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Old 08-27-2012, 11:49 AM
 
Location: Barrington
63,919 posts, read 46,721,445 times
Reputation: 20674

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I am another advocate for prelisting home inspections. Either the sellers fixes it or discloses and adjusts the price for it, whatever the its are.

15 year old homes, especially in tract housing developments, tend to contain builder grade mechanicals and roofs often with lesser projected useful lifes than otherwise would be available had the original owners ugraded.

I am also an advocate of dislosing the age and condition of all mechanicals/roof upfront. Many buyers simply do not have the funds to take on potential near term replacment of mechanicals and/or the roofs. No reason for buyers to first learn during an inspection
that the mechanicals and/or roof are approaching, at or have exceeded projected useful life.
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Old 08-27-2012, 12:09 PM
 
Location: NJ
17,573 posts, read 46,134,620 times
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As my real estate attorney told me once, my job is to get you out of a contract without paying a penalty if you want to get out of it. With all the different contingencies (inspection/financing) I fully believe he could do that.
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Old 08-27-2012, 03:50 PM
 
125 posts, read 495,839 times
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The house in question is in Michigan. How do I tighten up the contingency? The contract is standard and preprinted from the agent.
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Old 08-27-2012, 04:00 PM
 
125 posts, read 495,839 times
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Quote:
Originally Posted by chet everett View Post

Ther has been a trend in areas with A LOT of inventory for buyers to welch out on homes that are not flawless without negotiating over findings from the inspection.

Real estate agents that have had clients bitten by this bug should absolutely get a presale inspection done and address any issues uncovered as well as write contracts with tighter restrictions and demand more forfeiture of earnest money when buyers are unreasonable.
What is deemed "unreasonable"? You pretty much have to tear down the whole house and rebuild it just to keep these "perfectionist" buyers happy. Is there anything I can do to screen out these tire kickers because everytime I accept an offer my house is off the market for 2 weeks?
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Old 08-27-2012, 04:05 PM
 
4,918 posts, read 22,677,380 times
Reputation: 6303
Quote:
Originally Posted by venicebeachcalifornia View Post
The house in question is in Michigan. How do I tighten up the contingency? The contract is standard and preprinted from the agent.
before worry about tightening the contingencies, I have to ask, the first walker did so cause the roof was leaking and I;m sure everyone agrees thats a legitimate reason to walk without even asking for repairs or countering... But you are upset over and seem to think its the buyers fault. So, this nto new deck, lets be honest.. How bad is the thing? Are we talking a faded surface or a structual mess ready to come falling down? No amount of tightenting will overcome a bad house. You may prevent them from walking cause in the back closet, in the basement, behind the furnace and water heater the basebord is broken... but a leaky roof or bad deck, they will most likely still be able to walk away on major or structual problems! So how bad is the deck?
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Old 08-27-2012, 05:41 PM
 
28,455 posts, read 85,354,654 times
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Default Yes, the house should be "fully disclosed" and no one wants to hide anything "bad" BUT...

Whether the deck is some wicked life threatening disaster or just a dirty old pile of boards the BUYER ought to be able to SEE that with their own eyes BEFORE making an offer AND the seller can CLEARLY spell out that the offer, as agreed to, will not be subject to refundable termination due to any deficiencies in accessories structures or landscape improvements including but limited to decks, outdoor firepits, bbq grills, walkways, storage sheds, play structures, swing sets, dog houses or pigeon coops which will all to convey on a strictly as-is basis for which no guarentees are implied or extended...


Similar language can be adapted for appliances, window /floor coverings, towel bars. toilet paper roll holders and every other picky little thing that deals have goon into the ash heap over...

Should a defect be found in roof in exterior sheathing, electrical wiring, plumbing, HVAC etc specific dollar limits can be in the contract.

Every addenda ought to be reviewed prior to contract acceptance. Good atttorneys for either side ought to prefer "air tight" language...

