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RainyDay
LIF Adult
Member since 6/15 3990 total posts
Name:
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Reasons to back out of home purchase
We backed out of contract two weeks ago because seller refused to remove underground oil tank. Their agent lied to us about it and we found it during inspection.
Their agent reached out to us Sunday saying they were considering removing it and asked for copy of our report. Then we found out they got another offer in the week since we cancelled and they too found the tank. We submitted our original offer again to see if they would consider us but I am having serious doubts if they do accept.
This should have been an easy process and their lawyer/agent have been horrendous during the initial atty review. I think they might have wanted to create a bidding war since they dropped price significantly since it's been in the market. I just dont know if I'm letting emotions getting in the way.
Message edited 5/21/2019 10:04:11 AM.
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Posted 5/21/19 10:03 AM  |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19458 total posts
Name:
L
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Re: Reasons to back out of home purchase
If they are shady about this, what else are they shady about?
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| Posted 5/21/19 10:26 AM |
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JandJ1224
Member since 6/06 5911 total posts
Name:
Jannette
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Re: Reasons to back out of home purchase
At this point you are almost done dealing with the agent. If you love the house I wouldn't let it stop me from moving forward.
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| Posted 5/21/19 10:53 AM |
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RainyDay
LIF Adult
Member since 6/15 3990 total posts
Name:
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Re: Reasons to back out of home purchase
Posted by JandJ1224
At this point you are almost done dealing with the agent. If you love the house I wouldn't let it stop me from moving forward.
We only did the oil tank sweep, we would still have to do home inspection
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| Posted 5/21/19 10:59 AM |
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loveus
LIF Adolescent
Member since 9/13 684 total posts
Name:
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Reasons to back out of home purchase
I would run. I hope you didn’t give them your report and if you did I hope you charged them. I also don’t like they might consider. If they invest money they will probably want a higher price.
Whenever I read about people having an underground tank it is always suggested to take care of before buying and/or listing. The agent sounds like a horror, she is wasting your time and money.
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| Posted 5/21/19 11:32 AM |
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RainyDay
LIF Adult
Member since 6/15 3990 total posts
Name:
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Re: Reasons to back out of home purchase
Posted by loveus
I would run. I hope you didn’t give them your report and if you did I hope you charged them. I also don’t like they might consider. If they invest money they will probably want a higher price.
Whenever I read about people having an underground tank it is always suggested to take care of before buying and/or listing. The agent sounds like a horror, she is wasting your time and money.
Well apparently the other buyers offered 5k more than we did and gave them a later close date. we refused to bid higher. This house was way cheaper than other houses we have seen and would have needed a complete remodel. We saw a few houses this past weekend with very similar layouts that were completely updated and in better neighborhoods, so it might be worth it to pay more and not deal with headaches of the sellers agent and lawyer
Thanks
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| Posted 5/21/19 12:43 PM |
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loveus
LIF Adolescent
Member since 9/13 684 total posts
Name:
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Re: Reasons to back out of home purchase
Posted by RainyDay
Posted by loveus
I would run. I hope you didn’t give them your report and if you did I hope you charged them. I also don’t like they might consider. If they invest money they will probably want a higher price.
Whenever I read about people having an underground tank it is always suggested to take care of before buying and/or listing. The agent sounds like a horror, she is wasting your time and money.
Well apparently the other buyers offered 5k more than we did and gave them a later close date. we refused to bid higher. This house was way cheaper than other houses we have seen and would have needed a complete remodel. We saw a few houses this past weekend with very similar layouts that were completely updated and in better neighborhoods, so it might be worth it to pay more and not deal with headaches of the sellers agent and lawyer
Thanks
Sounds like they want a bidding war and who knows what the financials of the other people are. We weren’t in your situation but wound up walking away from 2 houses we really liked and have zero regrets.
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| Posted 5/21/19 1:15 PM |
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Mill188
LIF Adult
Member since 3/09 3073 total posts
Name:
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Re: Reasons to back out of home purchase
We backed out of a home because of a buried oil tank years ago. The seller also came back later wanting to take our offer (they had another deal fall through also). We ran!!
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| Posted 5/21/19 2:15 PM |
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lightblue
LIF Adult
Member since 1/17 2249 total posts
Name:
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Re: Reasons to back out of home purchase
It is probably better at this point to just walk away. I could only imagine the headaches you will have down the line in dealing w/ them.
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| Posted 5/21/19 2:34 PM |
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JandJ1224
Member since 6/06 5911 total posts
Name:
Jannette
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Re: Reasons to back out of home purchase
Posted by RainyDay
Posted by loveus
I would run. I hope you didn’t give them your report and if you did I hope you charged them. I also don’t like they might consider. If they invest money they will probably want a higher price.
Whenever I read about people having an underground tank it is always suggested to take care of before buying and/or listing. The agent sounds like a horror, she is wasting your time and money.
Well apparently the other buyers offered 5k more than we did and gave them a later close date. we refused to bid higher. This house was way cheaper than other houses we have seen and would have needed a complete remodel. We saw a few houses this past weekend with very similar layouts that were completely updated and in better neighborhoods, so it might be worth it to pay more and not deal with headaches of the sellers agent and lawyer
Thanks
I'm glad you have other options to consider. Best of luck in your search!
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| Posted 5/21/19 3:38 PM |
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