Buyer backed out of deal because of bad information from inspector.
5 years ago
last modified: 5 years ago
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Buyers may be backing out...
Comments (24)The way the inspection report was done for our house was that the inspector wrote the buyer a letter. There was a summery of the house (age, type, location) then he listed a few things, the flue on the new furnace, concrete blocks in the crawl, kitchen sink not being the right trap, electric outlet not ground right. At the end it said a detailed inspection report would follow to the buyer. The buyer sent a letter to my agent saying they wanted numbers such & such to be considered for repair. There really wasn't a lot on our report, I don't doubt our buyer knew they were getting a decent house. Thankfully we only lost two weeks but now we're a three-week old listing vs. a brand-new listing. I also worry we now appear "tainted" that we had a deal fall through. It's frustrating since we feel we've been so honest about the roof and very fair in our pricing. I don't think I'd worry about being "tainted". It's a weird market, people are backing out all of the time. Look at the news, real estate is not looking good. Buyers get scared. You're very lucky to have gotten an offer so quick. We were on for 9 months, then a 60 day close which I would never recommend. If you do get a contract, insist on a 30 day close if you can. I wrote a polite email to the buyer directly to ask if the roof was really the only reason he had decided not to go forward with the contract. I probably should not have, and I didn't exactly expect a response, but couldn't help myself from asking without the game of telephone through agents. He never responded. I do wonder how this ended so badly. It seemed hostile when he told our agent he wouldn't share his inspection report because he himself had paid for it, yet said he was going to make a lower offer based on his report. How could we even consider to accept that without privy to the inspection report? Now my husband and I are worried are there other things wrong with the house. Our realtor was at the inspection and he keeps reassuring us there really isn't, that these buyers are using a roof they knew about to get out of the deal. Who knows why buyers back out? We had one back out during attorney review, never got to the inspection stage. FWIW, the buyer doesn't have to share the report with you, and if they did, you might have to fix what you know about or disclose it. Could be anything from the school system to a registered sex offender that you don't know about. It could also be that buying a house was too stressful for them as a couple. Maybe they work pretty far from the house, with gas going up they changed their minds. Could be anything, but apparently they used the report to get out of it....See MoreOur buyers just cancelled out!
Comments (37)I would certainly complain loudly to the buyer's agent/realtor, who was in charge of arranging these "inspections". At the least he/she and the firm should be thinking several times before using these galoots again. NCrealestateguy and greg_2010, my read on this is that the chimney co. didn't just say "if", they told the buyer that "it is", before ever performing an inspection, based on erroneous information. That is the problem. When I have had my chimney cleaned and inspected, the company has always given me a written report on their findings. I would complain to whoever licenses that company about their refusal to do so....See MoreDealing with a DIFFICULT home buyer
Comments (7)To me, those are reasonable things for her to ask to be repaired. Of course, she should get EITHER you to fix the items or she gets to deduct the cost. The last house we sold, we didn't want to get accused of doing a poor job repairing the problems, so we asked the buyer to present either an actual bid from a contractor for the cost to repair or what she would feel comfortable with accepting. She gave a number of what she wanted without any documentation to support, and we agreed to pay half (since it was only like $600). We just gave her the money credit and didn't have any repairs made before closing. The unreasonable stuff our buyer requested was non-structural stuff like dog poop cleaned up in backyard and patio powerwashed before closing. We agreed to it just to get the deal done, but looking back, I should have just said "no." Those kinds of cleanliness things have no bearing on the actual house and I am pretty sure my dogs left her some surprises despite my best efforts. I really don't blame her for having a second home inspection done. The house we just bought came back with a pretty clean inspection considering the age of the house but we have had thousands of dollars worth of issues since the purchase that the inspector missed. Your contract may have a clause that says she can only cancel the contract if repair costs exceed a certain amount. Have you noticed something that says that?...See MoreBuyers backing out, but it was their idea! Now what?
Comments (18)millworkman Yep it is the sq footage. Only certain things truly matter * sq footage (around here if you have to adjust u or down for sq footage on a comp, it is NOT the sold price divided by sq footage x differing amount - it is $25/ sq ft + or - * number of bathrooms - $3000 for full, $2250 3/4 and $1500 for 1/2 *basement vs crawl vs slab ($4000-5000 for full basement vs $2500 for crawl vs slab) * garage bays $4000 per bay * fireplace $3000 wood stove $1500 *decks and porches - $1000 * garden sheds etc $1000 per * additional acreage (1/2 -1 acre ) $4000 if not dividable. If dividable,, market value of lot Conditions - difference between average (big box appliances and laminate counters and linoleum and above average (some tile in places, solid countertops, wood floors) is 10-15% overall at most. So no your choices of lamp fixtures or how much you put into it really don't matter. _____ whit cpartist is 100% correct - appraisers only can go with SOLD homes and 'pie-in-the-sky hey It should go up in value' does NOT count. Nothing you can do about the buyer's backing out because it did not appraise. D O E S N O T matter what your appraiser comes up with -- only thing that matter is what the buyer's LENDER'S appraiser came in with. It is not the buyers who are saying they don't think it worth the price -it is the buyer's LENDER and thus the lender will not loan enough for the purchase. And unless you have it in writing that they will make up the difference between price and loan in cash, you can NOT make them do it. Other than using the appraisal you paid for to get an idea what to list it for with a realtor, you wasted your money. Nothing you can do short of offering to carry a 2nd mortgage - and have real doubts their lender would go along with that. Better have someone - like a lawyer - look at your contract. Seriously doubt you can keep their deposit if they gave timely notice that they can not get financing. I am a retired lawyer - never saw a standard real estate contract to purchase form that did NOT require seller to return the deposit if the buyers couldn't get a loan commitment for financing and gave the seller timely notice. Who said this and who said that means ZERO in a real estate sale. Only thing that counts is what was put down in WRITING in the final signed document. Doing DIY contracts on something like real estate is not a good idea - an incompetent has a fool for a lawyer drafting the documents...See More- 5 years ago
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