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I have signed purchase agreement and inspections are done…

Second opinion] I have...

Second opinion] I have signed purchase agreement and inspections are done ...but I am not comfortable to buy the house . I mentioned to my real estate to back out and she started scaring me saying the seller agent will sue me?

Lawyer's Assistant: What steps have you taken so far? Have you prepared or filed any paperwork?

No

Lawyer's Assistant: Where is the house located?

Mccordsville IN

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

We are at the stage of responding back to the seller regarding the inspection ....our closing day is may 36th may 26th*
We did inspections and there where foundation cracks and seller did a second opinion with certified Professional engineer said those are not major but still not comfortable to buy, I want to back out what are my options

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Customer reply replied 1 month ago
sorry closing date is not may its March 26th
Answered in 4 minutes by:
3/16/2018
Barrister
Barrister, Attorney
Category: Legal
Satisfied Customers: 41,041
Experience: 17 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 26 yrs
Verified

Hello and welcome! My name is ***** ***** I am a licensed attorney and will try my best to help with your situation. There may be a slight delay in my responses as I type out an answer or reply.

.

First of all, just remember that your realtor wants a commission, so their advice may not necessarily be in your best interests... if the sale falls through they get nothing..

.

Does your contract state that you can back out after the inspection period for any reason within a certain time, like 10 days?

.

.

thanks

Barrister

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Customer reply replied 1 month ago
no It does not say that....do you mind reviewing my signed agreement to give me best advice.

The phone call offers are auto generated by the website, not me personally. I do not participate in the phone call program for the site and limit my interaction with customers only to the website because I like to have time to think about a customer’s question and research it so I can provide the best answer possible in writing.

.

However, if you have requested a phone call with an attorney, your request will post to other experts that do offer this service. When another attorney accepts your request you will get additional instructions.

.

I am more than happy to continue on the website though..

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If you can upload the contract, I can take a look..

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Customer reply replied 1 month ago
here it is attached...please advice

Ok, it pretty clearly says under this:

.

If Buyer reasonably believes that the Inspection Report reveals a DEFECT with the Property (under Indiana law,
215 "Defect" means a condition that would have a significant adverse effect on the value of the Property, that
216 would significantly impair the health or safety of future occupants of the Property, or that if not repaired,
217 removed, or replaced would significantly shorten or adversely affect the expected normal life of the
218 premises), and after having given Seller the opportunity to remedy the defect Seller is unable or unwilling to remedy
219 the defect to Buyer's reasonable satisfaction before closing (or at a time otherwise agreed to by the parties), then
220 Buyer may terminate this Agreement or waive such defect and the transaction shall proceed toward closing. BUYER
221 AGREES THAT ANY PROPERTY DEFECT PREVIOUSLY DISCLOSED BY SELLER, OR ROUTINE
222 MAINTENANCE AND MINOR REPAIR ITEMS MENTIONED IN ANY REPORT, SHALL NOT BE A BASIS FOR
223 TERMINATION OF THIS AGREEMENT.

.

.

That if there is a defect and the seller won't fix it, then you can back out and terminate the deal.

.

So you just need to deliver a written notice to the seller's agent that you are terminating the contract based on the seller's unwillingness to fix the foundation problems.

.

.

thanks

Barrister

Barrister
Barrister, Attorney
Category: Legal
Satisfied Customers: 41,041
Experience: 17 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 26 yrs
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Customer reply replied 1 month ago
only the problem here that my realtor saying they have the second opinion inspection says that it does not have a major defect.
added more documents.
Irwin Law
Category: Legal
Satisfied Customers: 10,650
Verified
Phone call session started

Well, "major defect" is a matter of opinion... what is a small foundation crack can later become huge if steps aren't taken to fix the underlying issue that caused the cracks in the first place. So you say it is a defect, they say it isn't... The contract doesn't say it has to have a "major defect"....just a "defect"...

.

So if they won't fix the items that you noted on the inspection report, then I still would opine you have grounds to back out and terminate the contract.

.

As an aside, in addition to being an attorney, I have also been a licensed Realtor for over 15 years...

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Customer reply replied 1 month ago
what my response should be for the inspection report I just sent you.
Customer reply replied 1 month ago
What documents Do I have to send to the seller to terminate the contract.

You need just type up a letter stating that you are exercising your rights under the contract to terminate it due to defects in the property that the seller won't repair. Then you sign and date it and send a copy to the seller's realtor and your realtor.

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Customer reply replied 1 month ago
If I need more help how can I contact you.

If you ever need me in the future, you can post a new question addressed to me and the JustAnswer employees will get it to me.

.

.

thanks

Barrister

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Customer reply replied 1 month ago
what if the seller agrees to the foundation temporary fix ....just filling the cracks. that will not solve the problem.

You would get your own structural engineer report and show what it will take for a permanent fix, not a temporary one. If the seller then agreed to pay for that, then they would be able to demand the sale move forward.

