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Old 06-11-2011, 11:10 AM
 
Location: Cranford NJ
985 posts, read 2,189,977 times
Reputation: 321
If they want to break the deal they would refuse to do any of the repairs, then you will need to make a decision. You will know that they don't care if you walk away by their response.
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Old 06-11-2011, 11:30 AM
 
Location: Ocean County
3,749 posts, read 5,726,450 times
Reputation: 2118
Default Are they able to change their minds with a signed contract in place

It's one thing if you ask for a couple of thousand for repairs. I know of a house that was for sale on the waterfront that buyers lowballed and received a great deal w/ a signed contract. Now after a home inspection they also wanted 200 feet of new bulkhead, updated heat ac unit, roof and so forth. It added up to about 150K after the contract was signed. The seller refused to the do the extra work and let the deal fall thru. The next week he sold the house for 60K more and did some minor repairs.
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Old 06-11-2011, 11:31 AM
 
Location: Martinsville, NJ
5,853 posts, read 6,510,792 times
Reputation: 3446
Quote:
Originally Posted by Sergio M View Post
To answer your question, Are the sellers contiuing to market the property? That is very unethical to do, once an offer has been accepted. (Unless this is a short sale) [Against our code of ethics.]
This statement is incorrect. In several ways. It's not wrong to continue to market a property, even after you have a contract. In fact, it's simply smart marketing. Many things can happen to kill a deal, and if you stop marketing just becasue you have an accepted offer, you are KILLING your seller client. You disclose that there is a contract in place, that any offers will be backups, and you continue to market the property.

And when you say something is against our Code of Ethics, yo are referring to a very specific document. I am very familiar with the Realtor Code of Ethics, and there is NOTHING in that document that in any way disallows, frowns upon, or discourages a Realtor from continuing to market a property.
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Old 06-11-2011, 11:34 AM
 
Location: Martinsville, NJ
5,853 posts, read 6,510,792 times
Reputation: 3446
Quote:
Originally Posted by jimazee View Post
I know situations where the seller walked. They thought they could do better and the buyers demands were out of line or just more than they wanted to deal with.This is especially likely if other offers appear likely.

Sometimes buyers want a new house when buying a used house. Not saying that is the case here, just sayin'

Is the realtor providing a warranty on mechanicals and appliances (typically 1 year)? It is sometimes done to help the deal along.
The Realtor doesn't need to pay for the warranty. The seller of the house can, and should, pay for it.
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Old 06-11-2011, 12:24 PM
 
3,217 posts, read 5,949,834 times
Reputation: 1910
Quote:
Originally Posted by nnjhelp View Post
Huh. So you think we are wrong to ask for some money to fix the major things in this house? We are paying top dollar for a house that needs a lot of cosmetic work. I dont think its wrong when paying 700k for a house to ask that the heat and ac wont die on us within a year.
Maybe you are one of these people trying to sell a house who thinks their house is worth more than it is
So why are you buying it if it's top dollar?
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Old 06-11-2011, 12:32 PM
 
349 posts, read 472,850 times
Reputation: 157
ITA with manderly...ask your lawyer. As for how long it can take to hear back - some lawyers are really busy, always in court, etc....they can make you wait a very long time we have discovered! lol
And yes, until the deal is finalized and money has exchanged hands, the house can continue to be marketed, although I believe they would tell potential buyers that there is a contract pending.
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Old 06-11-2011, 01:23 PM
 
Location: southwest TN
6,562 posts, read 6,772,261 times
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Sorry, but if I, as a party to a large dollar contract, am considering a change/alteration, you bet your bippie (yup, I'm a 60s child) I'm going to look at all aspects of it, discuss it, think it through before giving my response. That might even include getting quotes from other sources. 5 days and you're having a tizzy? Is there a time-limit specified in the contract or in your proposal?
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Old 06-11-2011, 03:52 PM
 
1,376 posts, read 1,044,336 times
Reputation: 926
Quote:
Originally Posted by Bill Keegan View Post
The Realtor doesn't need to pay for the warranty. The seller of the house can, and should, pay for it.
I didn't say the realtor had to, but it has been done to move a deal that was stuck. Of course the seller can too.

The realtor(s) can suggest and facilitate this as a 'solution' when appropriate. Who pays is negotiable. It is usually not very expensive IIRC.
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Old 06-11-2011, 04:10 PM
 
Location: Bergen County, New Jersey
99 posts, read 223,973 times
Reputation: 79
Quote:
Originally Posted by nnjhelp View Post
Huh. So you think we are wrong to ask for some money to fix the major things in this house? We are paying top dollar for a house that needs a lot of cosmetic work. I dont think its wrong when paying 700k for a house to ask that the heat and ac wont die on us within a year.
Now you are complaining the house also needs a lot of cosmetic work. Why would anyone pay $700K for a house with all these problems?

Considering the circumstances, I think you are ethically wrong to do this. The sellers didn't hide the appliances, did they? The sellers didn't misrepresent them as new, did they? The appliances function, don't they? Do you know for a FACT they will fail in about one year? You saw them when you did the walk-throughs, did you not?

You had opportunities to ask the sellers about them or do your own research. Older appliances APPEAR older.

When one buys an older house, one has to expect to find older appliances, especially when it comes to HVAC. The sellers have their house on the market because they are selling and leaving. Why should they purchase and install brand new HVAC equipment for any buyers? And, presuming there was no misrepresentation, why should the sellers knock money off the deal after they, the sellers, and a potential buyer agreed on a dollar amount?

As to paying 700K for a house that needs a lot of cosmetic work (and appliance updating ), you seem to really want this particular house. I sure wouldn't pay that much unless I knew its value would be going up very quickly

Quote:
Originally Posted by nnjhelp View Post
Maybe you are one of these people trying to sell a house who thinks their house is worth more than it is
If you thought the sellers were asking more than its value because of all the faults YOU found with the house, why didn't you express this BEFORE agreeing on a consideration?

By making these requests, you have made a counter-offer. This nullifies the original agreement, and the sellers can now either accept it or reject it. They are not obligated to accept and can sell to other buyers if they so choose.
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Old 06-11-2011, 06:21 PM
 
39 posts, read 55,536 times
Reputation: 12
I dont know where you are getting your info from. I said the house needs cosmetic work. Of course we know that and are prepared to do it. The furnace is over 30 years old and this was not disclosed on the sellers disclosure (left blank). We were prepared to do the cosmetic work but the furnace and ac is a surprise to us. You seem oddly bitter about this post
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