Home Selling in Parker>Question Details

Russell Nich…, Both Buyer and Seller in Parker, CO

Inspection Deadline missed??

Asked by Russell Nicholls, Parker, CO Sat Jul 6, 2013

Our buyer sent the Inspection Report a day passed the deadline listed on the contract. Are we as sellers obligated to fix anything they requested? Also, are the buyers still held to the contract of buying the home and not able to back out since they were late in meeting the deadline?

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Hi Russell. What does your Agent say about this situation? Inspections are always the difficult portion of any sales transaction! However, if you loose this buyer for any reason, a completely different inspector will come out which could be good or bad, and they always find something. Truly. Safety items are what your concerns should be, in this market, I'm CERTAIN they want your house. But your Agent certainly can guide you better than those of us that do not have the entire picture in front of us. Colorado is full of outstanding Sellers that would never want to let a Buyer purchase a home with any safety issues that could jeopardize the health of yourself, while the loan is being done and you still own the home, or when the new owners take possession. Right? Even when an agent sells there home, we go through an inspection and may have to fix things. I hope I helped! Lynne
0 votes Thank Flag Link Sun Jul 7, 2013
Hi Russell. What does your Agent say about this situation? Inspections are always the difficult portion of any sales transaction! However, if you loose this buyer for any reason, a completely different inspector will come out which could be good or bad, and they always find something. Truly. Safety items are what your concerns should be, in this market, I'm CERTAIN they want your house. But your Agent certainly can guide you better than those of us that do not have the entire picture in front of us. Colorado is full of outstanding Sellers that would never want to let a Buyer purchase a home with any safety issues that could jeopardize the health of yourself, while the loan is being done and you still own the home, or when the new owners take possession. Right? Even when an agent sells there home, we go through an inspection and may have to fix things. I hope I helped! Lynne
0 votes Thank Flag Link Sun Jul 7, 2013
Hi, Russell,
You are never obligated to do any repair work. That could keep your buyer from completing the transaction to purchase, however. It is usually best to negotiate the items in question.
The buyers cannot get out of the contract with the inspection objections deadline exceeded AND get their earnest money returned, but they can get out of the contract unless the contract box was checked that said the buyers are to be held to specific performance.
There are probably later deadlines that the buyers may use to get out of the contract AND ask to have their earnest money returned, though.
You should ask a Real Estate attorney to be sure of any contract language you do not understand or is not explained to your satisfaction. This is stated at the top of all the Colorado Contracts to Buy and Sell as well as a statement to get tax advice if you have questions.
Rex Miller
Broker/Owner
Miller Realty
0 votes Thank Flag Link Sat Jul 6, 2013
Robert, is correct there are many outs for a buyer and the inspection is just one. Talk to your agent and see if what they are asking for is reasonable? Do you have a back up offer in this market we see offers over listed price and then the buyers want the sellers to do all the repairs and spend the money that they went over the listed price. Some times by waiting until the inspection period the other buyers have moved on and bought another house after you had 3 offers. It is great to have an offer and just try and work thru it. Good Luck to you. Tom Inglesby, Broker RE/MAX
0 votes Thank Flag Link Sat Jul 6, 2013
Russell,

Once the Inspection Objection deadline is past you officially have no obligation to entertain there requests and the earnest money could be forfeited if they terminate. I am sure you have spoken with you listing broker on how to proceed at this time. If it is a good offer and you want to proceed with these buyers, you could agree to some of their requests. Of course, the buyers could agree to waive the inspection and move forward. Confer with your agent as to what steps to take next. Also, be aware that the buyers do have other 'outs' if they want to terminate and attempt to get their earnest money back. The primary out at this point is through the financing. They can disapprove financing any time up to closing without the penalty of losing their earnest money. Proceed with caution.

Robert McGuire ASR
Broker/Consultant
Your Castle Real Estate
Direct - 303-669-1246
http://about.me/robertmcguire33
0 votes Thank Flag Link Sat Jul 6, 2013
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