When you chose to make a counter offer you released the seller from the original purchase agreement.
Assuming you have made a counter offer following the inspection this will make the original agreement null and void. The seller has the right to either negotiate or cancel the sale. If they are backing out, which is their right, the only way to possibly save the deal would be for you to try and go back to the original agreement.
Don’t become attached to the properties. If they have problems and the numbers don’t work, back away.
If you can make a different counter offer that you think the seller might agree to and it makes sense financially - knowing you have some sizable capex coming up, do it.
Thomas S (can’t tag you on the phone)
This is not correct, although apparently becoming a more common misconception.
While a “counter offer” does negate an “offer” a request for additional concessions/negotiations does not negate an executed Contract.....the key here is the difference when responding to an offer verses a contract. A contract can only by terminated/voided by the terms within the contract or by mutual written agreement by both parties.
As to the original question the seller is bound to the original contract but of course not obligated to do any repairs/price reductions unless agreed upon.
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