terminate purchase agreement on house?

Question

we are due to close on a house friday. it failed inspection, and i wanted to back out, but my husband wants to see if they can have everything fixed by closing. our realtor is trying to rush the closing and postpone the final walk-thru, which gives me a bad feeling. we don't even have a copy of the wood-infestation report. the contract states that it terminates friday at midnight, so are we pretty much in the clear if we don't sign?

Answer 1

DO NOT CLOSE. I repeat, DO NOT CLOSE.

The realtor wants commission.
If you want the house, be certain that all inspections have approved every fault. If/after they are done, have a new inspection, otherwise, DO NOT CLOSE.

You are within all your legal rights. DO NOT CLOSE.

Answer 2

POST PONE THE CLOSING. Call your realtor and postpone the closing until everything on that report is either fixed or you get a credit at closing for the cost to repair.

If you have a bad feeling you have the right to back out of the deal you might however, depending on how your contract is worded lose your deposit.

If you agent is rushing this to close, there's a problem she's not telling you. Remember your agent is out to make a buck, she's not the one that's going to have to live in the house and deal with all the potential hidden problems it might be harboring. If it failed inspection, make sure you get a copy of the inspection report and the inspectors estimated cost to repair the failed items. Hopefully the items are minor and nothing structural. If the owner doesn't fix then ask for money off of the asking price in the amount it would cost you to fix the problems.

This house smells like a red flag, if you've got a bad feeling, walk away now.

Answer 3

Read your Purchase Contract and see if it says contingent upon buyer approval of home inspection.If it does,great, if it doesn't hold on. You can request the seller to repair or replace some items but I can guarantee you they won't be done by closing so the closing date will be moved. If the seller does not want to do anything, that is his right. If your agent is trying to rush the closing, then these are obviously red flags that something is terribly wrong and the agents know about it. The wood infestation report you can get from escrow although if it isn't clear than that issue has to be fixed by seller as well. Forget that your contract states it terminates on Friday at midnight, that is a mute point and really only serves as a temporary closing date.

Tell your agent that you want a copy of the wood infestation report and the home inspection report. Then work on the home inspection report,go over it with your agent. See what needs to be done and what you can live with(unless its major like a foundation or roof). Compromise with the seller and tell your agent what you want. Once that is done demand a final walk-thru with your agent. If after all this your agent does not want to do anything, contact his Broker immediately. Tell him that your agent is not doing his fiduciary responsibility on this transaction,that he knows as well as the seller and sellers agent that something is wrong and they are not disclosing it. If the Broker doesn't want to look into it, then report both agents, both brokers to the state board so that it is on record. Also you need to take both agents,both brokers, and the seller to court on due diligence, moral and ethic issues, fiduciary responsibilities non-disclosure of facts.

Take all memos,notes,phone calls,dates,names,times,emails,and whatever else you have to court with you so that you can prove your side.

Chances are, that the agents and brokers and seller will not want to go through with all of this. If they do,also make them pay for court costs,time lost from work,etc.

They will find out that their E&O insurance isn't going to help much.

After all they are trying to get you to buy a house that isn't worth much, I'm sorry to have to say.

Answer 4

Do not let your Realtor push you. Closing is more beneficial to you, as a purchaser, is you wait until later in the month. Because you will be paying daily interest on your loan until the end of the month.

If you close on Friday, there is no going back and trying to get the Seller to complete repairs or a bad termite report. A termite report can generally be provided the day after the inspection.

Unless your contract says 'time is of essence' any Seller today will be willing to wait until you are satisfied, in hopes of not losing the transaction.