Home Selling in 33901>Question Details

Pb1, Home Seller in 32952

I had a purch & sale agree on my home in FL. The only contg was a successful home owners inspect & WDO inspect. Both = great - can they still

Asked by Pb1, 32952 Wed Aug 10, 2011

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No one can force a Buyer to sign Closing Documents. There is no such thing as "for sure", until you get the deed signed and your closing proceeds in the bank. A Buyer may forfeit their deposit if they do not perform according to the contract. There are plenty of variables. The last variable in the contract is the Title Committment. Usually, the Buyer needs to have been sent the committment and had a chance to review it, before the closing. This is one of the variables that gets overlooked frequently. I hope you sold your home by now!
0 votes Thank Flag Link Mon Sep 19, 2011
Hi PB1,

Unfortunately, there are many variables that are involved in answering this question. As a general rule, the florida contract has many options for "contingenices" of the buyer, things like financing, inspections, appraisals and HOA's are all contingencies that can allow a prospective buyer to walk away from the deal unscathed and get their escrow back.

At the end of the day, if their realtor is any good, they will have explained the the buyers that these contingencies exist so that the buyers understand that if something goes wrong, there are options. Having said that the same agent should also be willing to express that these contract now a days are "as-is" and unless something is really wrong with any of these contingencies, they need to be prepared to move forward. In my experience, when most people get past the inspection, it is moving forward unless something happens that creates a situation for the buyers to get out fo the deal...


Roy

786-863-7764

Roy@fglrealty.com
Web Reference: http://www.fglrealty.com
0 votes Thank Flag Link Wed Aug 17, 2011
The purpose of the home inspection is to determine if the home has any potential or existing problems. It also gives the buyer peace of mind knowing if there are any issues before they buy. The buyer should be at the inspection with the inspector. The inspector can show and explain any problems that might be harder if they only received a written report. Most inspections take at least an hour and sometimes longer. In addition to seeing everything first hand with the inspector, the buyer will generally receive a written report with photos following the inspection.

After the inspection is complete the buyer can determine if they still want to go ahead with the purchase of the home. If there are problems that are too costly, then they can terminate the contract for any reason. An inspection can save several thousands of dollars down the road, but again it also gives the buyer peace of mind.
0 votes Thank Flag Link Wed Aug 17, 2011
Congratulations on the offer on your home. Have they signed off on the inspections saying they accept the home in its present condition? Also are they financing the home? If they are, the appraisal will need to be completed as well and the loan must be approved in underwriting before you can consider it a done deal. Best of luck on a successful close.
0 votes Thank Flag Link Tue Aug 16, 2011
Hopefully your contract has closed and all is well. If they have not cancelled but you have not closed I recommend you have them sign an addendum removing the inspection contingency if the inspections have been done and no problems were found.

Terry McCarley, Realtor®, CDPE
Jones & Co Realty
0 votes Thank Flag Link Tue Aug 16, 2011
We always try to protect our Client;
the main reason for having an Agent.

The Contract is not a waterproof, perfect document.

The Litmus test is whether they are committed.

Good luck and may God bless
0 votes Thank Flag Link Wed Aug 10, 2011
If they use the As-Is contract form, then they can cancel for any reason that they like.
0 votes Thank Flag Link Wed Aug 10, 2011
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