Trulia Voices Real Estate Q&A in Tucson

Beazer
Beazer
Home Buyer
Tucson

I am looking a a property that will be foreclosed upon in two and a half months. We have come to an agreed

upon price, however she says she is not making any repairs--it's as is at the price we've agreed on.

Can anyone tell me what would happen if we run into some major problems during the inspection? For instance, if a retaining wall or a structural thing needs work, can I back out during the first ten days? Also, am I safe to get the title if she is so close to forclosure? Our closing date would be in three weeks.

Any help would be much appreciated.

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Answers (5)
Brad Bergamini
Brad Bergamini
Real Estate Pro
86301
Tue Jul 29 2008, 17:14

If you have used an AAR form your cancelation requirements are in the contract Lines 234-248. During the inspection period you have the right to cancel. Just look at the written contract. If you didn’t use a Realtor or AAR form you might get an attorney.

Web Reference: http://BradBergamini.com
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George Szkup
George Szkup
Real Estate Pro
85739
Sat Jun 7 2008, 17:47

If you are working with an agent he/she should have taken care of it and you should have no problem.
Contract document specifies time period for the home inspection - usualy 10 day or 15 days. Upon timely complition of inspection you have 5 days to cancell the contract if something serious was discovered.
In a typical transaction seller either sells property "as-is" or provides a document addressing any and all ptoblems (for you to review). If you are working without an agent, you may have a problem. It all depends how your purchase contract was written. Without reviewing your contract one cannot give you an advise. I may be able to review you contract but ONLY, ONLY if you are not represented by an agent.
George GeoSzk@WBhsi.net

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Sharon Hildebra…
Sharon Hildebra…
Real Estate Pro
Tucson
Wed May 21 2008, 18:35

If you use the AAR purchase contract it gives you a time frame to do inspections, if you find something that makes you uncomfortable you can cancel your contract. This would also include pest inspections. A title company will record the transaction at closing and you will have title in your name.

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Jonathan Dalton
Jonathan Dalton
Real Estate Pro
Scottsdale
Sun May 18 2008, 08:40

Did you have an inspection period written into your contract? 10 days isn't legally mandated ... it needs to be in writing in the contract, as it is in AAR's Purchase Contract that Realtors use.

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Jim Johnson
Jim Johnson
Real Estate Pro
78247
Sun May 18 2008, 07:32
FIRST ANSWER

You should refer to your contract, and consult with an attorney.

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