Home Selling in Abilene>Question Details

Frustrated55, Home Seller in Abilene TX

Buyer terminated contract, but indicated they wanted to see results of engineering report

Asked by Frustrated55, Abilene TX Mon Aug 29, 2011

We had a buyer for our home under contract, but they terminated when foundation issues arose. They said they were still interested in seeing results of our report, which we forwarded to them. No response one way or the other. Silence. What does this mean? Do they owe use at least the courtesy to say "we're out of the deal?" or are they playing a game with us? We still do not know what's going on in their minds. Our agent has not pushed for a response and has left us in the dark. Advice? Ideas?

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11
If they terminated the contract, that means they're out.

When they told you that they'd still be interested in viewing the report... it probably meant that if the report came back showing that the foundation issues that were raised weren't a big deal, and could be easily repaired at minimal cost, they might consider coming back into the deal.

Apparently the report showed enough of a foundation issue, that corroborated their reason for terminating the contract, and they don't feel it necessary to give any additional feedback. While I agree with you that it would have been nice to just say "thanks... but we're still out of the deal"... it just didn't happen.

There's certainly nothing wrong in having your Realtor reach out to them, and just ask as to their status... but in reality, I think we already know the answer... don't we?
1 vote Thank Flag Link Tue Aug 30, 2011
Alan May, Real Estate Pro in Evanston, IL
MVP'08
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Buyer liked your home well enough to make an offer. Now, foundation issues come up. Buyer terminates contract as many and most would do, not wanting to get involved in foundation issues. An expert comes in and assesses. Buyer is wanting to make sure they made the right decision; that this is more than minor.

Their silence is not being dis-respectful - they have already pulled themselve out of the deal. In fact, the Buyer is being very considerate and reasonable by making sure they haven't over reacted; not having all the pertinent information.

Apparently, the report did not minimize their fears. Now, it is time for you and your agent to move on and market the property according with the newly discovered information.
1 vote Thank Flag Link Tue Aug 30, 2011
Assuming the contract has been legally terminated, the buyer IS out of the deal. Therefore, they owe you nothing and you owe them nothing. You volunteered to give them the report....that was your decision. If you were hoping for something in return, you should have made that a condition of them receiving it. But frankly, it shouldn't make any difference. Place your home back on the market and make sure you disclose the foundation report along with the other necessary disclosures.

You're not in the dark...you're simply hoping for a miracle. Forget what has happened and look forward to what can happen.
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1 vote Thank Flag Link Mon Aug 29, 2011
Frustrated55,
Put the house back on the market and find a new buyer. If the report reflects badly on the property, you'll need to disclose this to subsequent buyers. Consider if you can resolve the issue and have a positive report to offset the negative or if you need to drop your price to attract a new buyer willing to take the problem themselves.
It's possible if they see the house back on the market at a reduced price they may come back before someone else does. In an ideal scenario they will come back just as another offer comes in.
1 vote Thank Flag Link Mon Aug 29, 2011
Why don't you give them a reverse offer. If you want them to be a buyer, give them an offer to respond to?
Web Reference: http://www.teamlynn.com
1 vote Thank Flag Link Mon Aug 29, 2011
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
Contact
1. No, they owe you no such courtesy just as you did not have to give them the report....you did that of your own free will although I would not have done so.

2. If they terminated the contract, it means they are no longer interested in the home at the price and terms originally contracted under.

3. Honestly, it sounds like your frustrated, but also a bit desperate as your trying to push a rope, in other words, you're trying to convince a buyer who terminated the contract to jump back in the deal. I don't know what you think your agent should do at this point...the deal is dead and trying to resuscitate it will likely only lead to further frustration and there's no reason for your agent to be trying to raise the dead.

4. Let it go, get your house back on the market after the foundation issues are taken care of or adjust your price so that another buyer will assume the risk.
0 votes Thank Flag Link Fri Aug 17, 2012
I do my best to believe the best of both sides in a transaction. If you've received a written termination and want to believe the best, then it's likely they wanted to make sure they made the right decision. You made a good decision to show them the report - what did you have to lose? They already were out of the deal, and if they weren't you were obligated to disclose it.

My bigger concern for you is that if you've asked your Realtor to contact them for feedback, and your Realtor hasn't done so, you need a different Realtor. But again, believing the best, perhaps your Realtor has made the request with no results. There's only so much a Realtor can do.

Going forward, you have two choices - price the property to sell with a damaged foundation, or repair it and price accordingly. The concerns buyers have about repairing the foundation themselves isn't so much the foundation as the collateral damage that can result - broken plumbing lines, cracked sheetrock, windows, doors, etc. They will WAY over-estimate the cost of the repairs if they have to accept that liability in the purchase; you would be money ahead to make the foundation repair yourself.

Hoping you have a new buyer soon and this will all be behind you!
0 votes Thank Flag Link Thu Aug 16, 2012
Good Advice. I was reading this thread because we had something similar happen but the inspector was WRONG. We hired a Structural Engineer to give us a report and he said the foundation was fine. No issues. Minor cracks that could be filled. At this point the buyers were spooked from a negative inspection report so they terminated the contract without even getting a copy of the report or speaking to the Engineer. We think these first time buyers got cold feed and wanted out. It has been very frustrating at best. Thanks for listening. ~Renee
Flag Tue Sep 2, 2014
Hi get a new agent, why forward the report they terminated the contract are you willing to repair the fondation issues....You paid for the the report yourself , why let them see it , so sorry that happend to you all .God bless you ....Evelina
0 votes Thank Flag Link Thu Aug 16, 2012
When you say "terminated" that to us means the deal is dead. I understand you sent them the report in the hope they rekindle it.. but assuming they properly notified you ( in writing ) of the termination... you already unfortunately have your answer. Last ditch effort.. get an estimate to correct whatever issue it is, offer to pay it and hope they come back.
0 votes Thank Flag Link Mon Aug 29, 2011
None of their business. Tell them to bring another legitimate offer and you will let them see it - after the option period.
0 votes Thank Flag Link Mon Aug 29, 2011
They terminated the contract so apparently they don't want the home due to foundation issues. I would contact your agent to see what she suggests you do about the foundation problems - you may consider reducing the price or getting the foundation fixed. If you are not satisfied with your agent - you should contact the agent's broker for assistance.
0 votes Thank Flag Link Mon Aug 29, 2011
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