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Purchase agreement question
Posted on 9/8/21 at 7:03 pm
Posted on 9/8/21 at 7:03 pm
We recently signed a purchase agreement with a couple to buy our home. We were supposed to have everything done by September 14. With the recent storm, it looks like that won’t happen. Had minor damage to home and have to them will will fix after insurance claim is settled. Have heard from them recently but still sounds like they are slow playing us. They put a no refundable deposit. Just never did this before so not sure how to handle the situation. Supposed to talk with them Friday to see where they are and let them know where we are. I know we will give them another week but how to get my point across that it’s time to settle everything?
10
Posted on 9/8/21 at 7:10 pm to shoelessjoe
Normally, there is something in the purchase agreements that discusses acts of God. Are you buying or selling?
Posted on 9/8/21 at 7:23 pm to LSU1018
Selling. Aside from aluminum canopy damage and shingles missing we fared pretty good. We already discussed certain options but need to move forward so we can go to bank to start our new build. Had insurance adjuster come out now waiting for them to cut check to give options to our buyer to see where we go from there. Offered to fix damage or give check to them or just cut out on final payment. Just ready to move foward.
Posted on 9/8/21 at 7:26 pm to shoelessjoe
Any kind of agreement that is worth a shite should have a “force manure” clause in it. Just tell them what is going on and show them them that you are progressing and things will be fine. If they are not satisfied with that reduce the price by the amount you were going to spend on repairs and be done with it if they close that day. You can probably guess that I don’t have a lot of patience for making repairs on a house that I am selling. 
This post was edited on 9/8/21 at 9:13 pm
Posted on 9/8/21 at 7:28 pm to shoelessjoe
quote:
how to get my point across that it’s time to settle everything?
Till your house is repaired from the storm damage you probably can't settle it. The purchase agreement was probably contingent on the condition of the house at the time of signing the contract.
Just get your repairs as soon as practically possible, and be diligent.
Posted on 9/8/21 at 7:29 pm to Spankum
“force mature” ??
Posted on 9/8/21 at 7:30 pm to Spankum
quote:
Just tell them what is going on and show them them that you are progressing and things will be fine. If they are not satisfied with that reduce the price by the amount you were going to spend on repairs and be done with it if they close that day.
That's fine if they are a cash buyer but if they're are borrowing the money, which of course most do, then the lender probably won't close until the house is repaired.
Posted on 9/8/21 at 7:33 pm to shoelessjoe
quote:
Offered to fix damage or give check to them or just cut out on final payment. Just ready to move foward.
I would guess they would want to wait until the damage is fixed. The insurance check will be minus the deductible and if you have replacement cost the insurance company will probably withhold depreciation until the repairs are completed.
Posted on 9/8/21 at 7:39 pm to Tom Joad
quote:
That's fine if they are a cash buyer
They are. They just seem like they don’t care. When they looked at the house, she could have given a shite less and wrote a check that I thought she would at least say let me talk to my significant other. Nope, she called and told him, I bought a house.
Posted on 9/8/21 at 7:39 pm to skiboman1
quote:
“force mature” ??
Yeah, but you need at least three of the Golden Girls to sign the judgment to get that.
Posted on 9/8/21 at 7:41 pm to shoelessjoe
You need to get an extension put in place ASAP. This will not finish up by the 14th, especially with the damage. This will also tell you if they are serious about moving forward with the sale. If they don’t want to sign the extension, you need get a plan to tell them they are in default of the terms of the contract and will be forfeiting their deposit.
Edit: just saw you said it’s a cash sale. I’d still recommend an extension and would recommend an addendum to the contract talking about the repairs. Your agent should be helping you if you have one.
Edit: just saw you said it’s a cash sale. I’d still recommend an extension and would recommend an addendum to the contract talking about the repairs. Your agent should be helping you if you have one.
This post was edited on 9/8/21 at 7:45 pm
Posted on 9/8/21 at 7:44 pm to skiboman1
quote:God is really old, I guess.
“force mature” ??
Posted on 9/8/21 at 7:44 pm to LSUisKING12
quote:
You need to get an extension put in place ASAP. This will not finish up by the 14th, especially with the damage. This will also tell you if they are serious about moving forward with the sale. If they don’t want to sign the extension, you need get a plan to tell them they are in default of the terms of the contract and will be forfeiting their deposit.
Yeah. Need an addendum to extend the term. Since this is due to a storm, though, you probably can't keep their deposit if they decide not to do this.
Posted on 9/8/21 at 7:50 pm to LSUisKING12
quote:
Your agent should be helping you if you have one.
Don’t have one.
Posted on 9/8/21 at 7:52 pm to shoelessjoe
Should’ve used a Realtor.
Posted on 9/8/21 at 7:52 pm to shoelessjoe
You are stuck. Walk away or give them time are your only choices. They can drag this out for a long time. Your recourse is no real threat--it is just the deposit.
I would list it again for a higher price.
I would list it again for a higher price.
This post was edited on 9/8/21 at 7:54 pm
Posted on 9/8/21 at 7:55 pm to Tom Joad
It’s not us. We talked to them about the damages and they were not concerned about it. I mentioned to them that we had a few options
1 I fix damages after insurance is done
2 I give them the option to take off of said price minus repairs
3 Give them a check for the amount given by insurance and they do what they want.
The lady told me that when canopy fell that it solved an issue getting a shed in backyard when they couldn’t before. They have a sale for their house that is holding us up more than anything.
1 I fix damages after insurance is done
2 I give them the option to take off of said price minus repairs
3 Give them a check for the amount given by insurance and they do what they want.
The lady told me that when canopy fell that it solved an issue getting a shed in backyard when they couldn’t before. They have a sale for their house that is holding us up more than anything.
Posted on 9/8/21 at 8:01 pm to shoelessjoe
quote:
It’s not us. We talked to them about the damages and they were not concerned about it. I mentioned to them that we had a few options
1 I fix damages after insurance is done
2 I give them the option to take off of said price minus repairs
3 Give them a check for the amount given by insurance and they do what they want.
The lady told me that when canopy fell that it solved an issue getting a shed in backyard when they couldn’t before. They have a sale for their house that is holding us up more than anything.
Ok. So if they are agreeable to any of these options and are a cash buyer, then no problems. If, however, they aren't agreeable, or they are borrowing the money and the lender has to sign off on it, then it's not likely that you can keep their deposit due to the fact it was a storm and not due to anything they did or did not do. Ultimately, if contested, a judge would probably have to decide that.
If you are so inclined, you can probably find an attorney that wouldn't charge too much to write up a binding contract and help you with closing matters. Much much less than a realtor would charge for a commission.
I've been in real estate for a very long time. I've had deals fall apart at the closing table due to much less a thing than storm damages. Sometimes, shite just happens.
This post was edited on 9/8/21 at 8:04 pm
Posted on 9/8/21 at 8:03 pm to shoelessjoe
Definitely get an extension because that will show you that they are serious and also get an addendum stating explicitly about the repairs. If the sale is contingent upon them selling their house (again found in the purchase agreement) then you definitely need an extension.
I would also recommend emailing back and forth with future correspondence to create a paper trail.
I would also recommend emailing back and forth with future correspondence to create a paper trail.
Posted on 9/8/21 at 8:03 pm to shoelessjoe
For the person acting like you can sue them, good luck! The buyer put an offer on a house in a certain condition. You have to be able to provide that same condition to them before the sale unless they agree otherwise. You are acting like they are dragging their feet but if you really want to sell it, fix it yourself and let the insurance reimburse you. It’s not on the buyers to wait on your insurance.
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