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.
We just composed a cancellation letter and I quoted under Section 8l of the contract:
"A party who wishes to exercise the right of cancellation as allowed herein may cancel this Contract by delivering notice stating the reason for cancellation to the other party or to the Escrow Company. Cancellation shall become effective immediately upon delivery of the cancellation notice."
We listed the reasons/issues and sent a copy to the mortgage company and escrow company with our signatures and today's date.
Being a Holiday weekend, I hope this is sufficient. We'll see.
Send a notice to the agent. They need to notify the Seller of your cancellation.
Thank you all for your guidance. This has been a stressful time for us both with selling and buying, and have been worried since the inspection report on Friday, May 26th, that we weren't doing the right thing for us by buying this house.
We feel a sense of relief that we know we can cancel without any hassle (I hope) and go on and look for something else.
I also sent a text to our agent to let her know there's a couple emails for her. If we have to sign something from her, then that's what we'll do.
My husband asked what I thought if the seller came back with a lower price and I told him I just don't want that house. It's a shame because it's a nice house...cosmetically. I honestly think the sellers had no idea there were some major issues lurking. During the inspection (yes, they stayed!), the lady asked me what he (the inspector) was looking for because we were sitting in the living room and he was right outside on the patio. I, laughingly, said, "Anything and everything." She looked at me like I had two heads because they hadn't ever had an inspection done before...not even when they bought the house. They thought because they were buying it from the builder it was good to go. Now, 9 years later, they've never had anything done. No service or inspection of heat/air unit that they ran continually all year round. They set it and left it. The inspection showed excessive wear. Electrical panel was over-fused and not rated for equipment connected. No kickout flashing installed. Inspector couldn't get through one of the attic areas because the door had been sealed shut. The huge tree in the front yard was sitting on the septic system. We know what tree roots can damage from past experience. The kitchen appliances were outdated and needed replaced. The tub area in the master bath needed taken out and a shower put in. Two windows needed replaced because the seals were gone. Screens for the windows were in the garage because they never opened any windows, thus the air ran constantly and they were on balance billing for electric!
The list goes on. These people are very nice people but unwilling to spend one cent over the years to maintain the house....which was a major red flag for us.
Okay. Now stand firm. You really got messed up selling and buying. Take a breather. Get you OWN agent/realtor who is experienced, not just nice or friendly. I understand dual agents serve a purpose in some areas. Sort of long the lines of a mediator for both sides, making sure things are legal on both sides,etc. But you really need your own strong agent to help YOU out.
I think you've already done this, but send the same letter you sent to your mortgage company to the agent. Then, to be on the safe side print out the email with the date on it. If this is the same agent helping you sell, you want to exercise extra caution. If you know how to request a "read" receipt on your email do so.
You didn't ask about this, but I thought I'd offer: please consider moving into a nice rental apartment, to take time pressure off you as you look (unless you have family or friends you can happily stay with indefinitely). The last thing you need is to feel forced to "settle." It's a pain to move twice, and there is some expense, but these are much less than the cost, financial and psychological, of having to buy a house that really does not work for you.
I think you've already done this, but send the same letter you sent to your mortgage company to the agent. Then, to be on the safe side print out the email with the date on it. If this is the same agent helping you sell, you want to exercise extra caution. If you know how to request a "read" receipt on your email do so.
You can also send a US mail certified copy of the same email/letter, with signature required.
Our agent called to say she got our email and text and will present the cancellation to the sellers. She wasn't upset and understood why we did it. We also got an email from our loan officer to let us know she thought it was better to do something now before it's too late to do anything about it.
We're glad that's done with but now we are on the hunt again. Looking at a couple houses tomorrow that's just listed this last week. Wish us good luck.
Our agent called to say she got our email and text and will present the cancellation to the sellers. She wasn't upset and understood why we did it. We also got an email from our loan officer to let us know she thought it was better to do something now before it's too late to do anything about it.
We're glad that's done with but now we are on the hunt again. Looking at a couple houses tomorrow that's just listed this last week. Wish us good luck.
Thanks again for all the help
I'm glad she was pleasant about the cancellation; however, she was never YOUR agent. Based on what you previously wrote, this was a dual agency situation. My personal opinion is that her primary obligation was to the seller's, NOT you.
I'm glad she was pleasant about the cancellation; however, she was never YOUR agent. Based on what you previously wrote, this was a dual agency situation. My personal opinion is that her primary obligation was to the seller's, NOT you.
It's kinda worse than that in AZ - a dual agent can't legally do anything or use any info they have to help either party in the transaction gain an advantage.. The brokerage is the "dual agent", so two different agents under one broker could spar with each-other as long as they did not share insider info from their broker, but if it's the same agent you're collecting two commissions and giving neither side an advantage.. Dual agency with two agents is a little scary, dual agency with one agent is just not cool at all. As an agent, I want to deal fairly & honestly with both sides, but it's only natural to try to gain a little *something* for your client, even if it's just a token.
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.
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.
