Back out and lose due diligence????

Home Forums Purchase Program Back out and lose due diligence????

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  • #75713
    yep.thatzherr
    Participant

    So frustrating the house we submitted an offer on is listed pretty high we was already aware it will appraise lower then what they are asking for. Still waiting on the repair list from HAND .. but we really don’t want the house anymore the house has a family of 10 bats chilling in the attic and since nobody stays there it may be more. Inspection had 27 items listed so much repairing to do. We just don’t think it’s worth putting more money into a 31 year old house — this is more of a investors property in my opinion

    • This topic was modified 5 months, 3 weeks ago by yep.thatzherr.
    #75715
    Nelsont
    Member

    The due diligence/good faith/good earnest deposit is to prevent exactly what you are thinking. The contract prevents sellers from shopping around for a better deal while you are stuck waiting on approval and it also prevents buyers from placing a hold on a property while they look around.

    If there was no due diligence deposit then buyers and sellers would void perfectly acceptable contracts all the time. The fact of the matter is you are saying I want you take you house off the market before I am approved to buy it from you so here’s a little compensation to let know I’m serious.

    If you just decide to walk away then the seller has every right to keep that deposit. It’s not law. They can return it. Usually not though. If the seller needs to back out that’s a different story.

    In your case you might be able to negotiate a mutual release and get your money back. If the seller is unable to make the repairs and you don’t have the money to either then this is what you can do.

    #75716
    yep.thatzherr
    Participant

    Thanks NelsonT for your quick response. I’m still learning NC laws on due diligence. On top of the bats and water damage in the attic the inspector advised the HVAC is 9 years old. We are hoping they will help with something they had already started to repair stuff inside the house, stopped and listed the house.
    So lost right now.

    #75719
    sunflower8
    Participant

    Your realtor and attorney (if you have one) should be able to advise.

    I voided a contract after the inspection. There was evidence of a rat infestation in the basement of the condo building and I couldn’t move forward.

    My earnest money was returned. My contract included a five day attorney review which allowed the contract to be voided and my funds returned.

    I lost the inspection fee but it was well worth it. I went under contract with the place I purchased 2 days later.

    #75723
    tomcurry125
    Participant

    srtuhjdfn

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