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Updated about 7 years ago on . Most recent reply
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Seller is trying to back out....Need help!
We signed a contract with the seller's on 1/7/18 for a three family house. Since then we've had the inspection and have been trying to agree on a final contract but have been getting the run around from the seller's realtor. We have caught out the seller's realtor lying in many situations. Apparently the two seller's are exes and there is a lot of tension between them and they can't agree to anything. There are a number of items that need repair including major fire code violations. We have done everything on our part, financing has been lined up for weeks but they just keep delaying and delaying. Our closing date on the initial contract is 2/23. Finally last Friday the seller's realtor said they want to terminate the contract because they can't come to an agreement. He also mentioned that the boyfriend of one of the sellers now wants the house and they've discussed putting a tenant into the vacant unit so it sounds like they're trying to delay the transaction so the contract will run out. We're out the inspection fee but furthermore, we want this house. We're waiting to talk to our attorney tomorrow but does anyone have any advice?
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When you have an inspection and ask for adjustments, the original deal is null because you no longer have a meeting of the minds.
Moving forward means both parties have to agree to continue. When you make inspection requests, the seller doesn't have to agree to them. In that case, the seller can just say no and then it's up to the buyer to back out or continue with the original agreement. In a seller's market, sellers just say no to everything.
In either case, you only have a 10 day window (unless specified otherwise) to make inspections and then requests. Once you get past the 10 day window, things get a little random.