I told them fix the sink (the piping is was rerouted to add an extra drawer and now it doesnt drain properly), the wooden siding (some was hit by a falling branch and broke off), the exterior outlets and lights (neither work), and the frame of the garage door (where they drove into it and damaged it), or I walk. The seller refuses to fix anything and offered me a laughable credit of $250 "towards labor".I'll only be out $45 for a credit report and $150 for an inspection. Anyone ever done this? Told them to pound sand?
this is highly common. you'll have to decide for yourself how much you like the house, but in my experience, a house is a house....walk and find a better one.
I'd hire a real property lawyer to read your contract before you walk away. Actually, I wouldn't hire one because I am a real property lawyer, but you get my drift. It would be best to have the lawyer terminate the contract for you as well. You can retain me if you'd like.
Is TX a right-of-survivorship state? If not, what's the most financially-advantageous way to add a second person to the deed? Thanks.
If you want your wife on the deed to the house, I don't think you need to worry about it in Texas. I think she's automatically entitled by law. Of course, there's a real property lawyer right here, so I'd take his answer over mine.
Did your agent put your request in writing? Verbal request/negoations are difficult and rarely go anywhere and the seller will never give their full hand...
If you like the house, figure out how much it will cost to fix, and subtract that amount from your counteroffer.
You need to weigh the costs. Don't be penny rich and pound foolish. I have walked away from a house deal when I had a couple hundred bucks in. In the grand scheme of a 15 or 30 year mortgage, that's chump change.
the op does not need a lawyer unless he is already under contract, which it doesnt sound like he is. sounds like the op is still under the option period, where things can still be negotiated. all you need to do is have your realtor send an official notice of termination to the seller or sellers realtor. i was in the same situation - $100 earnest money to the seller as well as money for inspection - inspector found some big, but fixable issues and i wanted the seller to knock another $10k off - he was only willing to come down $2k so i walked - i lost my earnest money and money for inspection, but found a better house 1 street over for virtually the same price - it ended up being a blessing in disguise.
You lost your earnest money? Usually earnest money is $1000. The option period is usually $10 - $20 dollars a day. You most likely lost the option period money not your earnest money.
Earnest money could be anything. From $1 to the buys dog. Doesn't matter. If you go into a contract w/out an out clause to retain your earnest money, you're a fool, especially if an inspection hasn't been done.
Shouldn't he be able to get his money back if the inspection failed? It's the fault of the seller not the buyer to perform.
I know it could be anything. But usually it's $1000. If he was in the option period, he paid for it by dollar amount per day. As long as he cancels the contract before option period, he gets his earnest money back but loses option period money. I actually did $100 for earnest money before, but the house was partially burnt and there was no need for the option period.
Unless, the inspection was waived in the contract in paragraph 7, I believe the seller failed to comply with "shall complete all agreed repairs and treatments prior to the Closing Date." The buyer would be entitled to earnest money refund. http://www.trec.state.tx.us/pdf/contracts/20-8.pdf Paragraph 7-F Paragraph 15 of the standard Texas real estate commission's contract.
If you the deal falls through, it could be a blessing in disguise. Property prices are already beginning to fall, due to the expiration of the tax credit. If you aren't moving into a hot neighborhood, you should be able to get better deals over the next year as sales drop and the foreclosure inventory increases.
Questions like this are hard to gauge. Did you already low ball them to rock bottom pricing, where asking them to fix stuff if a slap in the face, or did you make a fair offer, and the seller is being greedy? Not enough info, IMO.
