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Started By
Message
Exiting purchase agreement as a home buyer
Posted on 1/12/10 at 3:59 pm
Posted on 1/12/10 at 3:59 pm
The purchase price has been set, but upon inspection problems were found that need to be addressed.
If the seller does not agree to requested allowances, then is it generally normal to exit the agreement?
This would be before the 10 day inspection period is up.
If the seller does not agree to requested allowances, then is it generally normal to exit the agreement?
This would be before the 10 day inspection period is up.
4
Posted on 1/12/10 at 4:10 pm to CommanderHeavy
If the problems are above normal wear and tear the PA is not enforce, you can walk or renegotiate either way.
If the seller does not want to match you on a counter the deal can fall through and you should get you earnest money back.
If the seller does not want to match you on a counter the deal can fall through and you should get you earnest money back.
Posted on 1/12/10 at 5:47 pm to CommanderHeavy
hell yes. I've heard you can get out of a deal bc it doesnt' smell right. I have no proof of this.
Get the seller to agree to fix and show you proof that it was done by a licensed (eletrician, plumber, etc). Then go back and have it reinspected unless it is something you can check yourself. We did that-by my realtor is going to pay for reinspection. small price to pay for what she is making.
alternatively, you could ask for an allowance, just make sure you get enough $$.
Get the seller to agree to fix and show you proof that it was done by a licensed (eletrician, plumber, etc). Then go back and have it reinspected unless it is something you can check yourself. We did that-by my realtor is going to pay for reinspection. small price to pay for what she is making.
alternatively, you could ask for an allowance, just make sure you get enough $$.
Posted on 1/12/10 at 6:11 pm to LSUdaughter
Oh, I'm definitely going to ask for an allowance, but I just get the feeling they are not going to accept. Basically, they incorrectly stated how old the roof was (possibly lied since they are the original owners). The roof is in need of repair. The wiring to outside hookups/sheds that I assumed were normal are actually rigged up in a very dangerous way. The A/C is too big for the volume. There's a few other things they rigged up that I can knit-pick over like the dishwasher is loose, and stuff like that. Also, I believe they lied about how much their flood insurance premiums are.
I still like the house and structurally it is fine. I just don't want to pay thousands more than it is worth because of jacked up things like that.
I still like the house and structurally it is fine. I just don't want to pay thousands more than it is worth because of jacked up things like that.
This post was edited on 1/12/10 at 6:15 pm
Posted on 1/12/10 at 7:07 pm to CommanderHeavy
quote:
The A/C is too big for the volume
Is this really an issue??
Roof is MAJOR so is bad wiring.. Not sure how they would be able to lie about flood insurance you should be able to find out what you would pay if you moved in. How old is the house? If its over 20 years old you will be hard pressed to find a house issue free.
Posted on 1/12/10 at 10:07 pm to LSUdaughter
Heavy, FYI, LSUDaughter is my youngest.....
Easy on the questions with her.
Easy on the questions with her.
Posted on 1/12/10 at 10:34 pm to CommanderHeavy
quote:
Oh, I'm definitely going to ask for an allowance, but I just get the feeling they are not going to accept. Basically, they incorrectly stated how old the roof was (possibly lied since they are the original owners). The roof is in need of repair. The wiring to outside hookups/sheds that I assumed were normal are actually rigged up in a very dangerous way. The A/C is too big for the volume. There's a few other things they rigged up that I can knit-pick over like the dishwasher is loose, and stuff like that. Also, I believe they lied about how much their flood insurance premiums are.
if they are lieing about all those things, what else are they lieing about?
Posted on 1/13/10 at 12:05 am to LSUdaughter
quote:
if they are lieing about all those things, what else are they lieing about?
Yeah, I just have a very uneasy feeling about the house, now. From the inspection, it looks like they treated the house like dirt and covered things up in the cheapest possible way. The A/C unit is suspicious, the roof is a problem and has probably been like that since at least Gustav. In order to supply power to their motor home hookup, shed, outside lights, outside outlets, etc - they just ran interior 110volt wire along the ground (uncovered and not in conduit). You can see the wires poking out every now and then and I wonder how these people managed to not electrocute themselves while doing yard work.
I know it is a crappy thing to do, and a lot of complaining over relatively normal stuff but the contract says that, during the 10 day inspection period, the buyer may elect to terminate the agreement and declare the agreement null and void.
