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Updated about 9 years ago on . Most recent reply

User Stats

23
Posts
9
Votes
Jeffrey Armstrong
  • Investor
  • Hoffman Estates, IL
9
Votes |
23
Posts

No signed contract, relator argues against addendum to contract

Jeffrey Armstrong
  • Investor
  • Hoffman Estates, IL
Posted

my wife and I put an offer in on a house.  It has been tentatively accepted but there is a relo company involved.  So I don't have a signed contract nor put in any earnest monies.  The relo had an inspection done and found three major issues.  My wife and I discussed and said we are not going to buy it unless they are fixed.  We don't want to assume any risk in costs etc.  So I told the realtor to add an addendum to the contract, I mean they hasn't signed so I don't see why I can change what I offered, or cancel all together.   She is saying we need to accept this report and then after the seller signs the offer and we put down our money then we can demand it to be fixed.  I say what is the point in going through all that, put in the addendum, if they accept it fine, if not then I just saved myself a bunch of work.  It sounds to me like my realtor is trying to get us more locked in than we are right now.

Most Popular Reply

User Stats

49
Posts
28
Votes
Michael Mcghee
  • Wholesaler
  • Memphis, TN
28
Votes |
49
Posts
Michael Mcghee
  • Wholesaler
  • Memphis, TN
Replied

@Jeffrey Armstrong Your realtor could be on to something here. If you push too hard in the beginning they may accept another offer without those contingencies. To cover yourself, accept the contract but make sure you have an inspection contingency for 7 to 14 days. This will give you time to negotiate for those items and if they balk you can walk without losing earnest money. It's easier to get a seller to do something sometimes if it's standing in the way of a closing. In the beginning it's only the offer so you're negotiating from a different point of view.

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