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So if we let them inspect, do we have to honor the language in the contract that says we agree to fix up to $200 in items?
With a name like MovedfromFL are you going to let $200 stand in your way of moving from Florida?
If you get tight over $200 and lose the sale then how long do you think it will take to get another buyer?
You need to look at the big picture.
Why not have the rental agreement have a clause written in that you can back out if your closing does not go through? They will probably want you to default some of your deposit money but if you make it less than the earnest money the buyer on your house would lose to you then you would not be losing anything monetarily.
I would reread any FHA riders you signed for the sale contract though as they can sometimes have clauses in them that can override clauses in your sale contract for things such as the buyer losing the earnest money.
So if we let them inspect, do we have to honor the language in the contract that says we agree to fix up to $200 in items?
Bottom line is they've missed the contingency period. So, if they choose to have inspections, you are under NO obligation to do any repairs. That's what deadlines in contracts are for.
Bottom line is they've missed the contingency period. So, if they choose to have inspections, you are under NO obligation to do any repairs. That's what deadlines in contracts are for.
But..... if its a septic inspection that they want, since you aren't on public sewer, you are damned if you do and damned if you don't agree. Septic is so difficult and expensive to fix that the buyers might walk away from the house and lose their escrow if they even think that there might be a septic issue with the tank or the drainage field.
With a name like MovedfromFL are you going to let $200 stand in your way of moving from Florida?
If you get tight over $200 and lose the sale then how long do you think it will take to get another buyer?
You need to look at the big picture.
Why not have the rental agreement have a clause written in that you can back out if your closing does not go through? They will probably want you to default some of your deposit money but if you make it less than the earnest money the buyer on your house would lose to you then you would not be losing anything monetarily.
I would reread any FHA riders you signed for the sale contract though as they can sometimes have clauses in them that can override clauses in your sale contract for things such as the buyer losing the earnest money.
I don't want to let $200 stand in the way of this sale, so I am trying to accomodate them the best I can.
The problem is the rental market here is extremely competitive. If I don't lock down this lease tomorrow, there is nothing else out there that will work for us, and I need to move next Saturday. I have to give the man $2,400 cashier's check for 1st month + deposit. As I said, IF the buyer's were to walk, they would lose their $1,500 deposit, BUT I only get $750 of that (the rest to our agent per contract). So that doesn't help me much.
The guy with the rental house doesn't care about my issues - he just wants someone to rent the place, and he's not going to give me the keys without the full deposits. (why should he risk that when there are so many others who would rent the place right now?)
We did have to sign an FHA rider yesterday that stated the buyers may walk if they don't get a statement from HUD that says the appraised value is $xxx, and they will not give up their deposit in that case. I sure hope whoever is supposed to give them that statement is going to do it!
We were orginally supposed to close on Nov. 11, but suddenly they wanted to close on Oct. 27th, which is tough for me, but I said ok whatever it takes! My agent is worried that if we wait, FHA could require another appraisal at the last minutes, and we could be hurt by the pending foreclosure on my street.
By the way, there is NO issue with the drainfield. We had to put a new one in a year ago soon after we bought this place (it backed up and failed within weeks after we moved in...)
I'm just ready to be rid of this money pit!
I'm pretty sure they are NOT coming witha septic inspector - just a regular guy.
By the way, we did have the drainfield inspected, but all the guy did was run some faucets and say it was A-OK. (and he arrived very early and was chatting with the seller and already doing the test when my husband arrived at the scheduled time)
Then soon after, when I would run the washer and take a shower, water would back up. The septic company I called said "Oh yeah, we have a record of that house and we told the former owner that the drainfield was bad."
So we thought about suing him, but honestly, it was going to cost us a lot of money to file, then we would have to find him, then get a statement from that septic firm (they refused to provide me with any documentation when I pressed it!), and then get a judgement and try to collect. Just because you get a judgement doesn't mean you can collect - you have to find the person's bank or whatever and try to get blood out of a turnip. Plus his bill collectors were calling here non-stop since we bought the house, so it looks like he owes a lot of people!
Can you say real estate nightmare??? I'm going to be happy to be a renter for awhile.
How about this: go to your agent and broker, explain the problem and ask them to amend your listing agreement so any forfeited money form sales contract goes to you 100%. That should not be a problem for them and it might make your situation a bit easier on you. If they balk, remind them that they still have an opportunity to collect a commission by finding you another buyer and, if they don't agree, you will have an incentive to find another broker when this listing agreement expires.
That would still only give me $1,500 when I would be out $2,500 on the first month's rent and deposit.
If they would have inspected during the 15 day period, (a long time ago), this would NOT be an issue, as all contingencies would have been removed.
Yes the contingencies would have been removed, but that still would not guarantee you that the sale closes. You are still in a position of having to put the money down on the rental.
By the way, we did have the drainfield inspected, but all the guy did was run some faucets and say it was A-OK. (and he arrived very early and was chatting with the seller and already doing the test when my husband arrived at the scheduled time)
A real test is a two part event:
1. The EPA certified inspector visits. He takes the two foot lid off the septic tank and looks in at the baffles and the sludge. He puts his shoven inside to see how near the surface the solids are. He also flushes a toilet to see that there are no leaks in the system for getting the water into the tank.
2. He puts a long pick in the drainage field to see how deep it is. Then he looks to see if its dry.
3. The honey wagon comes and cleans the tank. That guy looks to see that the tanks itself looks ok and is not cracked anywhere.
If there seems to be more then they can do more tests..
Make sure your guy as all the Dept Eviron Resources and Septic licenses and certificates.
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