- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
What’s the latest you’ve ever gone before backing out of closing on a home?
Posted on 5/19/19 at 2:12 pm
Posted on 5/19/19 at 2:12 pm
The fiancé and I are pretty much in agreement of backing out of a home we’re under contract for because some of the repairs are “to complicated” to fix. It’s the Masonite siding for those are familiar with my previous posts. Final walk through and closing is next Friday. I plan to call the realtor tomorrow to break the bad news. Too late?
7
Posted on 5/19/19 at 2:21 pm to finchmeister08
You can back out of buying a house any time before closing. There may be some penalties for breach of contract depending on what you and the seller have signed.
Did you ask the seller to fix these things and they basically said it can’t be fixed? If that’s the case, I’d cut your losses and walk.
Did you ask the seller to fix these things and they basically said it can’t be fixed? If that’s the case, I’d cut your losses and walk.
Posted on 5/19/19 at 2:22 pm to finchmeister08
Probably a money board topic honestly. But if you have an inspection clause and are just now getting info back from the inspector or appraiser plus quotes to fix, then all of that can easily take 2-3 weeks. So walking away with a week or so left in a 30 day closing is by no means abnormal with an issue found during the inspection.
Eta: walk away if you have doubts. It’s better to worst case lose your EMD or pride over having to live in a house you hate and costs you tons of money to repair.
Eta: walk away if you have doubts. It’s better to worst case lose your EMD or pride over having to live in a house you hate and costs you tons of money to repair.
This post was edited on 5/19/19 at 2:24 pm
Posted on 5/19/19 at 2:28 pm to baldona
The inspection was 2 weeks ago I believe. There were electrical problems and these siding problems along with some knick-knack stuff that I new wasn’t expensive to fix I could’ve done myself.
Well, electrical stuff is done and that leaves the siding. They said they’d fix it. Well, one area “is too complicated to fix”. Here it is.
The boxes are in the way and they don’t want to move them to replace the siding. It’s bulged out a little bit and I’m afraid it’s a bigger deal than the picture shows.
Well, electrical stuff is done and that leaves the siding. They said they’d fix it. Well, one area “is too complicated to fix”. Here it is.
The boxes are in the way and they don’t want to move them to replace the siding. It’s bulged out a little bit and I’m afraid it’s a bigger deal than the picture shows.
Posted on 5/19/19 at 2:32 pm to finchmeister08
That siding was installed incorrectly
Posted on 5/19/19 at 2:41 pm to finchmeister08
You could be liable for realtor fees. Just check into that, if you were dealing with a realtor on your end.
You probably signed something the very first day you talked with the realtor
You probably signed something the very first day you talked with the realtor
Posted on 5/19/19 at 2:46 pm to Bucktail1
Parts of it have already been replaced by the previous owner. They didn’t match the texture properly.
Posted on 5/19/19 at 2:47 pm to finchmeister08
quote:
I’m afraid it’s a bigger deal than the picture shows.
You’re correct. What’s your worry here other than it not looking great? Where on the house is this located?
Posted on 5/19/19 at 2:47 pm to finchmeister08
quote:
Well, electrical stuff is done and that leaves the siding. They said they’d fix it. Well, one area “is too complicated to fix”. Here it is.
What’s so hard about that? I could have that replaced, painted and existing boxes reinstalled in an hour and a half.
Need to do a little tuck pointing on that brick.
This post was edited on 5/19/19 at 2:48 pm
Posted on 5/19/19 at 3:00 pm to finchmeister08
All depends what your contract says. You typically have so many days to accept or reject an inspection. Then it is a closed deal.
A seller may sue you for "specific performance." That means suing to perform as the contract is written. But depends on language of the contract you've entered into. Do you have an attorney representing you?
Note: that siding damage looks minor and could be easily corrected.
A seller may sue you for "specific performance." That means suing to perform as the contract is written. But depends on language of the contract you've entered into. Do you have an attorney representing you?
Note: that siding damage looks minor and could be easily corrected.
This post was edited on 5/19/19 at 3:07 pm
Posted on 5/19/19 at 3:07 pm to CoachChappy
The point of the matter is I’m worried it’s more than just a couple hundred dollars to fix. I tear it off and the plywood behind it is completely rotted through. A couple hundred turns into a couple thousand. The house is in a perfect spot. I just don't think I should have to put money into a house that’s being “flipped”.
ETA: if it’s too complicated for the seller to fix, it’s going to be too complicated for me to fix.
