You have an agent and it is important that you and your agent discuss your options and risk. This is why you selected that agent to help you. We are all strangers to you and your contract and the information provided may be a detriment to the flow of your transaction. Not only do you have a contract, you also have personalities and stress of other parties. There is a "dance" of sort in real estate. Let your agent help you through this.
Thanks for your note. First, while most of us are Realtors here and can generally answer your question, truth is, your best answer will either come from the agent who is representing you or the agent's broker. I've not seen the termite report or even your contract, so there may be extenuating circumstances that need to be addressed regarding the repairs and specific addendums that you can have the seller's sign that will help you achieve the goal of having the repairs completed prior to move in. Personally, once you've formed a relationship with an agent or are in a transaction and represented by a Realtor or agent, it's not kosher for us to "second guess" your Realtor especially since we don't have all the facts--just saying.
As for delaying or not delaying the close of escrow, in other words, "performing" on the contract, there are ramifications that will affect your loan and accompanying costs for which you may not be entitled to compensation, and there is the real possibility of breach on your part. To know the full extent of the legal outcome of trying to delay without consent of the seller, you need to contact an attorney for legal advice.
Finally, while I can certainly appreciate your concerns about not getting repairs done in a timely manner, it seems that this is a situation that should have been discussed and agreed upon BEFORE any work commenced on the site. Perhaps the termite repairs are not the real problem here...buyer's remorse, perhaps? Whatever the reason, you can resolve a lot of this with a simple addendum and a telephone call to an attorney if you have continued concerns after talking with your agent and the agent's broker.
Allison James Estates & Homes
Buyer Rebates of 1/2 of Commission & Low Cost Listings to Owners
Firstly, in EXACT terms what was agreed upon for Termite Clearance?? One needed to be Specific, in what was asked for.......Termite Clearance & Repairs with All being put back together, in the completed condition as when you wrote the Offer? Go back and look at your Contract and addendums on what was agreed upon?? This will clarify things.
Yes, I would expect property in the completed condition as when I wrote the offer.
Trust you will do a second Walk-Through upon Sellers vacating the home?? And you have enough Deposit being held back in Title from Sellers Funds, to cover all repairs incase not done......All of the above should already have been specified and documented.....if not, get it all Documented, both Sellers/Buyers Sign and agree upon, prior to Closing.....If all is well and completed as agreed at the second walk-through when they vacate, you can then release their Deposit through Title. ...
Is the Rent back Free??
As my colleagues said, if you delay closing, it may affect Your Loan/Rate/Terms.....find that out.
All the Best,
If you would like to discuss, call me at 408-690-2998
Keller Williams Realty
As the others have pointed out, you need to talk to the Broker of Record that your agent works for. There is not enough information available to us to give you a good answer to your question.
Your agent and the Broker of Record that your agent works for are your best sources of information.
Charles Butterfield MBA
Real Estate Broker/REALTOR
Owner/Broker of Record/The Butterfield Real Estate Firm
Cell Phone: (408)509-6218
Email Address: firstname.lastname@example.org
But without knowing the whole situation I can't recommend you what is the best course of action. Talk to your agent, their manager and/or a qualified California real estate attorney.
It appears that the repairs are not required for you to obtain a mortgage.
In a situation like this it might have been better had you accepted a credit for the repairs, then hired the termite company or a contractor to do the repairs. The people doing the repairs would then be responding to your concerns and approval. If repairs haven't started and the repairs aren't required by your lender to fund the mortgage, then you might discuss with your agent the pros and cons of having the termite company give you a quote, and then you hire the repair people. You would need to get the seller's to agree and sign an addendum to the contract adjusting the sale price. This could delay the loan approval though so be very cautious.
Your leverage to get the sellers to do what they promise is their desire/need to get the money from the sale of the home. By closing before the repairs are done you are giving up this leverage but if you don't you may delay when you can move into the property. Talk with your agent and see if either the closing date can be extended until repairs are completed or if the cost of the repairs could be taken off the purchase price.
San Jose home values at http://julianalee.com/san-jose/san-jose-statistics.htm
San Jose just sold information http://julianalee.com/san-jose/san-jose-home-sales.htm
Top 2 agent nationwide at Keller Williams Realty, the nations largest
Over 20 years experience
Over 1,000 homes sold in Santa Clara County and San Mateo County
The loan docs and rate lock may be expiring soon so double check all that before you try to push back the closing date.
If you decide to close on time with the floor torn up, make sure your lender will fund with the bath torn up.
If you have any other questions please feel free to contact me.
At your service,
Certified Distressed Property Expert