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Author: inparadise Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 127523  
Subject: Re: Poll: seller backed out: push realtor to pay Date: 12/14/2013 7:21 AM
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However any change proposed by one and NOT accepted by the other means the contract continues AS-IS. Which is why all the contingencies really favor the buyer -because they are a relatively easy way for the buyer to back out of the contract.

By the OP's own words he thought they were still negotiating. That shows intent to buy, not a contract to buy. But it depends on what was written on the contract. A "standard" association of Realtor purchase and sales agreement here basically states that if the buyer decides to make contract changes based on the inspection, the seller has the right to accept those changes, reject those changes, or counter. IIRC they started to counter and then simply rejected the changes, perhaps even deciding to pull the house off the market. This is the inspection clause that tends to be favored by Realtors, because it is clean and simple. The one I prefer is that the buyer will accept $XYZ in problems without renegotiating. The problem that can arise is when the problems are deemed over that point by the buyer's people, but the sellers counter that it is not over the dollar amount. It can wind up in the courts deciding what the true dollar amount is.

If you change the terms of a contract like the OP did when his inspection clause gave him that right, you had better be ready to walk away from the property and the money you invested to get to that point in the contract negotiations.

IP
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