We’re “In” Contract to Buy a Home & Need Help

 

We’re “In” Contract to Buy a Home & Need HelpReal Estate Consumer Wants to Know: My wife and I are "in contract" to buy a home, we are concerned and have to make a decision fast, our contingency time frame is almost over, and we don’t know what to do. The inspection report made the house seem as if the home is falling apart. What can we ask to be fixed without risking losing the home?  For instance; “can I insist a major leak from a bathroom shower is resolved before I move forward ”

 

We’re “In” Contract to Buy a Home & Need HelpMy thoughts: Asking "for" repairs to be corrected is actually a straightforward submission of new terms (e.g. price, closing date, other conditions, etc.). The contract you’ve entered allows the buyers this opportunity to address any and all concerns. Carefully go over the inspection report and tell your agent that these are the new terms you “hope for” Once you’ve requested items to be repaired, then it is the sellers turn to either agree or not. The important thing to remember, “even if the seller does not agree to your “new terms” the old terms still apply and if you want to move forward and buy the home without the “requested repairs” you are under contract and still have the chance to purchase the home.

 

“Buyers” Know This Important Information: Once you’re in a contract a buyer can request anything during the contingency time frame of the contract. The buyers have a certain time period so they can do a home inspection and request any repairs/credits.  Once again; “I highlight the word "request" because the seller is not forced to do anything. It is up to the buyer to determine whether they want to move forward or not centered on the sellers response. Anything can be written into an offer as a contingency to the purchase.  If the leak truly concerns you, then I say go for it, and ask for anything revealed as a shortcoming in the inspection report.


 

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JON KOLSKY 

5320 E 2nd St #8, Long Beach, CA 90803 

License: 01311273   Phone: 562-225-2296 | Fax: 562-439-0511 

Email: jmkinfo66@gmail.com  

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16 Comments on We’re “In” Contract to Buy a Home & Need Help

MAR
07
158,484 Points 10 Featured Posts Outside Blog Called Shot Master

Jon, great blog to help Buyers understand the option time in a contract and they can ask for repairs however it doesn't mean the seller will repair the items and they have time to back out and not lose their earnest money.

Texas contracts have an Option Period usually no more than 10 days or less however it can be extended we also require considerations usually $100.00 per $100,000 which isn't much consideration but this is why the days or less and it is non-refundable if the Buyer backs out but if they move forward it is credited at closing.

Great Blog....
10:09am • #1
448,578 Points 72 Featured Posts Outside Blog Called Shot Master
In Tennessee we have contingency period stated in the contract. Maxing how different it can be state to state.
10:44am • #2
763,852 Points 107 Featured Posts Outside Blog Called Shot Master
I usually suggest buyers ask for the big items that require a professional and then fix the handy man items themselves when they get inti the house. This method has worked well for my buyers.
11:38am • #3
Outside Blog

This is very clear and well written.  Thanks for writing it. 
12:34pm • #4
197,051 Points 2 Featured Posts Localism Sponsor Hit Router Called Shot Master

well written.  I would add that in Georgia certain disclosure rules apply - that is, if a material defect is discovered during due diligence and the report is shared with the seller or their agent - then they would generally be obligated to disclose it to any new buyer.  That reality sometimes helps sellers decide to cooperate with reasonable requests from buyers.
2:36pm • #5
1 Featured Post Outside Blog Called Shot Master

This is great. Would be wonderful to show and be able to explain to clients who have questions about their inspection reports and what they should do about it.
3:24pm • #6
425,183 Points 28 Featured Posts Outside Blog Called Shot Master

Bob~ great information on Texas contracts, and thanks for the comment 8~)

Debbie~ I agree, State to State contracts vary 8~)

Tammie~ great method, I like it a lot and sees why it works 8~)

Judith~ 8~) thank you for telling me, you out a huge smile on my face!

Trisha~ thanks & I agree with you “clients need to know the condition of the home they’re buying, as well as their options 8~)

 
3:40pm • #7
620,796 Points 97 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Great explanation Jon.  Many buyers think that they are stuck if a seller doens't make repairs and this isn't the case. It's all negotiable.  
4:38pm • #8
272,155 Points 1 Featured Post Outside Blog Attended Rain Camp Called Shot Master

Jon great post and you have the question post done as well you go dude.
5:18pm • #9
379,375 Points 5 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Jon, 

It's a good time to request important repairs.  Many sellers will work with you some.  Having said that, we've had new first time buyers ask for everything in the report when we had a multiple bid situation.  Not a good fit, so being realistic is important.  We did work it out, but everything AND the kitchen sink should not be in your request list these days. 

PRIORITIZE!

All the best, Michelle
6:06pm • #10
2 Featured Posts

Great information for buyers. I've learned that everything is negotiable in this market.
6:31pm • #11
299,746 Points 21 Featured Posts Localism Sponsor

The word "request" is the key.  Buyers mistakenly think that the seller "has" to do repairs, replacments, etc.

 
7:32pm • #12
206,791 Points 14 Featured Posts Outside Blog Called Shot Master

Well written Jon! Buyers "may" ask for anything under the sun if they wish but doesn't guarantee sellers will agree. Some items are not even worth worrying about and risking of losing the house.
7:49pm • #13
1,352,557 Points 42 Featured Posts Outside Blog Attended Rain Camp Called Shot Master
Jon - Buyers need to understand that repairs are a whole different negotiation. Many of them don't understand this at first.
9:22pm • #14
MAR
08
352,203 Points 29 Featured Posts Outside Blog Called Shot Master

Great post, Jon. Buyers can request anything, but the sellers have the option to refuse. 
3:34am • #15
425,183 Points 28 Featured Posts Outside Blog Called Shot Master

Brenda~ thanks for the great comment, and I agree. “it’s our job to make sure buyers have choices” 8~)

Laura~ 8~) thank you!

Michelle~ “great comment” being realistic and prioritizing is a buyers best friend 8~)

Eric~ I like what you’ve learned and I agree, “Everything is under negotiations”  8~)

Debbie~ buyers need to know their options, and I agree sometimes taking a step back from buying a house makes good sense, as well 8~)

Christine~ I agree, & thanks for the comment 8~)

Wayne & Jean~ the cat and mouse game, “buyers & sellers go through” 8~) 
7:52am • #16

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Jon Kolsky-*Long Beach CA* , Long Beach CA, 562-225-2296

Long Beach, CA

More about me…

Kolsky Group; CA Dept. of RE #01311273

Address: 5320 E 2nd Street # 8, jmkinfo66@gmail.com, Long Beach, CA, 90803

Office Phone: (706) 689-2659

Cell Phone: (562) 225-2296

Email Me

I love real estate, as well as invest in real estate, but I don't stop there, I also offer exceptional real estate assistance to buyers, sellers, and investors. I intend to make each client feel exceptional (and they are!), and details are what I pay close attention to. I appreciate what my clients say, I listen to my clients, and I hear their needs..I am perpetually upfront, and to the point...and I find quick and thorough solutions to any real estate issues that arise.
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