Home Buying in 30093>Question Details

Desperate Bu…, Home Buyer in 30093

rights buyers after due dilligence expires in ga

Asked by Desperate Buyer, 30093 Tue Apr 10, 2012

I am a buyer that couldn't come to a agreement within the due dilligence period. The sellers would not agree to my credit after getting a estimate from the contractor upon the inspection. When the due dilligence period expired i received a call from the sellers agent saying you are stuck buying the home as is! The sellers did agree to a much smaller credit. I was told I didn't terminate the contract in time and also didn't hear back from the sellers until the due dilligence period expired. I thought if you send a amendment with items that need to be corrected before the due dilligence expires, the sellers have to respond? I didn't realize the sellers could wait until the due dilligence period expired and now purchasing home as is! That does not seem right or fair. I feel like I am being forced to buy a house with no rights! Please advice with any options and rights! Desperate Buyer

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Dear Desperate Buyer. In fact you had rights that protected you during the due diligence period, you just simply failed to exercise them to your benefit. Read the contract language and discuss it with your agent. If there is no agreement prior to expiration of the due diligence period, in the GAR contract form, if that is what you signed, then you did in fact accept the property as is without any repairs. Verbal agreement is not binding.

It's not about getting the seller to make repairs, it's about buying a home. If you love the property just move on, lesson learned, and make the best of it. You wanted a house right?
0 votes Thank Flag Link Fri Jan 11, 2013
talk to your agent and if you do not have one talk to your lawyer to read the contract to see what are the terms and what you agree on. I wish you and the seller work it out and both of you win. I hope when you buy your home you love it and be happy and enjoy it!!

All the best,
Marta L. Aislant, Realtor
Coldwell Banker Residential Real Estate
Realmarta_aislant@bellsouth.net
0 votes Thank Flag Link Tue Jul 10, 2012
I am surprised that you are in this situation.

You don't have a buyer's agent, do you?

Sounds like you are buying this house, as is. Good for you - is this indeed the house that you did indeed seek to buy?

Sounds like if your due diligence period definition is in writing, then not only is it right, it's probably fair, as long as you and the seller agreed to it...
0 votes Thank Flag Link Tue Apr 10, 2012
I agreed with Karsten and by how your question was posted I guess you do not have an agent working on your behalf. If you do, get them to work. Now, probably everyone in the transaction wants this deal to move forward, so just sit down and see if you can come to an agreement that is a WIN/WIN situation for all.
Good luck
Ricardo Nadal
Broker
770-630-0606
0 votes Thank Flag Link Tue Apr 10, 2012
What does YOUR agent say, Desperate? Odds are the Listing Agent wants the deal to go through and, by state law, can only represent the Seller as a client.

Michael Hammond
SellsRealty@gmail.com
404-538-5499

http://www.georgiamls.com/agentsite/index.cfm?SiteID=HAMMONDJOHNM

http://www.chapmanhallprofessionals.com
0 votes Thank Flag Link Tue Apr 10, 2012
I'm hoping you have an agent representing you, they should have had this covered. If not, then yes, technically, unless there's some other contingency in there, you're stuck. You'll lose your deposit, and the seller can hold you liable for any other costs they incur. And you're not being forced to buy with no rights, you didn't follow the terms of the contract, if I understand your question correctly. You had every chance to terminate the contract and didn't do so.

I would explain the issue as you see it to the sellers and the seller's agent, and see what they'd be willing to do, but sounds to me at this point that you are at their mercy.
0 votes Thank Flag Link Tue Apr 10, 2012
Talk to your agent, they should be able to answer your questions.
0 votes Thank Flag Link Tue Apr 10, 2012
During due dilligence period, you should ask for the credit for the repair with such words: ask for $xxx repair credit, or we will terminate the contract.

similiar word like that.

where is your agent? how much is the deposit?

Or try your best to communicate to seller agent to explain that you don't understand this, and take it for granted that the contract is terminated because you didn't reach agreement on the repair credit.

Do you have finiancial contingency, if yes, try terminate using that contingency. like you had trouble to get a loan.
0 votes Thank Flag Link Tue Apr 10, 2012
I understand, but the seller's agent did take full advantage within the due dilligence period by not coming back with a answer. I didn't think I would of had to direct my agent to terminate the contract. I figured the sellers would come back possibly meeting me half way with the credit asked for with the major issues within the inspection. I feel very uncomfortable, almost like I am being forced at this point to purchase this home. If I back out of this, I would lose my $4,000 earnest money? Also this offer does have a VA contingency and without the visual items being corrected, would the VA appriaser even except the appraisal for myself to complete the precess of received VA loan to purchase the home?
Flag Tue Apr 10, 2012
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