Would any of you agree with this? I am very ticked off.
I am very ticked off. I made a full price offer on a bank owned property, and the only thing I asked is for is a home inspection, and moisture/termite inspection at my expense. The offer was excepted, with the exception that I had 3 days to have them completed, and that I give $1,000 in EMD in certified funds.
I buy properties here and there, and did what was asked. Even though the realtor knows that I have always have a proof of fund letter with them on file all of the time. I went to the bank got the certified check and I am lucky enough that I can usually have the inspections preformed the same day I request them, because the companies I use do a decent amount of business with me. Yesterday, now, I had the inspections performed, and they satisfied me.
Went back to the realtor so we could do the reconciliation of the contract, and I get back an addendum from the seller. Everything else in the contract is basic, except the following:
13. SELLER SHALL HAVE THE ABSOLUTE AND UNILATERAL RIGHT TO TERMINATE THE CONTRACT AT ANY TIME PRIOD TO AND INCLUDING THE DATE OF CLOSING, WITHOUT CAUSE, UPON WRITTEN NOTIFICATION DELIVERED TO THE BUYER OR BUYER'S AGENT.
IN THE EVENT SELLER EXERCISES ITS RIGHT TO TERMINATE THE CONTRACT, BUYER'S SOLE REMEDY SHALL BE TO RECIEVE A RETURN OF BUYER'S EARNEST MONEY DEPOSIT, AND THE PARTIES SHALL THEREAFTER BE RELIEVED OF ALL OBLIGATIONS UNDER THE TERMS OF THE CONTRACT AND ALL ADDENDA.
Now don't get me wrong, I think I am getting a good deal on the property. However, I am out of $400 in cash, because I paid the inspectors in cash. Plus I had to start the title search etc... in which should be done within 7 days. Normally I close a property within 7 to 10 days, when I pay cash, even though I ask for 30 days, because who knows what may come up.
I set up a separate LLC for each of my properties.
Now, first of all if they find someone else to buy the property for a higher price, before I can close they can terminate the contract, and I am out of the money and my time, and not to mention the realtors commission. I cannot see how they can throw this addendum into the contract after they have already accepted my offer. Matter of fact, I cannot see how they can throw any addendum into the contract.
Basically when they accepted my offer, and I agreed to the terms they offered, that it is my property, the only way that I could not get it is that they would not be able to offer a clear title, and if that is the case, they have committed fraud, for listing a property for sale, without disclosing that information. I wish I could sell a property in put this language in it, and be able to get away with it.
What do you all think?