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Old 03-18-2010, 08:50 AM
 
1 posts, read 1,160 times
Reputation: 10
Default Home Seller Issue

Hello RE Experts,
I listed my home for sale in Kansas through an agent. We got an offer from buyer and we signed a contract after getting $2000 as earnest money. As per contract the buyer can do an inspection within 10 days and list their unacceptable condition. In the contracts' additional terms and condition section, I mentioned that there are no carpet allowances for this contract. Now the buyer came back asking for $2000 mentioning there are some unacceptable conditions. As per the agent it seems he wants it for the carpet since he feels carpet is not acceptable for him during the inspection. I rejected the offer to negotiate. I was not happy because even after I mentioned in the contract that there is no Carpet allowance, the buyer is coming back for the same. So I wanted to keep the earnest money as a damages for taking out the house from the market for 10 days. But the buyer has filed a case in small claims. Any advice on how I can win this case.
Thank you
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Old 03-18-2010, 09:09 AM
 
1,662 posts, read 2,625,398 times
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Keeping 2k for having the house off the market less than 10 days seems a little unreasonable to me.

Why not offer a reasonable split? You keep a few hundred dollars for your trouble and give them back the rest.

People ask for all kinds of stuff in negotiations. Maybe the carpet was worse than they thought, and if that's all they wanted, at least they were honest about it. You may have just cut off your nose to spite your face. In this market, a buyer in the hand is worth a dozen lookie-loos.

Why make it a hill you have to die on? Give them back their money, sell your house to someone else, (or better yet, try to renegotiate) and sleep better at night.
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Old 03-18-2010, 09:26 AM
 
Location: Derby, KS
3,832 posts, read 7,522,356 times
Reputation: 1541
It's a small world
Earnest Money Dispute
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Old 03-18-2010, 10:16 AM
 
Location: Derby, KS
3,832 posts, read 7,522,356 times
Reputation: 1541
This doesn't have anything to do with a house but more of a contractual issue. My wife and I put some money down to have our wedding at a particular venue. I believe the figure was $1000. Well....a few days later we had a change of heart and decided to instead do it at a Church. Realizing that we had signed a contract we knew full well they had the legal right to retain the down payment. So I call them up, said I was very sorry for any trouble, and asked politely if I could have a partial refund. And the answer was......"No". Legally....that's fine. But morally....they had nothing invested in us (other than the sheet of paper the contract was written on) and there was no real reason they couldn't give the money back. They kept it because they could. Now...in this case there was no wrong doing on the part of the business in question. They were prepared to provide their service for the price as advertised. They did nothing wrong. Realizing this I accepted it and walked away.

In the case of the house the potential buyer in question did not see the house conditions as acceptable and is asking to be released from the contract. Are you willing to go to court over that when there could be another buyer right around the corner? If you sold the house to someone else you've lost nothing have you?
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Old 03-18-2010, 01:21 PM
 
Location: Kansas City North
2,093 posts, read 2,444,124 times
Reputation: 1747
Did the inspection disclose something about the carpet that was not evident otherwise?

I agree this is kind of a BS situation, but if I were the seller, and all we're talking about is $2,000, I'd swallow my pride and go ahead with the sale. This is still a buyers' market, and if you stay on the market long enough, you're probably going to lower your price $2,000 anyway.
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Old 03-19-2010, 10:04 PM
 
Location: KANSAS
8 posts, read 8,941 times
Reputation: 10
all great points, KS. has a three day right of rescention, on any contract. And unless it's stipulted contractually like "nonrefundable earnest", or "refundable earnest", "contingent on the home inspection passing", Beyond that, the potential buyers are basically at a loss. I do agree, you might be better off returning the 2g, however, what's the possibity of the buyers having come across another property they would rather have? And are now trying to back out? It's a 50/50 split on your part. Good Luck!
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Old 03-21-2010, 05:13 AM
 
2,873 posts, read 2,486,467 times
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It's my understanding that the purpose of the home inspection is to highlight functional and structural problems with a home, not aesthetic ones. If your contract specifically ruled out any allowance for carpeting, and your carpet doesn't present any potential hazards, then your buyers should be prepared to walk away from the earnest money. They should have paid more attention to the carpet when they viewed the house, before they made you an offer.
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Old 03-26-2010, 09:10 AM
 
7 posts, read 12,419 times
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Thanks everyone for your advice..
?
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Old 03-26-2010, 09:36 AM
 
1,662 posts, read 2,625,398 times
Reputation: 504
Quote:
Originally Posted by TinaMcG View Post
It's my understanding that the purpose of the home inspection is to highlight functional and structural problems with a home, not aesthetic ones. If your contract specifically ruled out any allowance for carpeting, and your carpet doesn't present any potential hazards, then your buyers should be prepared to walk away from the earnest money. They should have paid more attention to the carpet when they viewed the house, before they made you an offer.
But carpet isn't just an aesthetic aspect of a house. If the buyer just decided he didn't like it, and couldn't find anything else to complain about, then no, I don't think the seller should cave on it. But I also don't think it's worth $2000 of vindictiveness.

But what if the inspection revealed water damage and mold growing under the carpet? What if the inspection revealed excessive animal hair or urine in the carpet? What if there had been smoke damage to the carpet that wasn't noticeable before? Surely this kind of a situation is more than an aesthetic issue.

The reality is probably somewhere in between. In any event, I think a reasonable settlement could be reached (if both sides were willing to be reasonable.)
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Old 04-15-2010, 02:44 PM
 
Location: Derby, KS
3,832 posts, read 7,522,356 times
Reputation: 1541
So was this the same people as the other thread I wonder?
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