Should the buyer be pressured to purchase home that looks to be a MONEY PIT after a home inspection
At what point should the seller and seller’s agent just allow the buyers to walk?
What if the seller responds that they will fix the problems with “their” contractors?
Ahh… such a dilemma!
Yes, we are ruled by the laws of our individual states. Being an agent in New Jersey, I know that our laws differ significantly from other states but I am struggling with at what point do we try to keep the deal together and when do we say, Run and don’t look back!
I just came out of a deal whereby the buyers wanted to void the sale as soon as the home inspection was completed.
(I represented the buyer) The home had water, roof, deck, fireplace problems and potential foundation issues. And this was not all of it. Seller claims they had no money during negotiations, but was ready to “fix” the problems for closing. The buyer then worries as to what type of contractors will be called in to make the repairs. The buyers did do their part on sending a letter requesting for repairs; knowing tthey wanted out which, was by the way, was made clear to the sellers from the get-go.
PROBLEM-The sellers kept skirting the issues on some of the requests. This deal was becoming a nightmare in the making. Buyer wants out, Seller says they will repair, etc. but does not fully address some of the issues.
Buyer continues to ask for release. Not yet! Buyers and myself for that matter felt as though they were being bamboozled into a house they absolutely DID NOT WANT!
Of course, we should do our best to help remedy the problems and try to get the deal to close, but we also have a fiduciary duty to our client. So, I ask, how do we continue to represent our client when in our professional experience when we know that this home is a MONEY PIT?
