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On the day of closing the sellers are supposedly starting work on the repairs agreed upon in the contingency addendum. They have agreed to do these repairs. We don't know if they have started just yet. But as of this morning they are in breach of contract.
They were supposed to have this work done before closing.
We are starting to calculate damages as of today.
Anybody have any experience with this. we are in Virginia.
What are the repairs? And are they repairs the sellers can do themselves, or did they have to hire professionals (and get permits?) Is it possible the sellers held off because they wouldn't have the money to pay for the repairs until closing? Just trying to think of scenarios. Hopefully your agent has all the answers.
I have to echo the concerns of the other posters. If you had a contigency addendum, then those contigencies should have been satisfied BEFORE closing. You would have been better off pushing back closing until the work was done.I believe that you are correct that they are technically in breach of contract, but at the same time you have closed on a property that you weren't suppose to close on until all the conditions were met, so in essence you ignored them.
Just my opinion and I would suggest you consult a real estate attorney on this matter.
On the day of closing the sellers are supposedly starting work on the repairs agreed upon in the contingency addendum. They have agreed to do these repairs. We don't know if they have started just yet. But as of this morning they are in breach of contract.
They were supposed to have this work done before closing.
We are starting to calculate damages as of today.
Anybody have any experience with this. we are in Virginia.
Thanks,
Wahoo
Wouldn't an attorney be a better adviser for something like this,OP?
Obvious question: Have you ASKED the sellers if they have started the repairs?
We have not closed yet...we were scheduled to close today but the seller has been non responsive and they have let it go...we were scheduled to close but nothing is happening...We have consulted with an attorney..we are calculating our damages. But anybody have any experiences that they can share when they were presented with this kind of thing?
If you can't get a satisfactory response, and they haven't met the terms of the contact then just break it, get back all monies in escrow and all you've lost is time.
We have not closed yet...we were scheduled to close today but the seller has been non responsive and they have let it go...we were scheduled to close but nothing is happening...We have consulted with an attorney..we are calculating our damages. But anybody have any experiences that they can share when they were presented with this kind of thing?
Either don't close or write an addendum where the sellers credit you for the repairs that need to be made.
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