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We are selling our house and are in the "option" period with the buyer. They apprently really want our house. Despite this market, our house did appraise, and they had an independent inspection done and found nothing major.
5 days AFTER the inspection, we find out their relo company was holding on to the inspection and they are now making the buyers get 3 additional inspections: the roof, the siding, and the AC/heater. I can't figure out why the relocation company has any say in the house the buyers are buying. Our real estate agent said it has something to do with their buyout program, but that affects their house back home they are trying to sell, not this house. For the record, the roof is less than 2 years old, and the house is entirely brick exterior minus the minimal facia boards. So this additional inspection makes no sense.
The AC is about 10 years old, so we are concerned with what they may come back with. Can the relo company try to force us to buy them a new unit, even if this one is working but just old? Nobody we speak with, from our realtors to friends who have relocated before, have ever heard of a relo company being this involved. It's very annoying and very frustrating, as we are trying to close, the buyers are in a hurry to close b/c they are in extended stay with a baby, and this company is holding everything up.
A normal option period here is 10 days. They asked for a 15 day option period to which my realtors changed back to 10 days. We then found out the 15 day option period was mandated by the relo company so we had to allow it. However, once the inspection was done and we had come to terms, the option period would terminate early. That obviously isn't happening. So the 15 day option period will now be over this coming Thursday (a week from yesterday). We have their earnest money and have already deposited their option money.
They managed to get a roof and siding guy out here today and that went fine. My guess is they'll try to get an AC guy out here by Monday. They'll then have until Thursday. At the time, we didn't think too much about the 15 day option period. Now I realize we got screwed...it would be over tomorrow if it was the normal 10 day.
Who on Earth is the relo company? I've dealt with lots of relo buyers in Texas and have never heard anything like that. The relo company can "say" something is mandatory, but they won't/can't prevent one of their clients from buying a house based on some stupid things like that. I've never heard of them changing the option period either.
If they're qualified buyers, part of me says just ride it out and you'll be fine. Another part of me says tell them to buy the house or not and have them tell their relo company what they can do with themselves.
The relo company gives incentives for closing, per their contract with the relo's employer. The relo company is making sure that issues are addressed now, not in 3-5 years when the relo get another relo, and it is the company's problem.
Some cautious buyers insist upon a general inspection, a radon test, a pest test, well and septic inspection, more specific mechanical and roof inspections. Accommplishing all this often takes more than the customary amount of time that is hard coded into most contracts. The seller either agrees or not.
I have seen relo packages pay for more specific inspections than is customary with a routine home inspection. This is not the same thing as mandating such inspections. If someone else is paying for it, why would the beneficiary not want to take advantage of it?
A ten year old AC depends on its current condition and projected remaining useful life.
I insist on sellers disclosing the age of their roof and mechanical stuff upfront. When working on behalf of buyers, I always ask for the sellers to disclose this stuff in writing, before the offer. It's always interesting to learn how many develop amnesia or do not fully understand the meaning of "new" when it comes to this stuff.
The relo company gives incentives for closing, per their contract with the relo's employer. The relo company is making sure that issues are addressed now, not in 3-5 years when the relo get another relo, and it is the company's problem.
Is this a regional thing? I work with a lot of relo's but I've never given them a copy of the inspection nor had them ask for one.
I insist on sellers disclosing the age of their roof and mechanical stuff upfront. When working on behalf of buyers, I always ask for the sellers to disclose this stuff in writing, before the offer. It's always interesting to learn how many develop amnesia or do not fully understand the meaning of "new" when it comes to this stuff.
This is mandatory in Maine, of course some sellers will use "unknown," and then it's up to the buyer to decide if they want to go on with the purchase.
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