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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 127680  
Subject: Re: Poll: seller backed out: push realtor to pay Date: 12/13/2013 5:31 PM
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The next day, again at around 3:30, they sent another request for an extension. My realtor was in a meeting and did not send me this until after 5 p.m. But the contract had automatically terminated.

Before we had signed anything to revive the contract, the sellers said they were only going to repair A,B, and C (not changing their original offer). Then they said they weren't going to sell.

My contract says I'm liable to pay for the $500 in inspections I had done on the house, even if it was the sellers backed out. I don't think this is fair.


And this is one example of why it is critical to have a Realtor who can get emails et all on their smart phone at all times.

Yes, your agent was at fault, but bottom line is this deal was unlikely to go through. If the sellers were willing to meet your offer, they would have stuck it out. Instead because they were not pleased with what many sellers view as games, they played the deferral game and even possibly got a better contract in while keeping you on the hook.

Is it fair that you pay your expenses even though it was the sellers decision to let the deal fall through? Absolutely. YOU changed the terms of the contract, and they decided they did not like it anymore. It was your actions that caused the deal to fall through, not theirs. For future contracts, keep it very simple. Inspect the property hard yourself and establish a price based on what you see, realizing that you will probably need to eat a certain amount of the repairs and bidding as such. Use the inspection to give some measure of comfort that your estimate of issues was on target.

As a seller there is nothing that irks me as much as a buyer giving me a laundry list of repairs to be done, as though they were not bidding on used goods. A certain amount of this and that is to be expected in a 20 year old home, and if it was clearly visible to the untrained naked eye, such as broken seal on windows causing evident clouding, that had better be priced in to the original offer. The pickier they get, the less I want to deal with them. And this comes from someone who tends to approach real estate transactions without emotion. Magnify that to the power of 10 for the typical homeowner, who often considers his home his castle, and that you are lucky to bid on it.

Next time, keep your approach much simpler. This time, suck it up and eat those costs, consider it a price of your education. Ditch your current Realtor, and get someone who is plugged in all the time, but particularly around contract deadlines.

Best of luck.

IP
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