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Old 03-31-2010, 09:07 PM
 
1 posts, read 1,756 times
Reputation: 10

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I'm in escrow for a house and just had the inspection. It found something that I don't want to live with, but most people would renegotiate on. Our contract indicates we may cancel for anything unacceptable on the inspection, no matter the dollar figure, and get our earnest money back, no questions asked. I want to do that and move on. My realtor is trying to talk me into renegotiating as she thinks it is isn't worth losing an otherwise good house over this issue.

Given that it isn't a huge deal, do you think it is "right" for me to cancel? I hate to have wasted everyone's time, and went into the offer with 100% good intentions, but this thing really bothers me and I find myself not wanting the house. Thank you.
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Old 03-31-2010, 09:23 PM
 
145 posts, read 498,849 times
Reputation: 52
Is it something the Seller could fix? If so, you should give them the opportunity to do so.
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Old 03-31-2010, 09:45 PM
 
Location: Palm Coast, Fl
2,249 posts, read 8,894,758 times
Reputation: 1009
If you have a clause in your contract that allows you to inspect and cancel for any reason, and you aren't comfortable, then yes, you have every right to do so and should. It's your money, a house you will have to live in. Your RealtorĀ® may not agree, your RealtorĀ® may not think it's the best thing for you and she may very well be correct... BUT...it's your money, your life.
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Old 04-01-2010, 12:05 AM
 
Location: Colorado Springs, CO
1,570 posts, read 5,985,295 times
Reputation: 1405
I am in agreement with palmcoasting. It's really your option. Your question was - is it ethical? The answer is yes, it is.
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Old 04-01-2010, 04:34 AM
 
Location: Hernando County, FL
8,489 posts, read 20,632,846 times
Reputation: 5397
I am curious what the issue on the inspection was.
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Old 04-01-2010, 05:55 AM
 
Location: Madison, AL
3,297 posts, read 6,262,951 times
Reputation: 2678
I am also in agreement with palmcoasting, but stuff like this comes up on inspections all the time that the buyer thinks is "serious" but is actually something relatively easy to rectify. That may be why your agent is recommending getting the seller to correct the issue.
Before you make your final decision, call a few contractors and discuss the issue that you found...see what their take on it is. That way, you really have an unbiased opinion with someone who doesn't have an interest riding on the transaction.
Honestly, if it was something really bad, I would tell my client to walk anyway if they felt uncomfortable. They always appreciate the brutal honesty and I have never had one decide NOT to use me for it. If this house doesn't work out, chances are you are going to look for another one, correct? Would you continue to use an agent whom you felt was pushing you into something that could NOT be in your best interest, just to get the deal closed?
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Old 04-01-2010, 07:28 AM
 
Location: Simmering in DFW
6,952 posts, read 22,679,222 times
Reputation: 7297
You can do whatever you want and it is not unethical to exercise your option, as stately above. Only you know what the issue is. I once had a buyer to whom I disclosed that -- during the period of time while the house was for sale & before they wrote a contract -- someone got into the house by forcing a window open because they were interested in buying it and, in fact, they delivered a contract thru an agent on the same day I accepted the buyers' contract. I didn't even know I had another interested party. The buyer husband told me later he wished I hadn't said that and sure enough, though they closed the sale and bought a security system (great, no crime neighborhood) the wife was never happy there -- they chopped down all the pretty landscaping near any window OMG! -- and they sold it w/i a year. Then just last year my next door neighbor had her ($800k) house leased and the tenant heard rats in the attic. Insisted on all insulation being replaced in addition to total extermination. All his wishes were complied with but still he never was happy there and broke the lease, he had visions of rats in his attic! Its amazing what seems silly to one person is very serious to another and if you find you would never be happy there, move on.
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Old 04-01-2010, 09:07 AM
 
Location: Barrington
63,919 posts, read 46,707,495 times
Reputation: 20674
This is not an ethics issue. You have the right to cancel and may do so.

Perhaps better questions: Are you being reasonable? Do you have a case of buyer's remorse? What's really going on here?
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Old 04-01-2010, 09:11 AM
 
Location: Barrington
63,919 posts, read 46,707,495 times
Reputation: 20674
Quote:
Originally Posted by Squirl View Post

......my door neighbor had her ($800k) house leased and the tenant heard rats in the attic. Insisted on all insulation being replaced in addition to total extermination. All his wishes were complied with but still he never was happy there and broke the lease, he had visions of rats in his attic! Its amazing what seems silly to one person is very serious to another and if you find you would never be happy there, move on.

In northern states, it's usually squirrels and birds and the occasional racoon in the attic. In southern /warm climate states, yeah, rats in the ole attic are more common.
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Old 04-01-2010, 09:22 AM
 
Location: Boise, ID
8,046 posts, read 28,464,975 times
Reputation: 9470
Simple issue.

Two questions.
Do you still want to buy the house if it didn't have this problem?
Is the problem fixable?

If the answer to both questions is Yes, you should give the buyer a chance to fix the problem.

If the answer to either question is No, and your contract says what you said it does, then yes, you can back out.
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