ETA: if it’s too complicated for the seller to fix, it’s going to be too complicated for me to fix.
This post was edited on 5/19/19 at 3:08 pm
Posted on 5/19/19 at 3:13 pm to finchmeister08
"I just don't think I should have to put money into a house that’s being “flipped”."
Flip or no flip, you should have worked things out with the purchase price and inspection report. Did you "perform" in a timely manner (according to contract) with the inspection?
Not trying to argue with you, just advise.
Flip or no flip, you should have worked things out with the purchase price and inspection report. Did you "perform" in a timely manner (according to contract) with the inspection?
Not trying to argue with you, just advise.
Posted on 5/19/19 at 3:25 pm to finchmeister08
quote:
too complicated for the seller to fix, it’s going to be too complicated for me to fix.
Who came out with this phrase? Was it someone on your side or theirs. That doesn’t look all that difficult. Even if you have to replace the plywood, that’s not a hard fix and I’m not the most handy guy.
Posted on 5/19/19 at 3:26 pm to ItzMe1972
They just told me this 3 days ago (Thursday) that’s it’s not gonna get done.
Here’s what the contract says.
Next paragraph
Here’s what the contract says.
quote:
If Seller does not agree to correct said defective conditions or provide the monetary credit at closing, and an agreement is not made between Seller and Buyer within three (3) consecutive days of delivery of said addendum to Seller, Buyer has option to accept the monetary credit and accept the Property "AS IS" or; may cancel this contract and receive a full refund of its earnest money.
Next paragraph
quote:
If the repairs are to be made by the Seller, the repairs listed on attached addendum must be completed no later than three (3) business days before the scheduled closing. In the event the agreed upon repairs are not completed in their entirety, Buyer shall have the right to accept the monetary credit and accept the Property "AS IS" or; may cancel this agreement and receive full refund of earnest money. Buyer shall conduct a final walk-thru and sign an AS IS property condition acknowledgement stating Buyer is accepting the property and repairs and / or the monetary credit in its then present condition.
This post was edited on 5/19/19 at 3:29 pm
Posted on 5/19/19 at 3:30 pm to finchmeister08
There was never an addendum done though. It was just, “hey, we’d like this fixed.”
They said okay until last Thursday.
They said okay until last Thursday.
Posted on 5/19/19 at 3:31 pm to finchmeister08
If there was a dollar amount attached to the repair, you are still obligated to buy the house with a credit for the value of the repair, based on the language of what you posted.
You should ask your agent.
You should ask your agent.
Posted on 5/19/19 at 3:38 pm to finchmeister08
quote:
The boxes are in the way and they don’t want to move them to replace the siding. It’s bulged out a little bit and I’m afraid it’s a bigger deal than the picture shows.
you are right to follow your instincts but you may lose some money to walk away but its better to lose a little then risk getting into a money pit.
that siding has been cut and spliced and it wasnt done very well at all. i bet there is water intrusion at the seem and you are probably right to be wary of rot inside the walls there if its bulging.
quite frankly if they redid the wiring and didnt remove the box to fix the siding then they did a hack job doing those repairs. thats just simple common sense.
This post was edited on 5/19/19 at 4:04 pm
Posted on 5/19/19 at 3:52 pm to finchmeister08
Just curious, are realtors involved. Do you have an attorney representing you?
If they offered you a credit to do repairs are you ok with that, or just getting cold feet?
If they offered you a credit to do repairs are you ok with that, or just getting cold feet?
Posted on 5/19/19 at 4:00 pm to finchmeister08
You can only opt out of the contract during the inspection period without any additional costs. If the inspection period is over and you opt out, you could, and should, pay thousands in realtor fees and even a 10% fine of the purchase price if they decide to pursue it.
Posted on 5/19/19 at 4:43 pm to finchmeister08
I agree, you should be wary of the issue because they agreed to fix it and didn’t. I would also be worried that they don’t want to remove the siding because it will reveal a shitload more rot then is currently visible. That being said, you need to work within the contract and call your realtor ASAP.
I wouldn’t wait another day to tell your realtor, these things are usually done by calendar day not business day.
quote:
They just told me this 3 days ago
quote:
I plan to call the realtor tomorrow to break the bad news.
I wouldn’t wait another day to tell your realtor, these things are usually done by calendar day not business day.
This post was edited on 5/19/19 at 4:49 pm
Page 1 of 3
Popular
Back to top
Follow TigerDroppings for LSU Football News