Home Buying in 28216>Question Details

85liveguy, Home Buyer in Charlotte, NC

What should I do if my seller thats under contract needs more time to fix things after vandalism. Ive paid for inspection already also Earnest & Due D

Asked by 85liveguy, Charlotte, NC Fri May 10, 2013

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I would suggest extending your diligence period until all repairs are made so that you can confirm they been done to your satisfaction. If the vandalism occurred after you had the home inspected I would request that the seller pay for a re-inspection.

You should be directing all of your questions to your buyer broker (I hope you have one and are not permitting the listing agent to be a dual agent)

If the seller doesn't agree to extend the diligence period then my advice is to terminate the offer immediately and get your earnest money returned. The date diligence ends is listed on the 2nd page of your Offer to Purchase and Contract near the bottom. Diligence expires at 5PM on the date listed.
0 votes Thank Flag Link Sat May 11, 2013
I agree with the other comments made. Definitely extend the due diligence period (and I would do so without paying any additional due diligence fee because of the circumstances). If you should decide to cancel the contract, do so before 5 pm on the end of your due diligence period. Vandalism can happen anywhere, any time... as part of your due diligence, though, you may want to check out crime stats on that neighborhood.
0 votes Thank Flag Link Fri May 10, 2013
I agree talk to an attorney and at a minimum extended the due diligence peroid as to not to lose your EDM.
0 votes Thank Flag Link Fri May 10, 2013
Vandalism is something that can happen anywhere at anytime, especially if a home is vacant. if you are okay with waiting for the seller to do the repairs, then you need to do either an extension of your due diligence period or extend the closing date. I am sure you want to make sure the repairs are satisfactory to you.

Years ago, I had a buyer under contract and the day before closing, some neighborhood kids broke in the sliding glass door and sprayed black spray paint on every wall, all the carpet and the kitchen cabinets and appliances. This happened in a higher price neighborhood with a golf course. This home happened to be owned by a relocation company so the house was painted and new carpet installed within 2 days. My buyers were happy as they got to close on a home with new carpet and paint.

I hope everything works out for you on this house!
0 votes Thank Flag Link Fri May 10, 2013
This is a question that you and your Realtor need to discuss. But from a professional opinion, I would ask for an extension on the due diligence period and ensure that all earnesdt money is not goign to be lost do to the issue....

Is thsi affecting your loan at all or just the move in of the house? And find out why it is taking so long as well and see about moving it up

Dave diCecco
Coldwell Banker United
0 votes Thank Flag Link Fri May 10, 2013
You really should be asking your agent, and or attorney the question...
0 votes Thank Flag Link Fri May 10, 2013
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