Keller Williams Realty
REALTORÂ® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
If repairs are desired in order to proceed with the contract, you need to get them submitted ASAP and prior to the end of the option period. That is what the option period is for.
It allows a buyer, to obtain a competent inspection and to ascertain if the home meets their guidelines in regards to condition.
If it does not, then have your agent negotiate these epairs or price adjustment prior to expiration of your option. If the seller does not want to negotiate these items, as they are not required to, you can exercise your option (if you have one) and back out, or proceed with the transaction as is.
I had an agent wait until 10pm on the final day of the option to make her buyer's demands of my seller. I did not receive her demands and Amendment until the next morning when I opened my office. Whereas my Seller felt badly for the Buyer's and granted them the couple things they wanted, it could have gone far worse for them. My Seller could have asserted that no Amendment had been issued at all because it came in on the last day and after regular business hours. In this scenario, not only would the Buyer's have lost out on getting any of the items negotiated and fixed but worse, because they had not formally withdrawn from the contract, (the other half of that option, the right to withdraw and receive their earnest money back in full) their earnest money would have gone â€œhardâ€ and they would have been obligated to purchase. Their only other way to get out of the contract would have been due to the loss of financing or the inability to do so given them in the Third Party Finance Amendment. Moral of this story, get on with the inspection and submit well before the deadline date, you are in a much better power position to get your way.
VOX Real Estate, LLC
It appears that your questions have been thoroughly answered below. There is also plenty of unasked-for advice, with which I will agree and echo: If you don't have an agent, hire one. Today.
If you do have an agent and he/she can not or will not answer these questions for you and to your satisfaction, you have every right to discuss terminating the relationship. If you are under contract it can be difficult, but any agent who values his/her reputation and is acting in accordance with the REALTORS' Code of Ethics should work with YOUR best interest in mind.
If you are in the market for a REALTOR, please don't hesitate to give me a call immediately. If (as it appears) you have entered into a contract to purchase a home, the clock is ticking.
Peace in your home,
Option period is what is stated in writing, not associated with when the inspection is done.
Hopefully this helps you better understand that particular issue.
Question, comments, then please conrtact me.
Sonia Roberts, RealtorÂ®
Fred Ormand Realty