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Ok. I see that now. But my question is still the same about "Is there a contract?".
I may be misreading it but it looks to me that the buyer came back after the initial acceptance and inspection asking for a $4000 concession and property. Doesn't that change the original contract acceptance and the sellers now have to agree to that change?
Absolutely.
In most contracts, buyer makes an inspection response request. Seller can accept, reject or counter the request...
But seller can't usually walk over the request. If they reject it, BUYER decides whether to walk, or accept the sellers terms, as is.
Yes we have a contract 5,000 over asking contingent on inspection. We don't know how big or small the other repairs are because they will not disclose what the inspector found. They only disclosed the major issue that is already being taken care of as we speak. They countered with 4,000 off the first accepted contract and all personal belongings they photographed themselves during the showing and will drop all minor repairs. We want the inspection report but they keep sending the counter offer letter and will not let us see what the inspector found. We have informed them that they absolutely cannot have any furniture. They countered with asking price.
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Location: Ocala, FL
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While I don't think they are obligated to provide a copy of an inspection report that they paid for, I do feel the need to detail specifically what repairs they think are necessary to justify a price reduction.
I know all real estate is local, but in my area, if that happened to me, I would just say “no†— and if the deal fell through, I’d go with another offer and/or put the house back on the market. At least where I’m at, the market is strong enough for sellers that going back on the market wouldn’t be a huge red flag or anything like that.’
When I sold my townhouse in 2012, I said that the washer and dryer was “negotiable†— basically meaning that if the buyer didn’t want the set, I’d be happy to take it with me, since I bought it about 5 years earlier and liked it. The buyer wanted the washer and dryer, but it was kind of interesting because I felt like she made a big deal out of it to the point where she wanted to walk through the house 30 minutes before closing to make sure the washer and dryer were there, as if I was going to scam her! And in my mind, I thought I was making it easier for the buyer, by offering to take something with me if it happened to not be wanted. Either way, minor issue but kind of amusing. For those who are wondering, I bought an updated version of the same set when I moved into my new house.
Do you have language in any typical current Standard Form contracts that provides the seller with the right to terminate unilaterally during inspections?
I haven't ever seen it.
Yup. Have you seen ever standard form for all 50 states? In NY it's in the standard form. There's a line that states if repairs exceed _______ dollars that either party can terminate the contract. The buyer puts in the amount they're willing to spend up to. In all 3 of the offers I've made my max was $1000. Either party could walk away if the repairs exceeded that amount.
If a house needs $100K worth of repairs why wouldn't the seller be able to walk?
Yup. Have you seen ever standard form for all 50 states? In NY it's in the standard form. There's a line that states if repairs exceed _______ dollars that either party can terminate the contract. The buyer puts in the amount they're willing to spend up to. In all 3 of the offers I've made my max was $1000. Either party could walk away if the repairs exceeded that amount.
If a house needs $100K worth of repairs why wouldn't the seller be able to walk?
But... Don't attorneys draft contracts in NY? Or, not in rural areas?
I don't claim to have seen all 50 states, but I have seen several without such a provision.
Regardless, I suspect that neither of us has seen the OP's contract docs for the transaction, so NY, NC, or 47 other states' typical standard forms are likely irrelevant.
But... Don't attorneys draft contracts in NY? Or, not in rural areas?
I don't claim to have seen all 50 states, but I have seen several without such a provision.
Regardless, I suspect that neither of us has seen the OP's contract docs for the transaction, so NY, NC, or 47 other states' typical standard forms are likely irrelevant.
No attorneys don't draft real estate contracts in NY. We have standardized forms. Your realtor drafts your contract. We have attorneys for closings.
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