how often do people back out of home purchase bc of inspection?
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Date: November 25th, 2022 6:48 PM Author: exhilarant philosopher-king chapel
Pretty rare IME an under-contract buyer will back out on the spot based on something in the inspection.
More likely they’ll ask for some amount of money back from the seller based on their belief about what repairs or w/e will cost them. (This is nominally different from “renegotiating the price” btw though functionally its the same thing.)
In response seller will either refuse outright or counteroffer a lower number, at which point the deal can go either way based mainly on how cucky/desperate the buyer is.
(http://www.autoadmit.com/thread.php?thread_id=5242070&forum_id=2#45544519)
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Date: November 25th, 2022 7:05 PM Author: exhilarant philosopher-king chapel
Basically yes, though the actual “sale price” will remain the same but then after the transaction is complete and closed you’d give them $10K (or whatever amount it ends up being) as a totally separate transaction.
Again, highly unlikely they’ll walk away on the spot post-inspection unless there’s like a giant hole in the middle of the floor (or something similarly bad) you’ve managed to hide from them so far.
You might just need to be ready to give them what they ask for in cash back, definitely possible they will walk if you fight tooth and nail over what will probably be a few thousand bucks at that point.
And yes your instinct is right, it is a bad look (and a matter of public record) for you/the house to have a buyer walk after going under contract.
(http://www.autoadmit.com/thread.php?thread_id=5242070&forum_id=2#45544558) |
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Date: November 25th, 2022 7:18 PM Author: exhilarant philosopher-king chapel
Hmm, well I guess those details make it more likely than in a typical homebuying transaction that there could be some major problem that they (or you) didn’t know about until the inspection.
Still pretty unlikely though IMO. If that happens and causes the deal to fall through:
a) you’re a moron for not at least checking the place out (and/or or better yet getting your own inspection done by someone local, which you still might want to do if you have time) before listing it if you really haven’t seen it in a year
b) you’ll have a better excuse/explanation than most sellers who lose a buyer due to inspection issues, especially if you can get whatever issues fixed for the next buyer or whoever. (Just say you hadnt been there in a year but now you have and everything is ship shape and here are the receipts.)
(http://www.autoadmit.com/thread.php?thread_id=5242070&forum_id=2#45544583)
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Date: November 25th, 2022 7:31 PM Author: exhilarant philosopher-king chapel
Yeah so you’re the cucky one in this situation, probably should just agree to give them what they want in cash back or whatever after the inspection.
Again it’s rare (tbh i’ve never heard of it happening once) that a buyer just walks immediately based on an inspection without giving the seller a chance to put up cash to save the deal. If the buyer is a person/family who will be the actual occupant (vs. Blackrock or some other “investor” or landlord or w/e) they are going to be emotionally invested in the deal closing at that stage and have a hard time walking away unless they feel like you are a real asshole and/or trying to rip them off.
Is there any way you can go look at the place before the inspection happens or ask someone else to (ideall with you on facetime or w/e?) Might give you some peace of mind for the moment and also help you assess the reasonableness of whatever requests/demands for cash back are coming your way.
(http://www.autoadmit.com/thread.php?thread_id=5242070&forum_id=2#45544605) |
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Date: November 25th, 2022 8:36 PM Author: Multi-colored Dog Poop
Yeah that sort of off the grid thing can be a pretty big step. If you haven't done it before you don't quite know what you're in for.
My parents have a cabin that is on the grid, but the heat is wood with electric baseboard as something of a backup. They use the electric to keep the place from freezing when they aren't there, but they burn wood when they are there in the winter.
Wood is a real chore.
(http://www.autoadmit.com/thread.php?thread_id=5242070&forum_id=2#45544748) |
Date: November 25th, 2022 8:36 PM Author: supple son of senegal indian lodge
This sounds like a very rare case where you would have greatly benefitted from having a REALTOR® repping you as the seller.
(I’m assuming you’re taking a totally DIY approach based on info ITT, if you have a realtor you should fire and perhaps sue or at least beat the shit out of them for not advising you to get an inspection done before listing, plus about 50 other very obvious and standard things to protect your negotiating position that it sounds like should have happened but didn’t.)
(http://www.autoadmit.com/thread.php?thread_id=5242070&forum_id=2#45544750) |
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Date: November 25th, 2022 8:46 PM Author: supple son of senegal indian lodge
Jfc, not even sure where to start other than making sure you GOT A FUCKING INSPECTION DONE YOURSELF BEFORE LISTING THE PLACE. Typically the realtor sets that all up for you.
I’m also surprised any buyer would put an offer in without reviewing a recent seller-commissioned inspection first (especially if they never even viewed in person…this sounds like a supremely irregular situation on a lot of levels.)
Also surprised any realtor would agree to be a seller’s agent on a house where the condition is basically totally unknown until after the house is under contract and someone finally does an inspection.
(http://www.autoadmit.com/thread.php?thread_id=5242070&forum_id=2#45544785) |
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