Offer pending—Re-write? - Posted by Kathy
Posted by Kathy on April 17, 1999 at 19:29:26:
We executed a P.A. a couple weeks ago with seller’s Realtor on a duplex that was occupied upstairs only–with undesireable tenants.
Finally got in last week to re-inspect, especially the upstairs. We got a better look at the upstairs now that the tenant’s are gone. They left a mess, trashed the near-new carpeting, etc.
We have many outs in our agreement, reinspection was only one of them. The realtor understands that we need to work out something with the seller because of the condition of the upstairs. Can we make another offer without actually cancelling the existing? We would like both to reduce the purchase price (seller financing), and especially the large down (6k) due to the amount of money we feel it needs to rehab. Some things we want to do that aren’t really necessary–install shower and kitchen cabinets, etc.
If we try to renegotiate these terms and she gets upset, can she back out on the existing purchase agreement? Or do we get to continue negotations?