Make sure you at least get your earnest money back. And you could push for the $600.00 out of pocket, but any legal action to pursue the money would cost far more than the $600.00.
I'm sorry your buying experience has been so difficult. One lesson we can all take from this is to clearly identify and agree to the timeline for all issues attached to the contract. One of my first steps upon contract acceptance is to lay out a set of dates for all time sensitive issues. In my contracts it gets tricky because some periods, 5 days or less from mutual acceptance, don't included non-working days like weekends & holidays, but periods of 6 days or more do.
Once I have the timeline set up, I send it to my buyer's so we know when a Title Contingency, Inspection Contingency or any others is coming due. It's also important to get the other office to confirm they are on the same schedule. I had a situation recently where the listing office had our acceptance date a day earlier than I did. I had a verbal acceptance of our contract on the day they indicated, but our contract actually starts upon delivery of the written agreement, which was a day later. We cleared that up and are closing on time, but had there been any issues as in your case, we would all be on the same timeline.
Sorry for the problems, I hope your next one goes better and you find a home you love even more than this one.
your dream home ... where you lay your head and your babies
grow big enough for you to lean on.
I'm sorry you lost that one, but hey thank God and walk away expecting
The FHA Appraisal does stay with the property for 6 months.
But not everybody goes 3.5% FHA.
Things are happening here that we as bystanders once removed aren't
seeing. And we aren't lawyers.
I recommend speaking with a lawyer. According to your scenario, the seller is solely responsible that the buyers responded late to the inspection. Does the law care who's to blame that the inspection response was filed late ... and was an extension offered by the buyer to bridge that time gap? Did your agent speak with his broker ... or to anyone on the grievance committee down at Mibor about this?
And remember, unfortunately, unethical is not always illegal ... but Mibor can speak to ethics, right?
The "as is" stuff seems a red herring to me. Sellers have a choice whether or not to make or allow repairs regardless of an "as is" which can be added and agreed to by the parties at any point along the way. But please, ask your lawyer about that too.
...Just out of curiosity, did the appraisal come in higher than the sale price ... has the seller already found another buyer?
I hope you check back in and tell us what happened.
Best of Luck,
The diplomatic skills needed to get a deal done include politeness, clarity, responsiveness, timeliness, knowledge and strength. A diplomatic approach means a highly professional approach and a refusal to be put off by the other side's sloppy practice.
One broker, at least, on each deal should be expert and highly motivated. Absent such a broker a deal can drift when it should speed.
I could be wrong...but I am thinking that this is how it works. Wish you the best, and it really is too bad that you have to go through this.
Here's a thought. If you already have a list of repairs needed, give that to the contractor, and aske them to give you their best guess of what it would cost to fix. Tell the underwriter that the repairs will be done after closing, and that you would put that money into an escrow account for contractor. I'm not 100% sure that would work, but it would be worth a shot. Hopefully, the sellers will work with you if that solution is ok. Best if luck!
Sorry to hear about the problem seller.
Where is your agent in all this? This sort of thing has never happened
to a client of mine. It sounds like the sellers are trying to prevent your
closing. And I guess his agent isn't reminding the seller that if he
persists in this, he could owe the listing broker the full agreed upon
Hmmm. Could he be using a novice Realtor?
On your side of the table, your agent should be saying all this for you
and more .... When a repair issue prevents a loan from being issued,
the buyer should get the full earnest money back.
Now why would Mr Seller be willing to lose all that money over a vacant home?
Read your contract. In most standardized contracts both parties are expected to cooperate to complete the transaction. Since they are not cooperating, you may have a breach of contract which if nothing else could allow you to sue them in small claims court for your expenses. Talk to your agent, review the contract and if they aren't sure ask to speak to their broker for further assistance.