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Customer reply replied 1 month ago
Hi, I mentioned to my realtor that I will back out, and we sent out the mutual release on this contract. before sending the mutual release we got the appraisal report and the price is lot less than what we had offered, according to the clause "C" in the purchase agreement it said either parties can terminate this agreement if the price is less than offered. Now my realtor is telling me seller will fight for this because I am backing out a week before closing. please guide.

If you had an appraisal contingency as well as the inspection contingency, then that gives you yet another ground to back out... it is irrelevant when you back out if you have just received the appraisal and the property doesn't appraise for at least purchase price.

.

It is odd for the appraisal to come in that late, as in a week before close, but it isn't unheard of..

.

.

thanks

Barrister

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Customer reply replied 1 month ago
thank you, ***** ***** long seller is allowed to respond regarding mutual agreement.

It isn't a mutual agreement... it is you notifying them that you are ending the contract... But typically any release by them of any earnest money would be signed within a few days..

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Customer reply replied 1 month ago
This is what my agent is saying:
"Both of those concerns were going to be addressed by the seller appropriately. You are trying to back out of this sale almost a week before closing-which can potentially damage the seller. "What do I need to prepare for?

Your agent is mad he isn't going to get his commission...

.

But if you just got the appraisal back, you can't cancel based on the appraisal before you get it.... so that is just tough luck on the seller.. he should have fixed his place and priced it better..

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Customer reply replied 1 month ago
what happens if seller don't respond until or after the closing date March26th.

If they won't release your earnest money, you will have to sue them for breach.

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Customer reply replied 1 month ago
Can you please Explain this again : "But if you just got the appraisal back, you can't cancel based on the appraisal before you get it.... so that is just tough luck on the seller.. he should have fixed his place and priced it better.."

If you just got the appraisal back...then you can cancel if the property doesn't appraise and you have an appraisal contingency..

.

But you can't back out based on the appraisal before you actually get the appraisal... You have to have it in hand saying the property isn't worth what you are paying for it...then you can back out..

.

You couldn't back out claiming it isnt' worth it unless you have the actual appraisal in your hand showing it..

.

So if you just got the appraisal back a week before closing....that is just when you got it.. normally you would get it a couple weeks sooner during the loan processing..

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Customer reply replied 1 month ago
Thank you very very much for your guidance. I feel lot better.
Customer reply replied 1 month ago
Can the seller meet the appraiser and have the property re-evaluated? What will happen if the evaluator agrees to amend (I've read cases where the evaluators had made mistakes or so) the value and seller then pushes for the newly appraised value before/on closing date?

Once you have terminated it is over... so you just need to stick to your guns unless you want to keep negotiating..

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Customer reply replied 1 month ago
I requested my Earnest money back, Do i have a chance to get it back?

Yes, if you properly terminate the contract under the terms of the contract... i.e. the inspection and appraisal contingencies, then you get your earnest money back or you can sue them for it.

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Customer reply replied 1 month ago
This is what my Agent is saying
"I am working on it, but at this point their stance is that they have addressed all major defects and are willing to come down to the appraised value and sell the home. What I have been told so far is that they are unwilling to release you from contract."
Customer reply replied 1 month ago
this is what my response to earlier regarding they are ready for the appraised price: "With all the facts taken into the consideration I am not willing to buy the house for that price also."

If they refuse to refund, you will have to file suit to force them to.

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Customer reply replied 30 days ago
this is what we sent to the seller and they are not signing till now... I am just worried of why they are not signing so far.

I would have no idea why they haven't signed it yet.

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Customer reply replied 29 days ago
My agent came back with this:
The seller has two options to offer you. The first option: sell the house to you for the appraised value. The second option: keep your earnest money of $2000 and release you. Which option would you prefer.Could you please guide me as to what I should follow next? Would it be worth it if I fight for $2000, if so how could I push them for it?

You would have to file suit against them in court under a breach of contract claim. I can't tell you if it would be worth fighting them in court as only you can make that decision.

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Customer reply replied 25 days ago
Thanks for the reply.Is there any waiting time for the seller response?. Closing date is 3/26/18. I'm getting little anxious as to what seller can do at this point? and what my future steps be??
Customer reply replied 24 days ago
Today was the closing date, my agent texted that the sellers are not responding and may contest in the court. When we asked the buyer agent as to what basis is there for that?. she blamed us saying "we have been trying to back out of the contract from beginning and that we delayed this for a month now and backing out". We signed the purchase agreement on 2/24/18 and termination notice on 3/16/18 after getting the appraisal report on 3/15/18. So how is this fault of mine and how could they (seller) contest against us? and how is the buyer agent saying as this is all our fault?
Customer reply replied 24 days ago
Closing date was (3/26/18)**
David C. Garner
David C. Garner, Attorney
Category: Legal
Satisfied Customers: 1,054
Experience: JD with Distinction, Admitted to practice in California
Verified

Hello,

I will try and help. It is not your fault and based on what I see, you have acted appropriately. The seller wants to sell, and your realtor wants a commission so they are pressuring you. Stand your ground and demand your money back. Given what you have written here, it seems unlikely they would sue as you have two grounds to terminate. Demand your money back.

I hope this helps.

DCG

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