Do not assume the cancellation of the contract is due to the conditon of the home. It is a common ploy to use the inspection report to attempt another price beatdown of the sellelr. Your home may be so well maintained that such an apportunity did not exist and a low-ball could not be created.
You already know the condition of your home. No updates in 15 years means a long list of inspection report items. If you are confident the conditon of your home IS the issue, then you should do what needs to be done. Pay for an inspection, correct the issues, make it available to future buyers, sell "AS-IS" if customary in KY.
The great news is you did get an offer. That is confirmation you are strategicly positioned. Now, your mission is to remove the obstacles.
Best of success,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
Move to the Front of the Line (http://FirstLookHomes.us)
Are you using an agent to help you sell your property ? There would be language in the offer that states what the steps are for a buyer to use this contingency. I always try to get the pages of the inspection that mention the problems so I can determine what the next steps. Is there a serious problem or just a buyer with cold feet etc.
Keep in mind, though, that a lot of buyers use the inspection period as a free pass to decide whether they want the house or not. So their reason may not be inspection related.
As for making the repairs, not necessarily. You'll find different inspectors find different things and not all seem to agree. That's one reason why I don't recommend getting an inspection up front. While it gives you a chance to take care of issues up front, it also could lead to you spending money on repairs that a future buyer might not ask for. And, regardless of what you do, it's almost certain a different inspection will find something.
Make sure to read it.
If after reading you feel you have been wronged - get in touch with your agent, the agent's broker and your attorney.
Hope this helps,
Beachfront Realty, Inc.
I see your other response below and am curious if the buyer had an agent?
If they did, most agents would not have a problem disclosing an issue that may help you improve it for the next buyer and or for yourself.
If not and you are overly concerned yes, get your own home inspection and yes if it is a material fact that could influence a buyer not to buy your property you do have to disclose it. (only if you don't want to be sued)
you have plenty of answers here but I'll throw my 2 cents on the second comment you made. If you really want to find out if it was an issue with the house you should get your own home inspection. This way you'll have your own report of what the inspector finds and this allows you the opportunity to address the issues that are encountered, if any.
Sometimes it requires estimates etc.
Now on the other hand if the buyer just backs out, which he or she can do during the attorney approval and inspection report, what sometimes happens they do not like the inspection report, or they saw with the help of the inspector more about the home, and it scared them especially if they were 1st time home buyers with no experience owning a home, or they just got a second closer look at the home and changed their mind then and there, it could be anything, and since they the buyers made already the decision not to buy your home, they of course do not have any obligation to show you the inspection report, unless rules are different in your state....because it is the buyers that paid for it and picked the inspector.
You can always ask, and may be they will, but also might not..
If you are worried that there was a major problem, like gas leak however minor or anything like that
against code or dangerous, I would assume that they even if they are backing out, would provide you with that information.
On the other hand, you the home seller, can always get your own inspection done, they should not
be very expensive depends a bit on the size of the home, and then you can walk through with the inspector and find out for yourself if there is anything you may want to fix, and then you can put it into your Seller's disclosures that it was recently fixed and provide the bills to the next buyer...
Hope it helps you a bit, I am not sure if you and or the buyer worked with a Realtor, and if either one of you had a real estate attorney or not.
Sincerely yours & a Great Day to YOU
@Properties – 30 Green Bay Rd, Winnetka, Il. 60093
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Thanks For your question and regret the fact that the Buyer
Backed out after inspection.
You need to check if you are entitled to your Inspection report.
As an inspection was done to your home.
In California the rules are simple an Owner is entitled to all reports done
By a buyer.
What does your agent or real estate lawyer advise?
Not knowing your situation or how the offer was worded it is difficult to give you accurate direction.
Most offers have the inspection clause with a stated amount of cost for repairs for the buyer not to proceed. You should check with your sellers agent.
As stated below the person that pays for the inspection owns it, that said it was also stated below that you have nothing to lose by asking for it.
The buyers paid money for the home inspection therefore they were serious buyers. Most likely they will not share the full report however, if you could find out their main concern you might want to request just the page that indicates the problem. Fixing the problem will eliminate any future buyers from walking away. Good luck, it will sell.