Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 03-04-2012, 09:20 AM
 
Location: Needham, MA
8,547 posts, read 14,012,666 times
Reputation: 7929

Advertisements

Quote:
Originally Posted by StilltheSame View Post
The inspection is usually a good out.
That depends on how the contract was written. Some have a clause that says the buyer can only back out if the repairs total at least $X.
Reply With Quote Quick reply to this message

 
Old 03-05-2012, 10:12 AM
Sco
 
4,259 posts, read 4,916,911 times
Reputation: 3373
Order the inspection, when you get the report you ask the seller for repairs/concessions. Be as unreasonable and inflexible with your demands as possible. Seller will refuse to compy, deal is then effectively dead, earnest money comes back to buyer.
Reply With Quote Quick reply to this message
 
Old 03-06-2012, 08:31 PM
 
8,574 posts, read 12,395,872 times
Reputation: 16517
Am I missing something? Why would you sign a contract if you didn't intend to honor it? You can get out of most contracts, but you may (and SHOULD!) face consequences.
Reply With Quote Quick reply to this message
 
Old 03-06-2012, 11:11 PM
 
Location: Southern New Hampshire
4,643 posts, read 13,942,077 times
Reputation: 4626
The short answer is NO, the buyer cannot back out without any issues. They are at great risk of losing any deposit that they put up.

Contracts in MA are different from many other states, and a Buyer's Agent really has to know their stuff, because each and every little contingency (home inspection, appraisal, bank commitment, sale of Buyer's home, etc) is not spelled out in the Offer to Purchase Real Estate contract. While it's not the actual Purchase & Sale (the paperwork that that will go to the bank) it is still a legally binding contract that spells out the exact terms and conditions of the sale. If an agent 'forgets' to write in a contingency, it cannot be added later.

If the Buyer wants OUT of this contract, I would recommend that they speak with a Real Estate Attorney ASAP. The longer they wait, the more likely that they could lose all or part of the deposit given. There is a line in the Offer to Purchase that states: "If I do not fulfill my obligations under this Offer, the above mentioned deposit shall forthwith become your property without recourse to either party." This is about as clear as it gets.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate

All times are GMT -6. The time now is 07:25 AM.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top