Home Buying in 52722>Question Details

Judie, Home Buyer in 52722

We had an offer accepted on a home contingent on a home inspection. During the home inspection a couple of

Asked by Judie, 52722 Tue May 12, 2009

issues were found which we requested in writing the owners to correct. In the meantime 2 more offers came in. We rescinded our request but according to our agent they are considering the other offers. Are we still considered under contract? Can they do this? They never gave us an answer either way.

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1 vote Thank Flag Link Wed Jun 23, 2010
Hi Judie,
That's great news! I'm really happy for you. I don't blame you for being wary of this seller (and their agent.) I 'm of the opinion that this should have been nipped in the bud a long time ago. There was a big breakdown in communication along the way, and the sellers were seeing dollar signs. It's a shame that you had to go through so much stress. I really hope the rest of the process goes more smoothly for you. But watch those guys like a hawk! Take care.
1 vote Thank Flag Link Thu May 14, 2009
Hello again. There's some great advice here. I agree with Steve. Hold your agent accountable. I don't know Illinois conract law, but it sure sounds to me like you're getting the run around. You have never made any written attempt to cancel the contract, and therefor are still in first position. Just because the seller refuses your repair request does not mean the contract is cancelled. That is your decision as the buyer! Also, many people and agents don't take these timelines seriously, but the fact is that there are very important. One missed deadline can cost you the whole deal! Yikes! Keep us posted, sounds like we're all pulling for you. Good luck!
1 vote Thank Flag Link Wed May 13, 2009
Illinois contract law is different but basically if you've recinded your request in writing prior to them giving you actual notice of their intent to cancel contract based on repair request you should have a very solid position. Is the offer a dual or appointed agency situation? Do you know if the offer(s) written after were written by the listing agent or your agent? There's a reason that verbal agreements aren't worth the paper they aren't written on. Hold your agent accountable here. If they are reluctant to proceed ask to meet with the broker designee along with your agent and don't wait. If they let your original request hang out there and you have not recinded the request in writing you are setting yourself up to be bumped. Insist on immediate action by your agent.
1 vote Thank Flag Link Wed May 13, 2009
Congratulations and I am so happy that this was all cleared up and now you can close on your new home!
0 votes Thank Flag Link Fri Jun 11, 2010
I too agree with Chris and see that you are/have gone forward. good Job.
0 votes Thank Flag Link Wed Jul 22, 2009
I echo Chris' sentiments. I've found that the ability for agents to email,scan,fax, leave voicemails,texts,etc. have in some areas made Realtors sloppy. The entire offer, agreement,closing process is designed to hold both parties accountable. "This is a legally binding contract and time is of the ESSENCE" is in our purchase agreements for a very specific reason. I have oftern wanted to make a master flow chart of a purchase agreeement with all of the various contingenies, removals, inspections, loan approval dates,etc to show how many things can effect even the most solid,straight forward transaction. Give us an update when you get this one closed! Good luck-Steve
0 votes Thank Flag Link Fri May 15, 2009
Well, we called our agent today and told her that as far as we were concerned we were still under contract and expected to purchase the house. Long story short the seller finally agreed. Tomorrow we are meeting to amend the contract to As is. We know the problems of the house but believe it is worth the investment, both for our pleasure and for future sale. This whole situation has really caused great anxiety and distrust of the sellers. I worry about what else they might do. Hopefully this is the end of the drama.
Any other words of wisdom you could give us would be appreciated.
I would like to thank you all for your wonderful advice and caring enough to respond!!
0 votes Thank Flag Link Wed May 13, 2009
This depends on the terms of your contract. Refer this to your agent or real estate attorney for their advice.

Good luck
0 votes Thank Flag Link Wed May 13, 2009
We live in the quad cities but the offer is on a Galesburg, Illinois home. The contract did read close to what you wrote. I think the position they are taking is because they did not agree to the repairs we requested that the contract is null and void when in fact they did not even respond to it. The next thing we know is they are telling us they have new offers. We then rescinded our requests . We of course will be talking to our realtor again today. Updates later. Thanks again for your helpful advice. I appreciate the feedback!
0 votes Thank Flag Link Wed May 13, 2009
I am inserting the language from the quad cities offer regarding inspections:
8. Inspections. Within seven (7) business days of acceptance of this Agreement, Buyer has the right to obtain any inspection(s) of the premises by licensed inspector(s) qualified in such matters, as checked below. If Buyer fails to obtain inspections within seven (7) business days, the inspection contingency shall be considered waived. Within three (3) business days of receipt of reports, Buyer must notify Seller in writing of any deficiency identified by such inspection(s) and request any additional inspections reasonably related to such deficiency. Within three (3) business days after receipt of request for additional inspections, the parties may, but are not required to, agree by amendment to terms and timetable for such additional inspection(s). Within three (3) business days of receipt of reports, Buyer must notify Seller in writing of any deficiency identified by such additional inspection. Within three (3) business days after the final notice of deficiencies, the parties may, but are not required to, agree by amendment to terms necessary to
remedy any deficiency revealed by any inspection. If terms of this amendment are not met, this Agreement shall become null and void and the Earnest Money shall be refunded to Buyer. The parties agree the following indicated inspections shall be made on the property: (NOTE:truncated here due to size)

Please note you DO have a timeline. If you are not working with a Quad cities Realtor your offer may have been different. If you recinded the request and sent them a new result of inspection stating that no repairs were requested and your accepted the condition of the property you should be ok. Pin down your agent on this immediately.
0 votes Thank Flag Link Wed May 13, 2009
Thanks for your responses. Yes we have an agent however she is telling us that there are alot of gray areas and that the sellers have not decided what offer they are going to go with. In fact they requested we increase our asking price which of course we denied. The problem is our agent has NOT given them a timeline so we are left out hanging! How does this get resolved and what are our legal rights? Thanks again for your help.
0 votes Thank Flag Link Wed May 13, 2009
You should definetely still be under contract. And, you should not have had to withdraw your request for repairs. Once the written request was made, the seller has the option of meeting your request and making the repairs, or not. At that time you can decide if you want to withdraw your offer alltogether or stay with the purchase. Hopefully your agent (you do have one, don't you?) is protecting your interests. You are still in first position to purchase the home. Just because you made repair requests doesn't give the seller an out. Sure, they are free to accept back up offers in case you pull out. Also, there should be required time frames for communication during this phase of negotiation. Review the fine print in your contract and inspection request paperwork. And bring up your concerns to your agent. Hopefully the listing agent and sellers are not making up other imaginary offers in order to pressure you into cancelling your inspection requests. It sounds a little fishy to me. I hope it all works out okay for you. Best of luck!
0 votes Thank Flag Link Tue May 12, 2009
If your offer was accepted by the seller's as you have stated, than you are entitled to have the home inspected during the contingency period. The seller is not Required to accept your request for repairs or correction. If you rescinded your request for repairs, than you should still be in contract and the seller should only be allowed to consider "back-up" offers in the event you decided to cancel during the contingency period. Without specifics it is hard to determine. I would ask your agent to explain your position in greater detail.
0 votes Thank Flag Link Tue May 12, 2009
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