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You are the one looking to back out so be prepared to pay for your decision. I am not saying do not do it, but I am saying be prepared to pay for your desires.
That is fine, but our buyers agent is REFUSING to present a mutual withdraw letter. My husband works over 45 minutes away from the home and there is a present crack in the foundation. We no longer wish to live out of state and the buyers agent should have presented the reason for withdraw. It was only 10 days after we signed the agreement. The property is listed still as active on the MLS site and there has been showings per the listing agent telling my listing agent. Our listing agent says what he is saying is bs and she is helping us with the lender put together legal action with the attorney.
And once again my insistence on engaging a trusted real estate attorney any time I buy or sell property is proven.
This is a classic example of where a transaction has gone down the tubes because realtors can't practice law. Had there been an attorney involved from the start I'm betting this would have been resolved in short order and the seller's agent would have been *very* responsive rather than sandbagging the buyer.
That is fine, but our buyers agent is REFUSING to present a mutual withdraw letter. My husband works over 45 minutes away from the home and there is a present crack in the foundation. We no longer wish to live out of state and the buyers agent should have presented the reason for withdraw. It was only 10 days after we signed the agreement. The property is listed still as active on the MLS site and there has been showings per the listing agent telling my listing agent. Our listing agent says what he is saying is bs and she is helping us with the lender put together legal action with the attorney.
I would definitely talk with their broker ASAP. The agent is supposed to represent YOU and if they are not doing what you want, you should report them to the broker for failure to do their job.
My husband and I found a home we were interested in, due to it being a 'hot' market we put on offer on the home contingent of our current home selling. The home was on the market for 35 days prior to our offer and had a 10k price drop. About 8 days after putting the offer in we went back for a second showing to get measurements etc and noticed a hairline crack in the foundation in the corner of the basement that we neglected to notice the first time. We put down a 1500k good faith loan with the offer. We then decided that it was best to walk away and keep looking. After letting our agent and lender know, we were granted a new approval and kept looking on our own for new homes. Today we accepted an offer on our home so we no longer need the contingency on the sale of our home [fingers crossed it will close, the buyers LOVED it and are qualified]. The agent we were originally working with [no contract with him] said we cannot simply walk away [yes we are fine with losing ALL the good faith, bad choice on our part!] and states he needs time to figure a way out of the agreement. We found a home and want to go look at it but was told until the agent resolves the current contract we cannot put another offer down if/ when we find a new home. Is it normal for a real estate agent in Indiana to not want to let us back out of a contingent offer on a home? It's been almost 2 weeks and he is now ignoring our calls/ texts/ emails. What should our next steps be?
**background info: no appraisal or inspection was completed, we backed out within 8 days.
All information is appreciated.
Thanks.
I have looked at houses in Indiana and was surprised when a realtor told me that even getting a bad home inspection didn't let you out of the agreement. You were obligated to buy once you signed the contract. In my current state, that's an automatic out (you don't have to cite the reason; just an up-or-down inspection) OR can back out of the deal and lose your earnest money for no reason at all, so that was quite surprising!
I have looked at houses in Indiana and was surprised when a realtor told me that even getting a bad home inspection didn't let you out of the agreement. You were obligated to buy once you signed the contract. In my current state, that's an automatic out (you don't have to cite the reason; just an up-or-down inspection) OR can back out of the deal and lose your earnest money for no reason at all, so that was quite surprising!
No one should sign a purchase agreement that doesn't have appropriate contingencies to allow them to back out based upon new information found through an inspection or if certain actions can't be fulfilled (e.g. financing or sale of a house). The fact that it is called a "contingency" means that the contract is not final until certain conditions are met.
Last edited by jackmichigan; 11-02-2020 at 10:13 AM..
No one should sign a purchase agreement that doesn't have appropriate contingencies to allow them to back out based upon new information found through an inspection or if certain actions can't be fulfilled (e.g. financing or sale of a house). The fact that it is called a "contingency" means that the contract is not final until certain conditions are met.
A "contingent" contract usually refers to the buyer having to sell his/her current home. Just repeating what I was told by an Indiana realtor; perhaps someone can clarify, as it does seem rather unforgiving!
A "contingent" contract usually refers to the buyer having to sell his/her current home. Just repeating what I was told by an Indiana realtor; perhaps someone can clarify, as it does seem rather unforgiving!
ANY condition of a contract that has to be satisfied for the buyer to proceed is a "contingency."
Repairs.
Survey.
Insurable and marketable title.
Sale of another property.
Etc.
Many contingencies are addressed in the contract language in a standard contract.
Buyers and Sellers can have additional contingencies inserted, too.
ANY condition of a contract that has to be satisfied for the buyer to proceed is a "contingency."
Repairs.
Survey.
Insurable and marketable title.
Sale of another property.
Etc.
Many contingencies are addressed in the contract language in a standard contract.
Buyers and Sellers can have additional contingencies inserted, too.
I'm telling you I was told that one couldn't get out of a contract in Indiana on the basis of a unsatisfactory home inspection (you're not in Indiana, obviously). Perhaps an Indiana realtor will chime in and clarify...
I'm telling you I was told that one couldn't get out of a contract in Indiana on the basis of a unsatisfactory home inspection (you're not in Indiana, obviously). Perhaps an Indiana realtor will chime in and clarify...
Well, there is a somewhat relevant thread in the Indiana forum.
I'm not sure what you were told, or if it was in reference to a particular contract, but such a blanket statement about contracts in Indiana (or any state) can't possibly be true.
I'm telling you I was told that one couldn't get out of a contract in Indiana on the basis of a unsatisfactory home inspection (you're not in Indiana, obviously). Perhaps an Indiana realtor will chime in and clarify...
Fine.
The definitions of "contingent" or "contingency" don't change with state boundaries. It is very common terminology in contracts.
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