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Currently have a ratified contract with an inspection contingency.
The inspection found termite and moisture damage throughout the crawlspace. It's been there for years, and the inspector isn't sure how deep the damage goes.
I just want out. The property was over $500k, and there's no way I want to take a risk on it.
Inspection was yesterday, called my agent to let her know early this morning, told her clearly that I wanted out. She tried to convince me to let the seller repair, but I stood firm and she said she would contact the other agent.
The contract requires a signed document from me to terminate the purchase agreement, but I haven't heard from my agent since. I sent the report documents but never got a response.
The 5 day window is up tomorrow.
Is this kind of thing common? I'm frustrated with the lack of contact and feel like she's cutting things close.
If I can't get in touch with her tomorrow, is there anyone I should contact?
Keep trying... time is of the essence. Close is OK to handle it tomorrow but it would be more assuring if she would keep you posted. Don't wait until late in the day.
Do you text? Try that.
Others to contact: any other team member or transaction coordinator you know of?
Keep trying... time is of the essence. Close is OK to handle it tomorrow but it would be more assuring if she would keep you posted. Don't wait until late in the day.
Do you text? Try that.
Others to contact: any other team member or transaction coordinator you know of?
Or up the chain to her broker.
Thanks, going to try to call her tomorrow morning and get it taken care of asap. If she doesn't respond, I will reach out to her broker.
Thanks, going to try to call her tomorrow morning and get it taken care of asap. If she doesn't respond, I will reach out to her broker.
I suggest that you make your intent known IN WRITING to your agent AND her broker ASAP. Don't be ambiguous in your statement with any "ifs" or "maybes". Tell them flat out to CANCEL the contract in its entirety and refund your earnest money to you promptly.
She may tell you that you first have to sign some formal "cancellation" form, but I wouldn't wait to put my intent in writing. Do it NOW, and then, if necessary, you can also sign the cancellation form. Time is of the essence.
Thanks, going to try to call her tomorrow morning and get it taken care of asap. If she doesn't respond, I will reach out to her broker.
Make sure you also send an email in addition to the phone call so you can document that you want out and informed them of such. If no response from either then contact the listing agent and broker directly.
I suggest that you make your intent known IN WRITING to your agent AND her broker ASAP. Don't be ambiguous in your statement with any "ifs" or "maybes". Tell them flat out to CANCEL the contract in its entirety and refund your earnest money to you promptly.
She may tell you that you first have to sign some formal "cancellation" form, but I wouldn't wait to put my intent in writing. Do it NOW, and then, if necessary, you can also sign the cancellation form. Time is of the essence.
In my experience, it depends on what the inspection addendum indicated (buyer has right to terminate if wood destroying insects--WDI--are found, cost to repair damage is over X amount, etc.). It has also been my experience that if WDIs are found, that alone is usually enough to justify exiting the agreement and with the full return of earnest money.
I am not a real estate agent, real estate lawyer, nor do I have anything to do with this business other than having been a buyer and a seller, but I am pretty sure that if the OP contacted his/her agent to pull the offer before the deadline, the buyer is protected if the agent lapses on doing so with the window of opportunity. It is possible that the OPs agent did contact the seller's agent and is just waiting for a reply. I had to pull an offer once and it took almost a full 24 hours before I heard back. You know, the OP is commenting with his/her agent, who is communicating with the seller's agent, who is communicating with the seller. Now reverse the order when the seller has made a decision.
In my experience, it depends on what the inspection addendum indicated (buyer has right to terminate if wood destroying insects--WDI--are found, cost to repair damage is over X amount, etc.). It has also been my experience that if WDIs are found, that alone is usually enough to justify exiting the agreement and with the full return of earnest money.
I am not a real estate agent, real estate lawyer, nor do I have anything to do with this business other than having been a buyer and a seller, but I am pretty sure that if the OP contacted his/her agent to pull the offer before the deadline, the buyer is protected if the agent lapses on doing so with the window of opportunity. It is possible that the OPs agent did contact the seller's agent and is just waiting for a reply. I had to pull an offer once and it took almost a full 24 hours before I heard back. You know, the OP is commenting with his/her agent, who is communicating with the seller's agent, who is communicating with the seller. Now reverse the order when the seller has made a decision.
And yes, there will be a form to sign.
Thanks for all the responses so far.
You're right, WDIs were a terminating reason, and in this case, the termite report came back with a very scary line about there being damaged throughout and not being able to fully determine how deep the damages goes.
The seller would have likely treated for termites and repaired minimally, but there was visible damage to multiple beams in addition to joists. It's weird to me that structural engineers are not brought in on these things. It seems it's all up to the opinion of the pest guy, who may or may not be qualified to make those determinations.
There was also standing water in the crawlspace and encapsulation would be impossible due to inaccessibility issues in the crawlspace.
You're right, WDIs were a terminating reason, and in this case, the termite report came back with a very scary line about there being damaged throughout and not being able to fully determine how deep the damages goes.
The seller would have likely treated for termites and repaired minimally, but there was visible damage to multiple beams in addition to joists. It's weird to me that structural engineers are not brought in on these things. It seems it's all up to the opinion of the pest guy, who may or may not be qualified to make those determinations.
There was also standing water in the crawlspace and encapsulation would be impossible due to inaccessibility issues in the crawlspace.
It was just all around bad.
1. Get it into writing to your agent and their Broker this morning.
And, follow up with either or both by phone and email if you don't get an email response acknowledging receipt.
2. Consider getting a new agent. I would not let a client get under contract with a surprise like this.
If you don't get action quickly this morning, definitely get a new agent.
Missing deadlines has consequences.
3. Don't miss the deadline. If you have any issue getting the response you should from your representatives, you might quickly forward such notice to the listing agent and the seller.
1. Get it into writing to your agent and their Broker this morning.
And, follow up with either or both by phone and email if you don't get an email response acknowledging receipt.
2. Consider getting a new agent. I would not let a client get under contract with a surprise like this.
If you don't get action quickly this morning, definitely get a new agent.
Missing deadlines has consequences.
3. Don't miss the deadline. If you have any issue getting the response you should from your representatives, you might quickly forward such notice to the listing agent and the seller.
What fun!
Thanks Mike, appreciate the advice. The agent contacted me this morning, but I still haven't received the termination form. I'll reach out to the broker if it hasn't been sent soon.
Thanks again everyone.
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