Updated over 8 years ago on . Most recent reply
Question about real estate contracts
I am going through the usual agent I use to buy my rentals and it is a listing they have. There are two agents. One is dealing with me and the other is dealing with the seller.
We have a signed contract in place to purchase the property. I had an inspection done and it looked like the unfinished basement had flooded (very old home). Recommendation was to put in a sump pump and make repairs/replace HVAC and water heater. Est $7500.
Seller sent a knee jerk response to the inspection request and denied all repairs immediately. I haven't done anything yet as my agent said to wait until he can actually get to the property himself and see if he agrees with what my guy found. (not sure how come he refused to fix anything so quickly without looking at things himself) So I have not responded to the denial on his part to fix anything. I can sign the documents and continue to buy the house at the agreed upon price and be stuck footing the repairs. We have until 5/27 to sign those documents. My understanding was that he was going to look things over at the house and if he agreed he would pay to have them fixed or knock more off the purchase price. (this was an understanding, never in writing but we were going to address it after he was able to look at things himself)
Since that time I have found out that he has started making the repairs and installing a sump pump. He now wants to increase the purchase price agreement. Can he do that? If I sign the document that states we will take the house as is without repairs but he makes the repairs on his own can we hold him to that agreed upon purchase price? Or can he get out of the contract to sell us the house at the agreed purchase price?