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Is there a set amount of time a buyer has to get back to you with their requests for repairs following an inspection? It seems to me I heard five days but, if true, would that be five days AFTER the date of inspection or INCLUDING the day of inspection?
I'm getting a little nervous here, as I've heard that most buyers get back to a seller within one or two days and the inspection was done on Thursday. Well, it's now Sunday so I don't know if this is day three or four or if what I even heard is true. Also, what if they never get back to you? I guess technically they have to or they lose their earnest money, but I know they have 10 days following the inspection (same question - does this 10 period include the day of inspection or follow it) to back out of the sale for any reason.
If things are going to fall through, I'd rather know sooner than later, as I have said no more showings on my house. Thanks to anyone in the know.
The answer is in the contract you signed. You may have to read it carefully to understand, and you may need a lawyer to interpret the language, especially if it comes down to issues of business days vs. actual days.
ask your real estate agent to contact your buyer's agent to find out if other interested parties should be shown the house because you really don't want to go thru the inconvenience at this point....
The answer is in the contract you signed. You may have to read it carefully to understand, and you may need a lawyer to interpret the language, especially if it comes down to issues of business days vs. actual days.
This is correct, in my state the deadline for contingencies is tied to the Effective Date, the date the seller has agreed to the offer from the Buyer and not the date of the inspection.
This is correct, in my state the deadline for contingencies is tied to the Effective Date, the date the seller has agreed to the offer from the Buyer and not the date of the inspection.
And day 1 is the day after the contract is signed.
The longer the buyer waits to address the repair issue, the harder to work it out. Maybe they are getting quotes, other types of inspections arranged (like foundation) or better yet maybe there are no repairs they plan to ask you to do.
Keep in mind just because they ask for a repair, it's all negotiable. Your agent should be in contact with the buyers agent.
I think the OP is in Arizona based on prior threads. Assuming she is using the standard Arizona Association of Realtors contract, then by default, there are 10 calendar days allowed for any due diligence inspections starting the day after the contract is finalized. The number of days can be changed by mutual agreement of the buyer & seller. Notice of any items disapproved must be delivered prior to expiration of the inspection period. The seller then has 5 days to respond, followed by another 5 days from the buyer for a final response (assuming the seller did not agree to the first notice).
As said above, the OP should read the contract and consult with her agent to be sure to understand anything specific to her situation.
I think the OP is in Arizona based on prior threads. Assuming she is using the standard Arizona Association of Realtors contract, then by default, there are 10 calendar days allowed for any due diligence inspections starting the day after the contract is finalized. The number of days can be changed by mutual agreement of the buyer & seller. Notice of any items disapproved must be delivered prior to expiration of the inspection period. The seller then has 5 days to respond, followed by another 5 days from the buyer for a final response (assuming the seller did not agree to the first notice).
As said above, the OP should read the contract and consult with her agent to be sure to understand anything specific to her situation.
Yes, this is true. Ok, I accepted their offer on the 17th. Since today is the 26th, I guess they have two more days to back out, if I am understanding you correctly. It's just very odd to have received no feedback regarding this and I did call my realtor over something unrelated but she never returned my phone call.
I will try to be optimistic here, but I'll admit I won't be happy if it's a last minute cancellation when I've kept my house off the market due to their offer. Oh, and I have no contract to read as I never got a copy.
You have posted a lot of odd things. This is by far the oddest. Didn't you have to sign it?
Thank you. I'll take that as a compliment.
It's very simple. It was the first offer which I did not accept so I never got a copy of the contract. When the second offer fell through, all that was required of me was to sign a copy of a counter and I do have the copy of that. Nonetheless, I don't want to assume both contracts are the same, plus honestly I read the first contract and don't recall this being discussed. I know I should have a copy of the contract. Having said this, if both contracts are equal, then there were no provisions made for deviation from any of what was previously mentioned about the 10 days commencing after the signing of the contract.
Since I offered to buy them a new X, I would think they'd want that in writing. Either that, or they don't care about X. Since I accepted their offer far below asking price, perhaps they are just thinking they got a deal and are going to let everything ride. In fact, I was talking to a woman in that neighborhood today who was disappointed I was letting it go for what I am. She thought it was going to depress her selling price, but I can't help that. I just want that monkey off my back. I'm getting concerned about finances and paying for two places at once is not fun. Plus, I don't want that city getting one red cent of my tax dollars as it is, so the sooner it sells, the sooner that stops.
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Having said this, if both contracts are equal, then there were no provisions made for deviation from any of what was previously mentioned about the 10 days commencing after the signing of the contract.