Further compounding issues, the seller has already started packing. I feel like such a jerk and this whole thing makes me nervous as hell.
Posted on 1/13/10 at 12:14 am to CommanderHeavy
Is this the Spanish Town house??
Posted on 1/13/10 at 1:58 am to CommanderHeavy
quote:
buyer may elect to terminate the agreement and declare the agreement null and void.
If it is the standard LA purchase agreement, that is only if they DON'T remedy the things you ask to have repaired during the inspection period.
You can't just walk away b/c you changed your mind without paying the 10% penalty that has already been mentioned.
But, with that being said, if you are still in the inspection period, you should be able to make that list as long as you want so as to where they would never remedy everything. If it is the standard agreement, you can pick any inspector you want (doesn't have to be anyone licensed, it can be you, or any 'friend' of your choosing).
Posted on 1/13/10 at 7:52 am to Golfer
quote:
Message
Posted by Golfer
Is this the Spanish Town house??
no. That one is going to be for sale, soon.
Posted on 1/13/10 at 7:53 am to MikeBRLA
quote:
You can't just walk away b/c you changed your mind without paying the 10% penalty that has already been mentioned.
what if the buyer fails to secure the required down payment?
Eta. The contract is specific in saying, upon inspection period the buyer can opt to declare the agreement null and void. It lists asking for repairs or allowances as another option.
I can't find any caveats.
This post was edited on 1/13/10 at 8:25 am
Posted on 1/13/10 at 9:06 am to CommanderHeavy
quote:
flood insurance
Im out!
Posted on 1/13/10 at 9:17 am to MAUCKjersey1
LSUDaughter: maybe you could help a fellow TDer out by looking up sales in Spanish town. Particularly, those that involved either an empty lot or an old small delapidated home, but did not occur between family members?
The tax man says it is worth only $44k, but the land itself is a prime 30x120 (my estimate) lot by 6th st.
The tax man says it is worth only $44k, but the land itself is a prime 30x120 (my estimate) lot by 6th st.
This post was edited on 1/13/10 at 9:19 am
Posted on 1/13/10 at 9:32 am to CommanderHeavy
Why isn't your real estate agent(buyers agent) guiding you instead of asking us? If they have experience, they should know what will and will not happpen. They are not to take the place of a lawyer but they should know what will happen if you decide to back out.
Posted on 1/13/10 at 10:04 am to lsufanintexas
My buyers agent is great and I've run it by her (with no response). However, she is motivated by commission. How much do you think this quick legal advise will cost? I don't want to spend a bunch of money, if the answer is obvious.
Posted on 1/13/10 at 10:57 am to CommanderHeavy
quote:
I know it is a crappy thing to do, and a lot of complaining over relatively normal stuff but the contract says that, during the 10 day inspection period, the buyer may elect to terminate the agreement and declare the agreement null and void.
do not feel bad about these people that are lieing to you and do not give a flip about you. you are well within the law.
Posted on 1/13/10 at 10:58 am to CommanderHeavy
quote:
LSUDaughter: maybe you could help a fellow TDer out by looking up sales in Spanish town. Particularly, those that involved either an empty lot or an old small delapidated home, but did not occur between family members?
do you have a realtor? they should do a comp...they should also help you on issues like your origial one.
other sites are zillow.com and can't remember the other one. it will tell you what recently sold.
Posted on 1/13/10 at 11:53 am to LSUdaughter
quote:
other sites are zillow.com and can't remember the other one. it will tell you what recently sold.
zillow is impressive in many normal neighborhoods, especially those that are consistent. In Spanish town it is horrible. It has my house at $152 which is too high. The house is in very very bad shape and is only 1350 or so sqft. The house next door is in great shape, is modern, 1950sqft and sold for $279. Some nearby properties sold for dirt cheap because they were exchanged between family members in tax conscious ways. Those throw comps off, as well. Very hard to judge this area.
Eta: I wish I knew what the vacant lot on the corner of 5th and Spanish town was sold for a dew years ago. My lot is similar.
This post was edited on 1/13/10 at 12:12 pm
Posted on 1/13/10 at 1:04 pm to CommanderHeavy
quote:
In Spanish town it is horrible. It has my house at $152 which is too high.
How much lower? And how much work is needed?
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