No. of Recommendations: 0
Hi BF,

I also sold my home "as is" and we are supposed to close in mid-June. I think your buyers are going on a fishing expedition to see what they can wring out of you. Don't let it get personal,

Very good advice.

don't take it the wrong way, just repeat, repeat, repeat "As Is; let me know if you are backing out and letting me keep the earnest money."

Very BAD advice. If the contract falls through, and bad feelings exist between the parties, it is unwise to attempt to keep the earnest money, as you are simply asking for a lis pendens lawsuit. Esp. true in a seller's market, esp. true if the seller has sustained no actual damages. Seller might even be better off if prices are going up in your market.

The best advice for a seller in this scenario, if the buyer wants to back out, is to let them back out in exchange for the appropriate written release of liability, and give them their deposit back, UNLESS you are able to negotiate a payment from it in the context of releasing all parties from further liability in the transaction.

If the contract permits the buyers to do an inspection and present what they consider to be correctible "defects" to the sellers, then the SELLER is in breach if seller fails to, in good faith, consider the requests for repairs/credits based on the report. It's one thing to say that you won't give the credit or do the repairs--it's entirely a different matter to threaten to damage the BUYER simply for attempting to negotiate per the agreed-upon terms of the inspection clause.

It seems as though everything in real estate (and maybe even life) is subject to negotiation.

Why do sellers in a hot market get "offended" because buyers want to attempt to negotiate as good of a deal as possible?

By the by, yes it's a contract, but in some ways it is also a game. Just make sure you play by the rules, and you win! Good luck!!

Well, you can "lose" if you play by the rules, and you can certainly lose if you don't play by the rules.

The main "rule" is to be sure you negotiate in good faith, and to adhere to applicable law and the contract terms.

OP stated that the house had "nothing wrong" with it, yet had no good-faith basis for doing so (prior to the home inspection by buyers). If OP made a similar statement to buyer prior to the home inspection, OP "broke the rules".

Print the post  


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.
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.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! 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.