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We are about 2 weeks from closing on our new home but current owners still have yet to make all the requested minor repairs, the biggest being a small leak in the roof (these were all specified in the contract that they be fixed prior to home delivery). Now the hurricane is about to hit us on the east coast. If there is new damage inside the house from the leaky roof, what is the recourse if they refuse to fix the new damages? Can we still back out of the purchase without losing our downpayment?
My bro in law went through a similar thing about 10 years ago on a house he bought. His buyers agent requested that $10,000 be put into escrow until the repairs will be made after closing. The seller agreed and got the repairs done in the spring instead of the winter. The total cost of the repairs was like $3,500 but his agent wanted to make sure the seller didn't spend the money.
We are about 2 weeks from closing on our new home but current owners still have yet to make all the requested minor repairs, the biggest being a small leak in the roof (these were all specified in the contract that they be fixed prior to home delivery). Now the hurricane is about to hit us on the east coast. If there is new damage inside the house from the leaky roof, what is the recourse if they refuse to fix the new damages? Can we still back out of the purchase without losing our downpayment?
Read your contract.
Ours have a clause that says a home will be delivered in similar or better condition as it was at time of contract.
As far as you earnest money goes, that should also be dealt with in the contract.
Good question for your agent.
Ours also had a clause about damages, saying that if significant damage happened we could either walk, have the sellers repair, adjust the price or give us the money to fix.
You may 'luck out' and get a whole new roof from their insurance, but let's hope not!
> Can we still back out of the purchase without losing our downpayment?
This is what final inspection is for. If the house is not delivered in substantially similar condition to what it had when the contract was signed you have a cause to back out (assuming it is a contract with typical provisions). This could get thorny so a contact with a lawyer would be a good idea (if you don't have one yet).
We are about 2 weeks from closing on our new home but current owners still have yet to make all the requested minor repairs, the biggest being a small leak in the roof (these were all specified in the contract that they be fixed prior to home delivery). Now the hurricane is about to hit us on the east coast. If there is new damage inside the house from the leaky roof, what is the recourse if they refuse to fix the new damages? Can we still back out of the purchase without losing our downpayment?
Depending on what happens in your area with this storm I would seriously consider having a full inspection performed again just to make sure nothing happened. I am not talking about your final walkthrough but an actual inspection where they climb the roof and attic, check all of the physical structure, etc. There is always the possibility that damage can occur that you might not see on a final walkthrough. You never know too if this storm also exposes other problems that were not apparent during your initial home inspection. Once you take possession anything there is going to be your problem to fix or fight to get fixed.
Location: Went around the corner & now I'm lost!!!!
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Quote:
Originally Posted by rational1
> Can we still back out of the purchase without losing our downpayment?
This is what final inspection is for. If the house is not delivered in substantially similar condition to what it had when the contract was signed you have a cause to back out (assuming it is a contract with typical provisions). This could get thorny so a contact with a lawyer would be a good idea (if you don't have one yet).
Take (or keep) photos if you can.
This is a good question. And did anyone consider the "hidden" damages the earthquake may have caused and you may not find out about it for months or years!
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