Foreclosure in Tucson>Question Details

Beazer, Home Buyer in Tucson, AZ

I am looking a a property that will be foreclosed upon in two and a half months. We have come to an agreed

Asked by Beazer, Tucson, AZ Sun May 18, 2008

upon price, however she says she is not making any repairs--it's as is at the price we've agreed on.

Can anyone tell me what would happen if we run into some major problems during the inspection? For instance, if a retaining wall or a structural thing needs work, can I back out during the first ten days? Also, am I safe to get the title if she is so close to forclosure? Our closing date would be in three weeks.

Any help would be much appreciated.

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Answers

5
If you have used an AAR form your cancelation requirements are in the contract Lines 234-248. During the inspection period you have the right to cancel. Just look at the written contract. If you didn’t use a Realtor or AAR form you might get an attorney.
Web Reference: http://BradBergamini.com
0 votes Thank Flag Link Tue Jul 29, 2008
If you are working with an agent he/she should have taken care of it and you should have no problem.
Contract document specifies time period for the home inspection - usualy 10 day or 15 days. Upon timely complition of inspection you have 5 days to cancell the contract if something serious was discovered.
In a typical transaction seller either sells property "as-is" or provides a document addressing any and all ptoblems (for you to review). If you are working without an agent, you may have a problem. It all depends how your purchase contract was written. Without reviewing your contract one cannot give you an advise. I may be able to review you contract but ONLY, ONLY if you are not represented by an agent.
George GeoSzk@WBhsi.net
0 votes Thank Flag Link Sat Jun 7, 2008
If you use the AAR purchase contract it gives you a time frame to do inspections, if you find something that makes you uncomfortable you can cancel your contract. This would also include pest inspections. A title company will record the transaction at closing and you will have title in your name.
0 votes Thank Flag Link Wed May 21, 2008
Did you have an inspection period written into your contract? 10 days isn't legally mandated ... it needs to be in writing in the contract, as it is in AAR's Purchase Contract that Realtors use.
0 votes Thank Flag Link Sun May 18, 2008
You should refer to your contract, and consult with an attorney.
0 votes Thank Flag Link Sun May 18, 2008
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