Home Selling in 60565>Question Details

Meinboo, Home Owner in Naperville, IL

How long can a buyer stall a response to a letter from the seller, addressing the items listed by the buyer's inspector to be repaired or added?

Asked by Meinboo, Naperville, IL Tue Mar 26, 2013

It's been a week. I would like to be able to get the home back on the market ASAP if the buyer is no longer interested based on what we will repair. I already told my lawyer and broker I'm not willing to begin negotiations again with the buyer.

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Answers

12
Michael McVey’s answer
There is nothing wrong with continuing to show your home while negotiating with the current buyer. Informing the buyer that showings will continue should motivate them to move forward or back out.
0 votes Thank Flag Link Tue Mar 26, 2013
Hi, Michael. Unfortunately around here once a house is under contract it's basically off the market as far as the brokers are concerned. The lock box is off the door. A sign is still up but the word pending is added so probably no one will inquire. I did finally get a buyer reply yesterday, but the buyer is asking for more explanation of who did the work and why we didn't do everything, plus they mentioned an additional item associated with but not previously mentioned with the punch list. I think with this week being Holy Week/Passover/Spring Break I'm not going to get anything resolved. Next week I'll approach my lawyer.
Flag Wed Mar 27, 2013
The 5.0 version contract does spell this out exactly including a set number of days for inspection requests and resolution of issues.....requests must be made in 5 days and resolution must be acheived in 10 days. Of course, the contract and its terms can be modified, negotiated and/or extended by mutual agreement, but the contract does provide a very specific timeframe as a starting point. If you are past this period and in "limbo" either side can cancel the contract (or continue negotiating) or set a deadline by which they will do so. The answer to all contractual issues is: read the contract, it's in there, and if not or not clear, ask your attorney.

Regards,

Lester S.
"Lester the Lister"
RE/MAX 1st
630.207.2532
LestertheLister@yahoo.com
1 vote Thank Flag Link Fri May 31, 2013
Thank you to all who posted an answer. I hope it also helped other sellers that may find themselves in the same situation. It also didn't help that my buyer had asked for just over three months to close. Three days after I posted on Trulia, I finally got the ok from the buyer on the inspection items--coincidently at the same time my agreement to a one month FHA financing delay was requested--then a second request because FHA mandated reappraisals because of the April storms. But we are now cleared to close in about 10 days. Amen.
0 votes Thank Flag Link Fri May 31, 2013
There isn't a set number of days, but usually, as the seller, when you respond to the buyers' inspection report, at that time, I would give them a set number of days to respond and let them know that if you can't come to an agreement or you don't get a response, the house will be back on the market.
0 votes Thank Flag Link Fri May 31, 2013
Most of the brokers who have responded to you have it right; normally about 5 days. If you are already in the home inspection process you may want to consider a compromise at this point. I am sure the attorney and broker you are working with can advise you in this area. Extensions are normal and can happen during the inspection process. I wish you the very best!

Michelle Georgiou
john greene Realtor
Broker
0 votes Thank Flag Link Tue Mar 26, 2013
In answer to your reply question....it is 10 BUSINESS days, after which either party can agree and move forward, continue to negotiate towards an agreement or kill the deal if there is no resolution. Only you can decide whether it makes sense to negotiate this or move on.

Regards,

Lester S.
"Lester the Lister"
RE/MAX 1st
630.207.2532
LestertheLister@yahoo.com
0 votes Thank Flag Link Tue Mar 26, 2013
I'll agree with what the other brokers are saying. It depends on what the contract states, 5-10 days for attorney review/modifications and professional home inspection. Clear communication in writing between attorneys is vital. If not resolved than either party can terminate the contract. Keep in mind if these are first time buyers the smallest of issues can sound huge. This is where they can start to get that buyers remorse or cold feet. Hang in there and the Best of Luck to you. If this deal doesn't pan out, you should have no problem finding another buyer soon after it's relisted.

Warmest Regards,

Charisse Modglin
Charles Rutenberg Realty
630-440-1149
http://www.CharisseSells.com
cmodglin@sbcglobal.net
0 votes Thank Flag Link Tue Mar 26, 2013
This is a great question and your attorney is the best to answer this as they are handling it. Attorneys are so important and key to a great closing with your agent.

Delays are common and they can ask for extensions. Consult your attorney today for the exact dates.



