Getting Out Of Deal?
I just put 1k earnest money down on a house and three days later I found a better oppourtunity. I have a clause in the contract that says a home inspection must be done and I have to see everything to make sure I like it....
This is my first home insepction so how picky are they and what do they have to put into the report in order for me to justify leaving the deal and getting my money back?
Thanks in advance!
if its been less than a week. i would offer $250 for the trouble...and be upfront...call the realtor and back out.
if its been longer than 2 wks...you have a problem. I guess you will need to be shafty and tricky and screw these owners over. None of this will make u feel good, even if you do suceed. Sometimes its better to be a man i guess.
your choice.
You can walk on the earnest money, or you can try to get it back- most will return it if you simply state you were not satisfied with the inspection results. This is, after all, the point of a "weasel clause".
Of course it may leave you feeling like, and others seeing you as, a weasel. If the inspection does indeed turn up serious issues, I would have no problem just walking and asking for my earnest money back, and have done this several times. If the only issue is that you have found a better deal, the point of the earnest money is to compensate the seller when you change your mind.
Then, lose your earnest money like a man....or weasel out like s weasel.
Your choice.
[addsig]
Lets clarify some things.
This is a bank sale with no "family" on the receiving end of this. The only person this will effect is the classless Realtor that never conducted himself in a proper business manner. I am only 22 years old and I can say I am light years in maturity over this guy.
How does it make me a man to lose money to an individual who treated me like garbage since day one? I find it amazing you throw me in the group of "weasels" because I decided to back out...
I could see if there was a family who took the house off the market or in fact the business dealing were done properly....
So as a future reference before you judge business dealings and what constituents a man being a man, be one yourself. Than again it may sound you and this guy I ran into are very similar.
Looks like you are in the clear, since a lot of probs came in the inspection. Thats fair to cancel and get your 1k back.
I hope that you have cancelled the deal by now.
Quote:
On 2008-06-28 11:48, boatboy wrote:
Lets clarify some things.
This is a bank sale with no "family" on the receiving end of this. The only person this will effect is the classless Realtor that never conducted himself in a proper business manner. I am only 22 years old and I can say I am light years in maturity over this guy.
The Realtor could have just been kept in the dark by the bank which happens all the time. However, he should have kept you in the loop in the meantime. The fact that another person in his firm handled the transaction once it went to contract is not unusual either because it can be more efficient for the broker to have admin people manage the transaction and have their agents focus on finding properties and or buyers for those properties.
Sounds like your ego was a little bruised and you wanted to get even with a Realtor who didnt treat you like YOU were Donald Trump.
OK, Mr. Obama, come up with more and more data to support your new position!
You start by saying you want to back out of a deal .... because you found a better opportunity.
Now???
[addsig]
It was a combo of things...
one big reason was that I found another deal, but this was also influenced by the fact that not one phone call / e-mail was returned in a timely manner... plus they told me not to turn on the water during my home inspection but assured me the water was fine... i turned it on anyways .... ran it for 10 minutes and heard Niagara falls in the ceiling above me....
THEY WERE DISHONEST from the get go....
end of discussion.
and to hell with Obama...
This thread is a few months old and I am guessing that the deal on the table no longer exists.
Boatboy, I am confused about a couple details.
In the original post, you said that you submitted an offer and paid someone an earnest money deposit. Then you went on to say that three days later you found a better deal and wanted to withdraw from the earlier deal.
You never said whether the bank had ever accepted your offer. No one else asked. I think everyone assumed that you had a ratified contract at the time you found the better deal.
If the bank had not accepted your offer in writing when you found the better deal, you did not have a contract. You were free to simply withdraw your offer in writing and get your earnest money deposit refunded.
What were the facts? [ Edited by NewKidInTown3 on Date 08/19/2008 ]
Will I offend my agent and cause her not to want to work with me on a continual basis if I keep her out of certain deal that are on the MLS including this short sale deal?
You bet your behind you will. NEVER ditch your agent unless they have done something terribly wrong. They (should) work hard for thier money and often work for free in hopes of a future commission. Also, if your agent is knowledgeable he/she can save you from a bad deal or find you a great one.
Short sales are time consuming and can be tricky, many times the banks will cut the commission for your agent. If your agent is good then let them do their job. It want cost you anything and save you lots of aggravation .
[ Edited by shadeisland on Date 09/03/2008 ]