_on_houses_not_listed_for_sale/
Post a Comment
Read more