Asked by Sara, • Thu May 29, 2008
an offer in April, received the earnest money, and 2 weeks later, the buyers notified us that they wanted to terminate the contract because the repairs deemed necessary by their inspector exceeded the $5000 cost-to-repair contingency. However, it has come to light that the inspector's report was totally flawed, which he has even admitted. We have had a specialist perform another inspection, who has deemed the house to be in perfect condition. The buyers have been presented this information and still want out, for no discernable reason. Both parties are refusing to release the earnest money and have hired attorneys to hash this out. In the meantime, our house has been listed in MLS as "accepting backup offers" for almost two months, which means in this over-saturated market, we're not getting any lookers. Can we return it to an active status? Our attorney says he believes we can, but our realtor is cautioning us against it for fear that we could enter into a second contract. HELP!
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