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 08-11-2012, 08:51 AM
 
4 posts, read 6,782 times
Reputation: 11

Advertisements

I sold a house "As Is". The only thing I thought is needed was cosmetic work. I told him he should get a house inspection but he didn't want to spend the money. The only clause we had was a termite clause if acting termites were found but my house was totally sprayed in 2010. Now buyer has found water damage to foundation under kitchen sink and is wanting me to pay for it. He also said he had a termite inspector find termite damage. I had 2 inspectors go out and no active termites were found. He not only wants me to pay for it but wants me to use his contractor who's estimate is 3 times one I got just to see if he was jerking me around. He was pre-approved for the loan and we were to close Monday.-Can he back out of loan?

Last edited by jincy1; 08-11-2012 at 09:00 AM..
Rate this post positively Reply With Quote Quick reply to this message

 
Old 08-11-2012, 10:17 AM
 
Location: Just south of Denver since 1989
11,575 posts, read 31,865,049 times
Reputation: 8356
What does your contract say?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 08-11-2012, 11:18 AM
 
Location: Florida -
10,136 posts, read 13,140,435 times
Reputation: 21437
It's not a question of whether or not he can 'back out of the loan' - A loan is not final until the borrower signs the contract to pay the money back. The issue here is the purchase agreement between you and the potential buyer. You may have stipulated "As Is", but, until you have an agreement that the buyer will accept it in that condition, you have no basis for insisting he do so. As it turns out, the inspection turned-up more damage than the buyer expected. Your choice is to 'stick to your guns' regarding "As Is" (and likely lose a potential buyer) ... or negotiate a settlement. (It sounds like your potential buyer has contracted a case of 'buyer's remorse' before closing the sale) --- As the other poster suggested, "What does your contract say?"
Rate this post positively Reply With Quote Quick reply to this message
 
Old 08-11-2012, 11:18 AM
 
Location: The Triad (NC)
31,941 posts, read 73,495,494 times
Reputation: 38882
Ultimately.... EVERY house (and every other dam-ned thing) is sold "as is".
All the inspections and disclosures let alone the "warranties" aside... it's still caveat emptor.
Any buyer who doesn't understand this is either still wet behind the ears or isn't being advised well.

The price a buyer pays should reflect this reality.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 08-11-2012, 01:15 PM
 
Location: Asheville
1,161 posts, read 3,983,526 times
Reputation: 1211
It's my understanding that (a) their inspector found "termite damage" and (b) water damage to foundation "under kitchen sink." I want to tell you that from what you say, your house DOES have termite damage, but no "active" termites, especially since it was just sprayed a couple years ago! So, your contract covers that particular issue. I also want to tell you that there isn't a kitchen sink in the country that doesn't have some water evidence under it! As for water damage to foundation under sink, I'm sorry, they need to say specifically what part of the "foundation" is goofed up, because for all you know, at one time there was a leak that wasn't discovered for, say, a few months, and a few joists have some evidence of water on them. Look, I was buying a house that had a bathroom where there was all sorts of black on the joists, which were also chopped into, some right under the tub, and I knew dang well one day that tub just might fall right down into the basement. But guess what? I could have cared less. And we lived in that house 20 years and it never budged.

So, I'll tell you what i think about your buyer's expectations that you repair a lot of unimportant stuff. i would not offer to pay one dime for any of it, that the house was being sold "as is," and if he was so all fired worried about nonexistent termites and a few floor joists that once had water on it, he would have to take care of it himself. He's either an inexperienced buyer or he wants out or he's the type who will try to get a seller on the "back end" for some easy cash. To me, what's "wrong" with your house is so little, if this guy doesn't want your house, hey, just hang in and you'll get another offer before long. I know, I know, it's best to make any offer work, but on this issue, NO WAY. I mean, if there was a bonafide water leak that went on for years and now the whole side of the house is going to fall out into the yard, that's one thing, but that's not what they said. They said "water damage to foundation under sink," and "damage" could be anything, as could "foundation."

Just go to closing, refuse him any repair money since you were selling "as is," and termite "damage" is not the same as "active termites," and that there isn't a house in the country where water doesn't collect under the sink. Remind him you TOLD him to get an inspection, and in any case, if those two things are all that's wrong according to his contractor (no inspector came out there, I could bet on that), he's getting a deal. And by the way, LOTS of sellers, even not an "as is" sale, will not pay for repairs, just flat out. If he wants to walk, that's what will happen, but I cannot imagine anyone who is interested enough in your house to make an offer, set a closing date, and all of a sudden think he's got major problems when he doesn't, would walk unless he really is trying to get away with something. Get your realtor to talk to his realtor and bring this guy back to reality, they can talk over the weekend and hopefully all this will be said and done before you get to closing.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 08-11-2012, 01:46 PM
 
Location: NJ
17,579 posts, read 43,305,827 times
Reputation: 16210
And what exactly does your contract say about inspections and when they had to be done by?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 08-11-2012, 01:48 PM
 
28,461 posts, read 78,595,246 times
Reputation: 18593
I would mostly endorse what gigimac has laid out, ESPECIALLY the fact this is a JOB FOR THE LISTING AGENT AND BUYER'S AGENT to hammer out NOT THE SELLER! I would further stress that things like this are why it is VITAL that the listing agent write a VERY solid contract and insist on a VERY substantial earnest money deposit that WILL BE FORFEITED by bozos that do not understand what "as-is" means -- if the scared cat stands to lose a BIG pile of their money that tends to minimize the "craziness"...
Rate this post positively Reply With Quote Quick reply to this message
 
Old 08-11-2012, 04:35 PM
 
Location: Oro Valley AZ.
1,024 posts, read 2,539,075 times
Reputation: 1185
Maybe I am wrong but the way I read it I don't think there are any agents involved. OP states that "he" told the buyer to get an inpsection. Sounds like buyer and seller were having one on one conversation with no middle men(agents) I could be wrong but sounds like a FSBO to me. Hopefully the OP will check back in and clarify things. He also states they are closing on Monday so I would assume inspection period has passed. But to answer the OP's question it does get done to what the contract states, like everyone has already mentioned.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 08-11-2012, 04:48 PM
 
28,461 posts, read 78,595,246 times
Reputation: 18593
Default If that is the case...

...then sadly another person that apparently does not appreciate the value of proper real estate representation.


Quote:
Originally Posted by RickTucsonHomes View Post
Maybe I am wrong but the way I read it I don't think there are any agents involved. OP states that "he" told the buyer to get an inpsection. Sounds like buyer and seller were having one on one conversation with no middle men(agents) I could be wrong but sounds like a FSBO to me. Hopefully the OP will check back in and clarify things. He also states they are closing on Monday so I would assume inspection period has passed. But to answer the OP's question it does get done to what the contract states, like everyone has already mentioned.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 08-11-2012, 06:16 PM
 
Location: Mostly in my head
19,858 posts, read 61,726,230 times
Reputation: 19286
The OP is being incredibly foolish. I didn't buy the first house I made an offer on. It needed a lot of work and it would have been putting lipstick in a pig. The hhouse I am negotiating on now is much better in every way including location and is only $6500 more. I would have had to put close to $10K in the other one to make them comparable. Thanks to a good inspector I avoided a mistake (actually one of our regular posters, eScanlon)

Sent from my SCH-I535 using Tapatalk 2
__________________
Moderator for Utah, Salt Lake City, Diabetes, Cancer, Pets forums
//www.city-data.com/forumtos.html

Realtors are welcome here but do see our Realtor Advice to avoid infractions.
Rate this post positively 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.

© 2005-2021, 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