Good Luck!
Tamara Schuster, Broker
Naperville, Illinois
http://www.BrokerOfNaperville.com
0 votes Thank Flag Link Tue Mar 26, 2013
Read your contract carefully or have your Realtor and Atty explain it carefully to you, then tell them what you want to do and ask their advice. If you are using the standard Multi-Board 5.0 contract, it calls for 5 days for contract review/modification by attorneys and 5 days for home inspection requests by the buyer, however it allows for a total 10 days from original contract date to have resolutions on these issues. If NO resolution after 10 days, either side can declare the contract void. If you are not using the 5.0 version or it has been modified by the attorneys this may be different. Proceed carefully with their advice. Usually simple communication works best, reiterate that you feel like there has not been resolution to the home inspection issues and you want clarification.

Regards,

Lester S.
"Lester the Lister"
RE/MAX 1st
630.207.2532
LestertheLister@yahoo.com
0 votes Thank Flag Link Tue Mar 26, 2013
Lester, is that 10 business days or 10 regular days? I finally got an answer today, but buyer is asking why we aren't doing all the work and who are the folks who looked at the work and are they licensed and professionals. They are looking for copies of reports. Plus another mention was made that I didn't see in the original letter. I've responded back to them through my lawyer and asked for a Thursday end of day response. I'm not sure if my attorney can react that quickly. I think attorneys add several days to the whole process because info goes through assistants first, then it takes takes them time to respond. My broker says she can't do much more than call the lawyer's office. . But I think we are beyond that 10 days!
Flag Tue Mar 26, 2013
I am assuming that you are working with a Realtor and you are not selling by owner...
In your sales contract with the buyer there are times stipulated for attorney review, and inspection,
those often are extended while the items of the inspection are discussed... That is normal....

On the other hand once a request has been made by the buyers and a response has been given
by the seller, and I hope with a time limit, you should expect a response within that time limit, exactly for the reasons you stated yourself, continue a bit of back and forth with the buyer, or request a final
response from the buyers and if not agreeable to the Seller, have your attorney cancel the sales
contract within the terms.....If the buyers are interested in the property and just want to know what
the seller will repair or pay for repairs they should be very interested in coming to an agreement.

If you work with a Realtor your listing agent, discuss your options and then proceed, with what makes
most sense to you.

Good Luck to you

Sincerely yours,
Edith YourRealtor4Life & Chicago, North Shore & Northern Illinois Expert
Working always in the very BEST interest of her clients, Buyers, Sellers and
Investors alike....And always with a SMILE :)

Covering for @Properties Chicago & suburbs, and with her trusted Partner
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0 votes Thank Flag Link Tue Mar 26, 2013
Meinboo,

As you're probably aware, your contract allows for an attorney review and inspection period of 5 business days. Any extensions to that period are by agreement. You are within your rights to have your attorney cancel the contract if you don't have agreement on inspection items by the conclusion of the 5-day window.

Your broker's job is to protect your equity. I would urge you to discuss whether this is better accomplished working with this buyer or remarketing your home. Negotiations can be tough, draining and very emotional. You've hired your broker to evaluate the situation without emotion. Take what s/he says and carefully consider it before making an "emotional" decision.

Maybe remarketing your home is a good idea. Maybe the buyer's inspection repair requests were unreasonable. But, remember that putting your home back on the market means that you are back to square one. You're showing your home again, evaluating the viability of another prospective buyer, negotiating another contract and going through another attorney review/inspection period. If the last inspector found legitimate problems with your home, the next one will find the same problems. My advice is to engage your broker in this discussion, as well.

Sincerely,

Ken Gerrans, Broker
john greene Realtor
1311 S. Route 59
Naperville, IL 60564
630.946.4688
kengerrans@johngreenerealtor.com
0 votes Thank Flag Link Tue Mar 26, 2013
"You are within your rights to have your attorney cancel the contract if you don't have agreement on inspection items by the conclusion of the 5-day window"........this is NOT what the 5.0 contract says Kenneth
Flag Tue Mar 26, 2013
Have your attorney send a letter with a deadline and if they do not respond send a mutual cancellation letter and stick you house back on the market. Are you using a realtor?
0 votes Thank Flag Link Tue Mar 26, 2013
Yes. She;s told me several times during this transaction that it's all part of the game. The original contract was signed at end of last month and the closing isn't until mid June.. The buyer has until March 31 to get financing. So I feel everyone but me feels there is no rush! I sent an email to my lawyer late Thursday, and Sunday his assistant sent an email to the buyer's lawyer asking for the status. (Thanks for responding, Simir.)
Flag Tue Mar 26, 2013
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