All Forum Posts by: Kevin S.

Hi members,

I have a SFH under contract, already completed inspection and scheduled to close in 2 weeks. In the meantime the recent hurricane/storm Debby just hit Florida. The property is in central Florida and Debby made landfall in northern Florida.

Is it required or recommended to do another inspection?   Do insurance company dictate this decision?

Will it be another full inspection or just the roof?

If there is damage can the price be re-negotiated or can I get out of the contract? 

I am assuming I pay for inspection again?

Is there anything else I need to consider?  

Anyone has experience with this situation?  Any advice/recommendations is appreciated.   Thanks in advance.

@Jorge Abreu

It is SFR. Thanks for your response.

 Thank you Jorge.  Do you now get approved by more than one lender at any given time?  I am pre-approved by only one lender for my first property.  Do you recommend I have more than one lender run credit check and get 2 pre-approvals?

@Nicholas L.

I live 3 hrs away so not able to physically walk into the office and discuss in person. I wasn't aware of but learning now that being ignored is a huge part of RE investing. It's my first experience :)

I don't recall specifics of how long things last but will now re-read it again.  Thanks for your comments, Nicholas. 

@Kevin Sobilo

This happened a week ago.  I was out of town right after it happened and came back 2 days ago.

I just emailed the brokerage today and waiting for response.  I'll take your advice and call if I don't hear from them.  Thank you.   

@Jorge Abreu

Can you elaborate on the difficult seller, backing out of the deal which eventually turned a home run for another investor part?  That would be a more valuable learning experience for your audience than the rest of your post.  Thanks.

@Kevin Sobilo

I think I'll do that, email the brokerage owner.  Someone else also suggested I do that.  

Since the EMD was withheld and the date expired(you mentioned I am still under contract), when does the contract expires or become null and void?

Is it possible to use another agent without commission due to the original agent?  I have a strong feeling the seller/listing agent is in the dark.  They just know what happened but not  why it happened.  I think it's my agent who has put a brake on this.  The title of my post is "abandonment'.  I was hoping there is a way to show abandonment so I can move on with another agent without further attachment to the first agent.  Your thoughts. 

@Kevin Sobilo

The contract was signed by both me and the seller.  Inspection was completed and we re-negotiated the price based on inspection findings.  The new price was again signed by both parties. If that is a fully executed contract, then yes.  

The last step was to wire the EMD which was halted because of the call I received from the bank.

Since EMD wasn't sent, is it considered a fully executed contract or is it automatically null and void when the date to sent/receive EMD expired?

My guess is both agents are upset to see any reasoning.  The only thing I wouldn't know is whether my agent's brokerage is in the dark.

I appreciate your input, Kevin.

@Theresa Harris

My guess is contract is null and void since EMD wasn't sent. I cannot confirm this is why I turned to BP members who are experienced.

This happened a week ago.  The property is back on the market.

I understand their(both agents) sentiments and your thoughts about submitting another offer did cross my mind.  Thanks for your input, Theresa. 

@Kevin Sobilo

After the incident I received no communication from either my realtor or the seller/listing agent.  The property is back on the market.  

What is my next step?  Request for a written termination from the seller?  What if they ignore?  

I don't think I can use another realtor for the same property, even if seller is willing to enter into contract again.  What do you suggest?  Thanks.