Home Buying in Valrico>Question Details

Firsttimer, Home Buyer in Valrico, FL

Can an addendum be added into the mix AFTER a purchase agreement? Can I back out of the deal based on this?

Asked by Firsttimer, Valrico, FL Mon May 24, 2010

I put in an offer on a house. I'm in Florida. They countered and I accepted. Now they want me to sign an addendum which overrides the purchase agreement and they have indicated that they have had the house inspected (termite and general house) and my signature indicates that I received and agreed to the inspections and everything else. I want to cry foul. First of all, they did not provide me the results of the inspections. Which makes me wonder if they've found something significant wrong. Secondly, can they throw this into the mix AFTER I have a purchase agreement? This is a relo company who, as I understand it, purchases the property from the original owner. The whole thing is giving me the willies; it does not seem honest or aboveboard. Can I back out of this deal based on this addendum and that I was NOT provided the inspection results?

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Keep in mind you're still in a negotiation. Stated another way, the negotiation doesn't stop as soon as you sign the dotted line. Just because they WANT you to sign the addendum, that doesn't necessarily mean that you HAVE to sign it. You might want to have an attorney to review your P&S to ensure that its terms are binding without the addendum.

Anatoliy is right: the devil is in the details.

Assuming your P&S is binding without that addendum, then have your agent to thank them for offering those inspections, and relay that you're still going with your own inspections this time. (That's an indirect way of saying, "No, I'm not going to sign that addendum.")
1 vote Thank Flag Link Tue May 25, 2010
Hi there Firsttimer, It is very standard - to be expected - for there to be a Addendum in a Relocation transaction. Generally, any inspection reports for any inspections that have been done are available in Relo deals so ask. A Relo company will not take ownership without inspecting the home - frankly they do not want to take into inventory homes that may not be saleable. An issue with termites could cause you issues with financing - your bank will want to see a clear termite report -- again very standard. So it is not surprising that the Relo company would have included this among the inspections performed.

Relo deals can be cumbersome because of the process and paperwork. The agreements they ask a buyer to sign generally are not open for negotiation, but understand this is the way these deals go. If you don't allow the process and paperwork to overwhelm you, Relo deals can be very appealing. Contrary to what you are feeling now, they generally are homes that have been inspected carefully with major issues addressed in order to expedite the sale of the property.

So take a deep breath and ask your agent to request the inspection docs. Hopefully your agent has had some experience with Relo deals so she can calm your jitters and help you see beyond the process so you can evaluate whether this is the home for you.

Best,
Jeanne Feenick
Unwavering Commitment to Service
Web Reference: http://www.feenick.com
1 vote Thank Flag Link Tue May 25, 2010
Sounds like a fairly typical REO deal to me. Didn't your agent explain the process to you? Didn't you put in the right for you to inspect?
0 votes Thank Flag Link Fri May 28, 2010
A Addendum can be added but all parties must agree and sign it...1st before you sign ask for a copy of the report.. who order and paid for the inspection? if the owner did, then you can ask for a copy, or you are entitle to your own inspection to the house and have your inspector do a inspection.. Your contract should state you have 10days after all signatures on on the file to do you inspection.. Even if it it a as is contract you are entitle to your own inspection even a brand new home I do inspections on....
0 votes Thank Flag Link Tue May 25, 2010
Go through your contract and make sure you are still within your inspection period. I would recommend you to do your own inspection. What is that addendum for? If it is for something mandatory like HOA addendum and you didn't have it in the first place - you don't have a contract. I can't really say for sure what your situation is without getting more details. Sellers may just be offering you their inspection results, that does not mean you have to go by it. There are many little details cleverly hidden in English within the body of the contract, you should really get someone knowledgeable take a look at it. You have the right to inspect, unless you waved it in writing somewhere.
Hope this helps and that things will pin out for you.
Sincerely,
Tony Syedin
Century 21 Shaw Realty
813-843-2389
tonysyedin@gmail.com
0 votes Thank Flag Link Tue May 25, 2010
Hi First Timer,

Ask for a copy of the inspection reports.

You should also do your own independent inspection, too.

Good luck.
Alma
0 votes Thank Flag Link Mon May 24, 2010
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