Posted by JohnBoy on February 12, 2005 at 16:37:06:
It all comes down to what the contract says? Was there an inspection contingency? If so, then obviously it didn’t pass inspection! Obviously it’s also a code violation. So I would think you have an out to cancel the sale.
Seller’s don’t have to make repairs. They can sell “as is”. If you don’t like it, then don’t buy it. The only responsibilty the seller has to disclose any known defects that are required to be disclosed by law. If the seller knowningly neglects to disclose any defects or conceals any defects then they can be held liable.
As far as time frames to accept repairs, again, that depends on the contract. Require any repairs are to be made BEFORE closing on the property. If you need to close within a certain time then require the repairs to be made within that time prior to closing.
If you don’t get what you want then don’t buy it. Pretty simple. It all comes down to who wants what more. Does the seller want to get this sold more than you want to buy it. Or do you want to buy it more than the seller wants to sell it? Hopefully you can meet somewhere in the middle and both sides agree on something. If not…NEXT!!!
Posted by DStimes on February 12, 2005 at 15:07:59:
Made offer to purchase a home that was accepted at a certain amount. This property has a small bridge one must cross in order to get to the house and it did not pass code (inspection by the Div. of Water). Three contractors say bridge cannot be repaired, one says it can. There has been much debate over how to handle this. The seller is attempting a $3,500 limit on bridge repair addendum to the sales offer. Do we have to agree to that? The seller has also threatened to have the bridge removed with no plans to replace it. We believe the seller is inclined to do this so we will back out and seller can increase the price of the property to reflect the costs incurred for repairing/replacing the bridge. Any advice? We really wanted this property.
Posted by Stimes on February 12, 2005 at 15:19:45:
I guess some questions are: how binding are sales offers? Are home repairs the seller’s responsibility? If repairs are not acceptable after they are made, is there a timeframe in which the new owner has to seek for recourse?