How to cancel purchase agreement? - Posted by FirstTimeInvestor
Posted by FirstTimeInvestor on January 23, 2001 at 22:52:19:
How do you go about cancelling a purchase agreement?
I had a contigency on a home inspection. After the home
inspection and all the calculations I figured that the
house is acceptable to me for $209100. The original
offer was $263000. The house was listed for
$259,9000 to $299000. The comps show clean, well
maintained and in good order houses for around $265000.
They tell me the seller is an older gentleman and
had to move in with his daughter.
The house has a leaky garage and needs to be regraded
in order to prevent water from going under the house
when it rains. It is pier and post. It is a modular
home, which I didn’t know until after the offer was made.
Their are about 35 items that a contractor must repair
and about 10 safety issues. The landscaping is
terrible and has to be removed from around the house
because of infestation of termites. The house also
must be fumigated. It is in California.
The realtor/mortgage broker tells me that I can’t just
ask for a price reduction. I have to give an itemized list
of repairs. Is this true? He also will not
give me an escrow number or copies of all that I have
signed. The inspection was done on 1.12 and the offer
was made on 1.10 and the escrow is supposed to close
on 1.31. I never received documents that escrow
has opened nor do I have a signed copy of the seller’s
acceptance of the offer. Just an unprofessional
agent who doesn’t cooperate with me.
I sent a letter to the seller with the price
reduction and the info that if not accepted
by a certain date and
time, which has now passed, the
cancellation of offer based on the home
inspection. Isn’t this enough?
I consider this to be null and void because I have
not heard a response in writing from the seller as
requested. Now my realtor/mortgager broker tells me
that I went against proper protocol, I must go thru him,
and that I can’t just cancel that I have to give
him a list of repairs.
Will I lose the $1000 deposit?
I already will lose around $700 for
the inspection and the appraisal.
I am being misrepresented, info is being withheld from
me and I have no idea what is going on between the
two realtors. I am also very new to investing and
I don’t know the details about the rules and regulations.
If only I could talk directly to the seller I bet
we could come to a mutual agreement.
Please offer info and advice.