Everyone can get out, the question is at what cost. The contract is really the controlling element, what have the parties signed, what does it say, what conditions etc.
Would your son want the house if the sewer was repaired? If so, negotiate the repair between the two.
Arizona Homes for Sale by a Guy from Iowa
AZ Real Estate Consultants
Keller Williams AZ Realty
Hope that helps
Was the Seller aware of it?
Was it discovered by the Buyer or the Seller?
Was it something the Seller should have been aware of?
You made your offer with the expectation of having a functional sewer line.
This is not a minor expense.
Get legal advice from a local Real Estate Attorney.
Put a stop to this before it is too late.
I'm a Mother and understand your concerns!! I would consult with not only your agent but an attorney. I cannot comment on the contract as I haven't seen it but typically there is a period of which you have options to get out. Again...without seeing it I wouldn't be able to give you an educated opinion. I would jump on getting someone to look at it so you're not loosing time!
Worst case you'd lose the earnest money. All states are different in how they work their contracts.
Is there a financing contingency? Is there a due diligence period or inspection period within the contract?
I wish you and your son the very best!!
Without reading the contract I would be guessing and that is not what you want to do. I would consult an attorney and get specific advise . A mother's instincts are always right on, but be sure that your further actions will not create a more costly mistake by withdrawing from a contract where the facts may be stacked against you.
A signed contract is binding to both parties.
Good Luck Mom
The worst case scenario would be your son losing his earnest money and the seller suing him for 'specific performance'. Usually things don't get to that point, however. There may be some way to work with the seller on this, or find another way to release him from the contract intact. If you're financing the purchase and the lender requires the sewer line replacing as a condition of the loan, then unless it's replaced, the loan will be declined, which would (usually) invoke your son's financing contingency.
Have you looked into the cost of replacing the sewer line and decided it's definitely not worth it? Older homes almost always need ongoing issues addressed; if it needs doing in order for the home to be habitable, that's a very different situation from it becoming an issue further down the line.
Your agent should be able to help you with a lot of this, and if you feel you need more support you can also involve his or her Broker. A real estate attorney is another option, and if you determine you want to breach the contract, you would be well-advised to contact one to minimize your risks.
RE/MAX Casa Grande Yost Realty
To get a useful advice, you need to provide more details. Also in CA, real estate sales can help you to go through the paperwork and explain it for you but that does not mean they can advice you all the issues on your contract. That is lawyer's job. But I know many real estate sales treat it as their job.
Title company won't release his earnest money to the Seller w/o your son's authorization.
At this point, several scenario's could take place.
Here are some contingency's to consider: Preliminary Title Report, HOA Documents, Insurance CLUE Report, SPDS Seller Property Disclosure Statement, (All These are supposed to be submitted to buyer within 5 days of contract, however, listing agent never seems to get this to buyer in the correct time frame). If there is anything adverse on any of these documents the buyer has 5 days to notify seller that he disapproves and can cancel contract with return of earnest money. Very important to know that the buyer has 5 days to review these documents from the time they receive them, anytime during escrow. This is why the seller should have these to buyer ASAP.
Additionally, the final contingency is the loan if not cash. The transaction can be canceled if the buyer does not qualify for the loan that was listed on the Pre-Qual form. If they are denied a loan that is not on the Pre-Qual (This happens a lot because buyers agents are not aware that if they change loan terms they have 5 day to notify seller) then the buyers earnest money is forfeited.
Ron & Brenda Cunningham
**Recognized in the Phoenix Business Journal as "One of the Top 50 Realtors in the Valley"