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Kathleen, Other/Just Looking in Brooksville, FL

We just got out of a contract on a condo because of a bad inspection report. The seller agreed to all the

Asked by Kathleen, Brooksville, FL Wed Feb 6, 2008

issues, although I am not sure how good he would fix them because he neglected to take care of them before listing. Just wondering....it is fairly common for a buyer to terminate a contract because of the inspection? Also, termites were discovered. They are the responsibility of the HOA to correct. We just had a bad feeling about this place. Only 12 days had passed since the offer was accepted so we did get our earnest money back.

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Hi Kathleen,
Sorry to hear about your situation this is never any fun to go through. I am glad you got your earnest money back, quite often people don't get this back or end up being sued by the seller. It is very common to terminate a contract because of the inspection. If you are working with a difficult seller who will not agree to the repairs this happens. Or if you find out there is a major defect with the house which would cost $$$$'s to repair. Most sellers agree to reasonable repairs and things go smoothly. I wish you the best of luck with your next transaction, you are just unfortunate to have been in this situation. As a general rule if the home is in great condition to start off with, and looks well maintained this is a good indication that the seller looked after his/her home, which hopefully means fewer repairs. Please visit my website at http://www.TeresaQuinan.com
Web Reference: http://www.TeresaQuinan.com
0 votes Thank Flag Link Thu Feb 7, 2008
Hello Kathleen, Terminating a contract because of repairs that need to be done is is not unusual. However, we usually try to work through the repairs being performed. If all contracts were terminated because of repairs, there would not be that many sales, There is rarely a time, a home does not need any repairs, even new homes. If the contract includes is a cost of repair contingincy for " x" amount, and the repairs meet or exceed the amount, that could be a termination in itself. If the seller agreed to do the repairs,, the best resolve for the repairs is to have all repairs done by a licensed contractor and then make sure that the your buyer agent collects that invoice to show that the repairs were performed and done professionally..the seller is responsible for the repairs, you can always elect for the inspector to re-inspect prior to closing, generally there is an additional fee for that service. If you are really, and it sounds as though you may have been, concerned about the extent of the repairs, then you may as well terminate the contract if both parties agree. It sounds like you may not have been comfortable in this home purchase due to the repairs needed. Also, if there is a HOA Management, they ususally have a repair team/ contractor do repairs, most condo or townhome communities usually have a Management Company that will perform the repairs, that is usually part of the HOA dues coveragage. This is mainly for the exterior. usually everything inside is a seller repair. For instance, the plumbing, flooring issues, appliances, etc. Again, it is always best to do a re-inspect to make sure the repairs were done correctly. The same for termite treatment and repairs. In NC, there is a great chance of a home having Termites, due to the high moisture and if there is no vapor barrier. Keep in mind this really pertains to all structural or mechanical repairs, not cosmetic. Best Wishes, Sincerely and I hope that has answered your questions. Michele Feleppa,
0 votes Thank Flag Link Wed Feb 6, 2008
You are probably lucky you got your earnest money back. You must have had a Cost of Repair Contingency that the repairs exceeded. If the seller agrees to fix all the items - that is all he has to do to retain your earnest money. The next time you make an offer on a home make sure you give it a real good looking over. You might not be able to discover termites on your own but you will be able to tell if a place has suffered serious neglect or just general wear and tear.
Remember, no home is going to be perfect. Even a brand new home can have issues and many times they are worse than a house that has some age on it. If you aren't comfortable with the seller doing the repairs you can always negotiate a repair allowance and you can have the repairs done to your standards after you own the home.
0 votes Thank Flag Link Wed Feb 6, 2008
It all depends on the contract Kathleen. The NC Offer to Purchase has working that says if the inspection report has more than (blank $) in repair items ......

Did you use an agent?
0 votes Thank Flag Link Wed Feb 6, 2008
Actually, I seldom have contracts fall through due to repairs. If you were using the standard Offer to Purchase and Contract, typically the seller is given the right to make the repairs needed or the buyer may terminate the contract.. Some buyers add a contingency that if the cost of repairs is over a certain amount of dollars to correct, that they have the option of terminating the contract, regardless of the sellers position. A trained eye can often spot serious problems prior to contract and eliminate t he hassle you experienced.
Most sellers are willing to do the repairs rather than put the house back on the market.
I wish you better luck with your next purchase!
Web Reference: http://www.lgrealtor.com
0 votes Thank Flag Link Wed Feb 6, 2008
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