Home Buying in 08852>Question Details

DB, Home Buyer in Monmouth Junction, NJ

Under contract for a townhouse in 08852. Seller not ready fix anything after home inspection.....

Asked by DB, Monmouth Junction, NJ Sun Nov 1, 2009

I am under contract for a townhome in 08852. After the home inspection the sellers are not ready to fix anything. What are my options...?

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Answers

7
Dear Home Buyer,

Your Attorney is the best person to direct you.
To my knowledge, If you have signed the Middlesex MLS standard contract of sale,part of item no. 10b-Responsibilities to cure States clearly,
"If Seller shall fail to agree to cure or correct such defects within said seven(7) calendar days period, or If any part of the dwelling is found to be located within a flood hazard area, or If the environmental condition at the property (other than radon) is incurable and is of such significance as to unreasonably endanger the health of the Buyer, the Buyer shall then have the right to void this contract by notifying the Seller in writing within Seven (7) calendar days thereafter. If Buyer shall fail to void this contract within these seven(7) calendar day period, the Buyer shall have waived his right to cancel this contract and this contract shall remain in full force, and Seller shall be under no obligation to correct or cure any of the defects set forth in the inspections"

I hope this helps!!

Vishal Maher
Richa Realty
Cell# 732-277-9321.
0 votes Thank Flag Link Wed Nov 18, 2009
This is where understanding your contract is so important. There is a scope of areas necessary for repairs in most contracts. In our contracts, it states that heating, a/c, plumbing all must be in working condition without being defective. Roof can't leak, structure must be sound. Just because a heater is 18 years old, does not warrant replacement if it is in working order. Talk to your agent or attorney to understand your options of repair requests within your contract promptly.

Janet Larsen, Broker/Associate
Remax Connection
660 Woodbury Glassboro Rd,
Sewell, NJ 08080
cell: 856-261-6910
Web Reference: http://www.njrealtorjan.com
0 votes Thank Flag Link Mon Nov 2, 2009
You can possibly walk away depending on what your contract specifies, or you can take the property as is. Have your attorney help you with this.
Web Reference: http://www.dianeglander.com
0 votes Thank Flag Link Mon Nov 2, 2009
Hi DB, the inspection contingency generally gives you the right to have an inspection and request repairs within a certain timeframe, and if the buyer and seller cannot come to an agreement, either party may cancel the contract. You need to talk with your lawyer about the inspection language specific to your contract, because it can be vary and be amended during attorney review.

I think of inspection this way: you have the right to ask, and the seller has the right to respond. You may have a difference of opinion on whether your requests clear the hurtle of structural matters/repairs versus cosmetic requests As other posters have pointed out, you can request a credit in lieu of repairs and try to negotiate on that basis as well.

Just last week I ran into a case where a closing was delayed because the bank did not want to see an inspection credit on the HUD (closing) statement. A reduction in price rather than a credit at closing would hav cured this issue. So ask your lender and attorney about that if you successfully negotiate a credit.

Generally though, if a seller believes that you are trying to renegotiate price rather than negotiate valid repairs or a credit to cover them, the discussion does not go well.

Whatever the case, if you cannot come to an agreement, then you likely can request cancellation.

Good luck to you!

Best,
Jeannie Feenick
"Unwaveing Commitment to Service"
Search the MLS at http://www.feenick.com
Web Reference: http://www.feenick.com
0 votes Thank Flag Link Mon Nov 2, 2009
Provided you used a standard contract to purchase and you've met the time frame outlined in that contract, your options are:

Walk away

Ask for a reduction in the purchase price

Ask that money be held in escrow at closing until the repairs are completed.

Your REALTOR and attorney can further explain the options are direct you to best best solution. Good Luck!

Laura Giannotta
Keller Williams Realty - Atlantic Shore
609-384-6121
0 votes Thank Flag Link Mon Nov 2, 2009
What are some of the home inspection issues? Give examples as to what was found in your home inspection report and what you expect the seller to repair. I can provide more advice from there!

With your list, I can help you to understand what the seller preceives as upgrades versus repairs.

Angie Perez
Click on my profile picture to get in contact with me.
0 votes Thank Flag Link Mon Nov 2, 2009
Depending on what the major issues are, you can do a trade off - let's say the windows are the problem. Most sellers refuse to replace windows because of the cost. The seller can trade off paintings, or maybe even pay for your alarm service in exchange for not paying the cost to replace windows. Or what you can do is request a credit before closing towards the purchase price. If it's going to cost $5000 to repair things around the house then you should lower your offer by that amount if the seller refuses to make repairs. Consult your attorney on what to do. He/she will be able to help you make a decision.
0 votes Thank Flag Link Sun Nov 1, 2009
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