Re: Unsuccessful BuyDown

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Posted by Diane-REALTOR on November 22, 1998 at 17:30:40:

In Reply to: Unsuccessful BuyDown posted by Damari on November 20, 1998 at 20:29:57:

The contract was contingent on you getting another home. You didn't. Case closed. I don't see where you owe the buyers anything. They jumped the gun.
Di

:
: We put our house up for sale because we wanted a lower payment on a home in what we thought was a nice area of town. I've heard in the real estate industry, this is called a "buydown". After 2 days, we had a buyer for our home but had not been able to find a home to buy in our price range that is in a safe area (North Salinas, CA). Our finding a suitable replacement home was a contingency along with our getting written loan committal to our buyers on the replacement home. We only got verbal loan committal, never written and have since cancelled purchase of replacement home based on reports from local Police Department Community Affairs department telling me of burglaries and gang activity in the vicinity of the home we were going to buy as a replacement. It was that information that led us to cancel the purchase of the rerplacement home and the sellers agent agreed fully with us that we were within our rights there so that part is fine.

: I've given written notice to our agent and broker for our sale that we will be cancelling the sale because we cannot meet the 2 contingencies and also when the buyers had the home inspection done they found our shower floor is leaking and will cost $2,000+ to fix AND our dishwasher broke and has to be replaced - is that a "weasel" contingency too? I was honest with the buyer's broker and on more than one occasion told her in front of witnesses that if we could not find a suitable home to move to we would cancel the sale. She said she understood but now wants us to pay for the termite and home inspections - inspections that were NOT supposed to be performed until WE received loan committal on the house we were trying to buy. I know - its a confusing mess - but I don't want to get sued and I am NOT leaving my house to go to a rental like my agent's broker suggested. So, anyone have any input on our "out" clause? Thanks for listening. Oh, also the stress of this almost put me in the hospital. My doctor wanted to hospitalize me for stress and exhaustion but I talked him out of it because I want to see this to a final end. I indicated that in the notification to my agent cancelling the sale. The sellers of the house we were going to buy have been very nice and are returning our deposit. But I don't feel I should have to repay the proposed buyers of our house for inspections that they should not have done yet. It was in writing that we give them a loan committal letter and we were not able to so that alone should have killed the deal if my agent was exercising due diligence, I would think.

: Thanks for any input - for or against me!

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: The contract was contingent on you getting another home. You didn't. Case closed. I don't see where you owe the buyers anything. They jumped the gun.
: Di

: :
: : We put our house up for sale because we wanted a lower payment on a home in what we thought was a nice area of town. I've heard in the real estate industry, this is called a "buydown". After 2 days, we had a buyer for our home but had not been able to find a home to buy in our price range that is in a safe area (North Salinas, CA). Our finding a suitable replacement home was a contingency along with our getting written loan committal to our buyers on the replacement home. We only got verbal loan committal, never written and have since cancelled purchase of replacement home based on reports from local Police Department Community Affairs department telling me of burglaries and gang activity in the vicinity of the home we were going to buy as a replacement. It was that information that led us to cancel the purchase of the rerplacement home and the sellers agent agreed fully with us that we were within our rights there so that part is fine.

: : I've given written notice to our agent and broker for our sale that we will be cancelling the sale because we cannot meet the 2 contingencies and also when the buyers had the home inspection done they found our shower floor is leaking and will cost $2,000+ to fix AND our dishwasher broke and has to be replaced - is that a "weasel" contingency too? I was honest with the buyer's broker and on more than one occasion told her in front of witnesses that if we could not find a suitable home to move to we would cancel the sale. She said she understood but now wants us to pay for the termite and home inspections - inspections that were NOT supposed to be performed until WE received loan committal on the house we were trying to buy. I know - its a confusing mess - but I don't want to get sued and I am NOT leaving my house to go to a rental like my agent's broker suggested. So, anyone have any input on our "out" clause? Thanks for listening. Oh, also the stress of this almost put me in the hospital. My doctor wanted to hospitalize me for stress and exhaustion but I talked him out of it because I want to see this to a final end. I indicated that in the notification to my agent cancelling the sale. The sellers of the house we were going to buy have been very nice and are returning our deposit. But I don't feel I should have to repay the proposed buyers of our house for inspections that they should not have done yet. It was in writing that we give them a loan committal letter and we were not able to so that alone should have killed the deal if my agent was exercising due diligence, I would think.

: : Thanks for any input - for or against me!

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