Quote:
Originally Posted by PacificFlights View Post
before worry about tightening the contingencies, I have to ask, the first walker did so cause the roof was leaking and I;m sure everyone agrees thats a legitimate reason to walk without even asking for repairs or countering... But you are upset over and seem to think its the buyers fault. So, this nto new deck, lets be honest.. How bad is the thing? Are we talking a faded surface or a structual mess ready to come falling down? No amount of tightenting will overcome a bad house. You may prevent them from walking cause in the back closet, in the basement, behind the furnace and water heater the basebord is broken... but a leaky roof or bad deck, they will most likely still be able to walk away on major or structual problems! So how bad is the deck?
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Old 08-27-2012, 05:53 PM
 
125 posts, read 495,839 times
Reputation: 63
Quote:
Originally Posted by PacificFlights View Post
before worry about tightening the contingencies, I have to ask, the first walker did so cause the roof was leaking and I;m sure everyone agrees thats a legitimate reason to walk without even asking for repairs or countering... But you are upset over and seem to think its the buyers fault. So, this nto new deck, lets be honest.. How bad is the thing? Are we talking a faded surface or a structual mess ready to come falling down? No amount of tightenting will overcome a bad house. You may prevent them from walking cause in the back closet, in the basement, behind the furnace and water heater the basebord is broken... but a leaky roof or bad deck, they will most likely still be able to walk away on major or structual problems! So how bad is the deck?
What makes me mad is the buyer wants out by merely stating problems with the deck, siding and windows but WITHOUT giving the specifics. The deck is structurally sound. The contingencies are for major major problems only and not for nitpickings or a way to weasel out of the contract. In addition, he had multiple viewings before making the offer so these flaws should come as no surprise. He also refuses to give me a copy of the inspection report claiming it's his property. My agent says the home inspector is old fashioned and unprofessional with the report written in illegible handwriting. I think there's shenanigan going on. I think the buyer is trying to bottom fish and want to use any convenient excuse to get out. He made me jump through the hoops and can get out of the contract on a whim. What legal recourse do I have?

Last edited by venicebeachcalifornia; 08-27-2012 at 06:39 PM..
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Old 08-27-2012, 06:37 PM
 
Location: Salem, OR
15,575 posts, read 40,421,118 times
Reputation: 17473
Quote:
Originally Posted by venicebeachcalifornia View Post
The deck just has minor faded surface from the elements and is structurally sound. The buyer also states sidings and windows issues that are purely cosmetics. These minor problems don't warrant a release. The contingencies are for major major problems only and not nitpickings. In addition, he had multiple viewings before making the offer so these flaws should come as no surprise. He also refuses to give me a copy of the inspection report claiming it's his property. My agent says the home inspector is old fashioned and unprofessional with the report written in illegible handwriting. I think there's shenanigan going on. I think the buyer is trying to bottom fish and want to use any convenient excuse to get out. He made me jump through the hoops and can get out of the contract on a whim. What legal recourse do I have?
I don't know your language here, but our contracts say the seller gets a copy of the report if they ask and the buyer is terminating over the report. Most sellers won't sign the release of earnest money until they get the report.
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Old 08-27-2012, 06:49 PM
 
Location: DFW
40,952 posts, read 49,171,554 times
Reputation: 55003
Quote:
Originally Posted by Silverfall View Post
I don't know your language here, but our contracts say the seller gets a copy of the report if they ask and the buyer is terminating over the report. Most sellers won't sign the release of earnest money until they get the report.
And we are different here in TX. A Buyer can terminate the contract during the option period for ANY reason and only lose the small Option Fee and get back their EM. The Buyer owns the report and does not owe the Seller a copy or an explanation. I ask the buyer if I can release it to the seller if we ask for repairs. I've had a few Buyers offer to split the cost of the Inspection if a buyer wants a copy.

OP, without knowing your contract it sounds like they can terminate and walk away and you have no recourse.
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Old 08-27-2012, 06:59 PM
 
12,973 posts, read 15,797,741 times
Reputation: 5478
Nevada contracts and most of the west allow cancellation in the due diligence period for any reason. I just lost a very nice sale because the buyers had an epiphany when they actually looked at the house hard. Such is life.

That house by the way was within a half a per cent of perfect. Total fault found was one GIF that did not properly operate. So the buyer pays 400 and finds out they don't want the house...and the poor seller continues...hopefully fixing the GIF.
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