How often do contracts on houses fall through?
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Anonymous
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Agree with PP, while re-negotiating price after an Inspection Report the buyers either (a) walk away/nullify contract, or (b) do nothing and ratified contract continues.
Unclear when/how the deal fell apart because the buyer could not 'pull the plug' unless turning down an ultimatum and then signing the buyer's null & void doc. Reads like the sellers did not agree to fix or compensate anything (real or imagined) and thus the buyers pulled the contract. Definitely happens, could be b/c buyers wanted out, but usually b/c sellers prefer to find someone else who will pay the high price and not care about with inspection results. |
Anonymous
| So now it seems that appraisers and banks are not letting deals go through, thanks assholes for screwing us again. If someone is willing to bid up a place and qualifies for the payment let it go through and appreciate it. No wonder everyone hates banks. |
Anonymous
| Actually, the inspection contingency in a contract means that the buyer *can* get out of the purchase. Last year, we made an offer on a house, and had the inspection within a few days of the offer being accepted. The house was a disaster - termites, suspected mold, exposed asbestos, weak floorboards, significant water issues that hadn't been addressed, foundation cracks, etc. We got out of the deal. I had intended to buy the house - and had already sold my house and had a firm moveout date- but the price was very high (there was another bidder) and I didn't want to be left holding the bag for many tens of thousands in repairs that I couldn't afford. The other bidder bought the house. |
Anonymous
yes but they cannot get stuck on something that does not make sense. If something needs to be fixed, then it must be fixed. You cannot demand thousands if the cost to fix it is in the hundreds. |