Backing out of an As Is Sale

[Chris Svendsen]

Well my wife and I may of made a big mistake. We submitted an offer on an investment propertly contingent on inspection and financiing. Seller countered our price and also wrote down home inspection for information purposes only sold as is. When asked agent about this she said that we can still get out of contract if we want after inspection that was just saying he was not going to renegotiate or repair propertly. So we signed counter and moved forward. After home inspection some major issues were found in attic and roof of property and we just do not have money available to cover repair cost. We sent in notice to pull out of contract. Now seller is meeting with his agent and broker tomorrow and according to our agent he is not happy with the situation. Reading deeper into contract tonight appears seller was intending contract to be we will be buying it no matter what inspection states. I am afraid he going to proceed with legal action on this and we are responsible for all legal fees for breach of contract. I would gladly give him our EMD to get out of the contract but if have to proceed with sale we will not have any funds to fix up the issues with the property. From what our agent says he is a tough individual to do business with. Do we have any option to get out of this if he decides wants to force the issue. Sounds like what my agent explained about home inspection is not entirely accurate and we may be in breach of contract which will be a bad situation.

[Jay Hinrichs]

Don't panic don't go blow money on attorneys these contracts call for EM to the extent of liquidated damages. don't let any one scare you here.. the bully seller is just blowing smoke. you may lose your EM but that would be the extent of it..

Along with again most all of the RE forms have mandatory mediation clauses..

Please do not sweat this.. it will go away.. you can be furious with your agent though sounds like some bad advice there..