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Hoping someone can help me with this. Recently moved from north carolina to west palm, currently doing my first deal here. I'm representing a buyer and we have a house under contract. Inspection was earlier today and the inspector said it was rough. Roof leak, mold, termites, nothing apparently obvious that would have been seen during the showing. This is an as-is deal, using the far/bar as-is contract. In north carolina we had an "agreement to amend contract" form used for requesting a change to the purchase price. I can't seem to find anything even remotely similar to that in florida. What do you use for that here?
Have you thought about asking your Broker or someone in your office? This is a National forum, not a state-specific forum, so you never know when someone from Florida will pop in.
So, yes, you should be getting direction from your broker. If this was my transaction, I’d first be sure that I have enough time remaining in my Inspection Period to give written notice of the Buyer’s decision to back out of the contract. I’d even get that ready to go in case things get dragged out to the deadline. Remember, once the deadline is passed, the Buyer has already agreed to waive their right to back out.
Having done that, I’d negotiate the new price, write up an addendum for it, and get it signed BEFORE the Inspection Period deadline passes.
From my experience as a Realtor in Florida until 2014, anything found during inspection that could not be resolved would allow the buyer to walk with proper notification and no penalty. The seller and the buyer could renegotiate the existing contract based on the the inspection findings if they wanted to.
This is not taught in the classroom. It is learned by speaking with your broker from my experience. The FAR-BAR contracts are fairly clear about this, however there can always be addendums added for various reasons by either the buyer or the seller that would have to be approved by both parties.
Sorry...meant to also mention the blank Florida Realtors Addendum form is called “Addendum To Contract” and is form ACSP-4. Not sure if you guys use Form Simplicity but that’s where I get our forms.
Well I figured I'd ask my dumb question to strangers on the internet first before i ask in the office tomorrow. Only 3 days into 15 day inspection period and still waiting on inspection and buyer.
Thank you for the helpful responses, I had a feeling it was the blank one but confirmation is always good.
And no, no contract classes required in florida. The required class was extremely vague and i guess I underestimated how many differences there are between states.
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