We had a home inspection completed on our house that is for sale. The response date from the buyers was due on October 4th however we did not receive it until the 5th. Our Agent feels we should consider doing the repairs however I feel they missed their date and in doing so, according to the agreement of sale, agreed to accept the property as-is. Our agent stated that she feels the buyer will back out of the deal if we do not complete the repairs. They are not large repairs, it's just the principal. Are we obligated to do them? We do not think so.
The dates are in the Agreement of Sale for a reason. If they were not there the time periods would go on and on with no completion. I would first ask your Realtor what it is that makes her feel the buyer would back out of the deal if the repairs are not completed. Also find out why the response came back a day late. You are not under obligation to do the repairs with a late response time, however, you may want to complete them.
You state that the repairs are not major. While I understand that the Buyer was late responding to you with a Reply to Inspection, if you want the sale to go through, and you and your Realtor feel the Buyer would back out, it might just be in your best interest to complete them. I don't know when the house is settling, whether or not you received full asking price for the house or how much the repairs will be, but if you are moving on to another property or area and you are happy with the price you received you should speak to your Realtor and work this out.
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If you decide not to complete the repairs and the buyer does release from the deal, according to the Agreement of Sale you are entitled to the deposit. Keep in mind that the Buyer must sign off on that and if they do not you may be in for a legal battle. The Listing Agent, who normally holds escrow, cannot release the deposit monies to any party without a written addendum signed by both parties agreeing to where the monies should go.
I purchased a home 3 months ago. As the contractor was preparing to finish the basement, he found severe termite damage. We had a termite inspection completed and it stated there was no sign of termites and the Sellers did not disclose any termites on the Seller's Disclosure. It seems that some of the damage is structural. Should we go back to our Buyer's Agent to try to get damages?
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You can go to your Seller's Agent and explain the situation to them. Prepare to have a quote in hand for the costs to remediate the termites (if they are active) and the cost to repair the damage from a licensed and insured contractor. The Seller's Agent can then forward that information to the Seller's Agent who in turn can forward to the Sellers. It would be wonderful if the Sellers are able to come to an agreement with you.
That is really as far as the Realtors can go. If there is no response and/or you cannot come to an amicable agreement, you will have to hire the services of an attorney. Good luck with the situation.
Who is responsible to pay for home inspections, the buyer or seller?
Normally the buyer will pay for the home inspection, wood destroying insect inspection and radon inspection as well as septic and water inspections. If the buyer elects to have a mold inspection or any other inspections they are normally responsible for that cost as well.
The Seller normally pays for the Use and Occupancy Inspection from the Borough or Township if it exist.
