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Old 02-04-2008, 02:55 PM
 
Location: Salem, OR
10,850 posts, read 18,116,894 times
Reputation: 6718
Gotcha,
Aren't you past the unconditional disapproval part and acceptance of as-is. Continued negotiation does not extend those timelines out?
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Old 02-04-2008, 02:59 PM
 
Location: Salem, OR
10,850 posts, read 18,116,894 times
Reputation: 6718
It doesn't matter when the inspection was done, it matters when the contract was mutually acknowledged. You sound like you should be well past that point which would mean they are taking the house as-is. The inspection period is written up as a time frame to inspect AND COMLETE negotiations.

You need to talk to your agent about the timeline and compliance with the contract. You like your agent so I am sure they will make sure the contract is being followed.
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Old 02-05-2008, 06:33 PM
 
Location: Palm Coast, Fl
2,248 posts, read 5,779,195 times
Reputation: 967
Quote:
Originally Posted by GregTraub View Post
In FL, the seller is only obligated to repair things that effect the function of the item in question. Cosmetic issues are not required to be fixed, and a buyer cannot cancel a contract based on if a seller is or is not willing to repair cosmetic issues.

Do the windows open? Are they broken or cracked? Being cloudy I guess would be a cloudy issue....if one considers being able to see clearly out of a window as a functional problem. In either case I would contend that the buyers obviously knew about the cloudy windows when they walked through the house and should have offered accordingly.

Keep in mind buyers are hard to come by in today's market, but that's no reason to be bullied by an agent like this. Carefully consider just how hard of a stance you want to take on these things, if you think they are just asking for things to see how much they can get, but will close even if they don't get everything, stand your ground. If you think this is a deal breaker......it's up to you.

Your Listing agent will be your BEST source of information about what to do. Far better than us on the board

A cloudy window means that the double pane window is not functioning as it should. The seal is broken and it's not up to performance..that's an issue and you can ask for it to be repaired or a credit issued. I just closed a deal with the same situation...luckily for both the buyer and seller the window was still under warranty and it was replaced for no charge to either. And we were on an as is contract.
And in Florida, you certainly can cancel the contract for cosmetic issues if you are using an as is contract.
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Old 02-05-2008, 08:44 PM
 
Location: Hillsborough, NJ
514 posts, read 1,105,877 times
Reputation: 371
We just had a similar issue with our townhouse (closing 2/29) All four large panes of glass in the living room had broken seals and moisture had begun to accumulate. The inspector had stated in the report that the seals were broken and windows had lost their energy rating. They issued a credit for replacement. Also the sliders in the bedrooms had broken seals but only slight speckling had begun. The inspector stated the seals were compromised and they refused to issue a credit. Our lawyer resubmitted the request a few days later, by this time they had already found their new home and had started the process. Since they were now in a different position, they agreed to credit us the money for the sliders. Mind you we did not nickel and dime them on repairs, only the few we thought were appropriate.
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Old 02-06-2008, 03:16 PM
 
Location: Mid-West Willamette Valley Oregon
113 posts, read 518,490 times
Reputation: 62
The thing is, I would have been willing to work with them, but with all the nickel and diming, it was getting irritating. I had just about lost my patience and told my agent it was a "take it or leave it".
At this point it looks like they are going to take it as-is. Since the start of this post, the negotiations have gone back and forth about 4 times verbally. My agent told me they are accepting my stern stance on the deal, and will accept the house "as-is", and I don't have to do anymore work on the house. Hopefully I will be signing papers today, to finalize the negotiations, and then I can get on with packing, and relocating. This is the first house I have sold, and I am sure it won't be the last. I have learned a great deal, and hope to apply it to my future dealings. Luckily I am not in a "minus" position on my house, and I have no rush to sell. I just want to get on with my life and move on to the next chapter.
I am surprised that the house showed, and negotiated this fast. The house has been on the market less than a month, and I was expecting the sale to take months. It goes to show, if a person prices a solid house right, it can sell in any market. Just don't be greedy. My wife wanted to list about 15k higher for "room to negotiate". At this point I am glad we priced where we did, it created more interest, and being the house was solid, left less room for price slashing. (The window issue involved 10 panes out of 29 total)
I think these particular buyers were playing a game, and hoped I was nervous about the current market conditions, and would give in at any price. I held my ground, and they accepted. It may be a "buyers market" but if it is priced right, and well maintained, a person can make it a "sellers market".

I will keep updated on how the rest of the sale goes. Thank you to those who posted, and submitted opinons.
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Old 02-06-2008, 03:20 PM
 
Location: Mid-West Willamette Valley Oregon
113 posts, read 518,490 times
Reputation: 62
Quote:
Originally Posted by Silverfall View Post
It doesn't matter when the inspection was done, it matters when the contract was mutually acknowledged. You sound like you should be well past that point which would mean they are taking the house as-is. The inspection period is written up as a time frame to inspect AND COMLETE negotiations.

You need to talk to your agent about the timeline and compliance with the contract. You like your agent so I am sure they will make sure the contract is being followed.

I think my agent did bring that up during this last round of verbal negotiations, and I believe thats why they suddenly decided to accept things as they are. They know they are getting a very good house, at a good price. Besides the minor window situation, this is a well maintained home, that will be maintenance free for many years.
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Old 02-06-2008, 05:21 PM
 
Location: Mountain Ranch, CA The heart of Calaveras County
6,047 posts, read 11,145,009 times
Reputation: 4762
Way to go! I was a bit hesitant to advise you stand your ground, not knowing your market at all. I'm sure the other agent will tell her clients "look at how hard I battled for you" when all it was was posturing.

Keeping my fingers crossed for a quick and uncomplicated closing for you.
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Old 02-06-2008, 08:08 PM
 
Location: Salem, OR
10,850 posts, read 18,116,894 times
Reputation: 6718
Excellent. I am happy for you! Repair negotiations are the WORST part of the real estate transaction typically.

Goes to show that pricing is everything. The buyer's backed down because they know they are getting a good house for a good price. That is what buyers are looking for.
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Old 02-06-2008, 08:13 PM
 
Location: Hillsborough, NJ
514 posts, read 1,105,877 times
Reputation: 371
Congrats!!!
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Old 06-21-2009, 11:12 AM
 
3 posts, read 3,950 times
Reputation: 14
Default Realtor says Seller/REO bank doesn't have to sign BINSR

Our realtor is telling us the bank doesn't have to sign the Seller's Response to the Buyer's BINSR. We had verbal agreement the bank would repair the roof and ceiling. The bank's 5-day response period expired 2 days ago. We have until tomorrow (3 days) to either accept the property "as-is" or walk away with earnest money deposit. We don't accept the property without the repairs, and are frustrated our realtor is telling us that the seller bank doesn't have to sign the BINSR. Our understanding is that if the bank doesn't sign, they are refusing all repairs (even those already agreed to). That means if we don't cancel the contract tomorrow, we are legally obligated to purchase. Is it true in Phoenix that banks (REOs) don't have to sign the BINSR? We thought they have to at least sign it stating a refusal, if that is their decision. Can the bank not sign the BINSR and still be held to the verbal agreement for repairs? We don't think so, but want some input on this.
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