UnThreaded | Threaded | Whole Thread (42) | Ignore Thread Prev | Next
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 127236  
Subject: Re: Poll: seller backed out: push realtor to pay Date: 12/13/2013 6:38 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 3
The inspection contingencies that I've seen don't allow the seller to back out. They ONLY allow the buyer to back out.
If the buyer wants to continue, the seller doesn't get to back out of it. At most the seller can refuse to change the contract if the buyer proposes a changed contract (ex. X, Y and Z have to be fixed)


As soon as the buyer requested that the seller fix XYZ, he changed the contract. At that point, the seller is no longer bound to what was signed.

All contracts I have signed, and there have been way too many, have dictated that the seller can accept the counter offer by the buyer which now includes repairs, decline it, or negotiate further.

Any little change requires both buyer and seller to sign off on to continue the contract as valid. That is why it is so critical to understand exactly what you are signing and making sure it is accurate.

IP
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (42) | Ignore Thread Prev | Next

Announcements

Useful Resources
Our Home Center has all you need to make buying and owning a home a great experience. Get or refinance a mortgage and much more!
Buying/Selling a Home FAQ

Mortgage Professor
Offsite resource for mortgage questions.
Post of the Day:
Value Hounds

Medallion Financial: TAXI!
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement