Consumption and Real Estate
Question regarding home selling – inspection stage?
Question : Question regarding home selling – inspection stage?
My parents are selling their home in a small town (under 2000 people) and had a signed contract for $ 500 under asking price within a week (YAY!) and 5 other offers (one officially a backup).
These people have demanded quite a bit, all that my parents agreed to, including paying half of a $ 1200 surveying fee. They gave $ 1000 of ernest money.
They had the inspection on Thursday and today is the deadline.
1) What happens if they don’t submit anything?
2) In the case that they pull out, do my parents recoop the $ 600 they paid for the survey?
home staging contract
Best answer:
Answer by golferwhoworks
no — but if it is required the next buyer will need it as well. So nothing is lost they can just give up that same stip with another buyer
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#2 written by bull_rooster_aardvark 1 year ago
If they don’t submit anything then there is nothing your parents need to fix, but more than likely they will submit a list of (hopefully minor) reapirs that your parents will need to do. If their list is unreasonable (the roof is getting old, replace it even though it has a few years left in it) I’d just tell them you won’t to it. With 4 other offers and a backup it sounds like your parents can just sell to someone else, so no need to be overly accomodating.
Regarding the survey, assume that money is gone no matter what (maybe they could go after that money but they would probably have to go to small claims court to get it, and even then the judge might find against them). In the future never agree (or tell your parents not to agree) to pay any specific costs. Instead, just give the seller money at closing (so if the seller needs 5K to close, give them 5K at closing assuming the price is high enough to warrant this). That way if there is no closing, there is no money out of your (buyers) pocket.
In fact,its very rare that a seller will pay any costs (beyond those required my law) before closing. Its a bit of a red flag that the buyers even requested this (are you sure they have enough money to buy the place if they couldn’t even pay for a lousy survey), but it might be nothing, hard to say for sure.
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Easy go to the back up,, I have found that people that ask for the moon, usually are the pits when it comes to the inspection.. Most contracts will state that the inspections must find Major Problems to fail. minor stuff like trim, dirty floor, paint, unless leaded and cosmetic stuff is not negotiable. Since the people asked a lot, they may even want your parents to wash the windows, and even paint the garage inside.. Watch out for this type of person at closing, as they may hold it up unless something else is done or money rebated…
If they do not show up today, they have accepted the inspection, in a lot of contracts and the contract stands. But the realtor will be in touch,, let me tell ya.