What happens if I don't close on a house I'm buying?

Question

So I'm under contract to buy a tri-plex. It isn't an "as-is" sale but the seller is refusing to make repairs. This is my first deal by the way. What I want to do is tell him, "either make the repairs or I don't buy the house." If he still chooses not to make repairs, can I tell him that I will pay 2k more than the best offer he gets in the next month or so? Can you go into contract again if the the first deal goes south? Or is there only one shot to close on a deal? I'm just curious. And I will consider any creative advice or recommendations. Thx.

Christopher Phillips · Answer

@Eric Bradeis

Most sellers are refusing to make repairs. it's a seller's market. Easier to ask for a price reduction.

If you can't come up with an agreement on the reduction then you either take it at the current agreed price or walk away.

Kathy Henley · Answer

@Eric Bradeis You may tell Seller exactly that.

Did you use a contract provided by your agent? Mine is spiffy and shiny and has an important clauses about an inspection contingency.  We must accept the property after the inspection or we reject the property.  The paper that tells Buyer of what we learned from the inspections and what it will take to complete the deal, by way of two options. Option 1. The following repairs must be made by closing (list them as described by the inspection report), or 2. In lieu of repairs, the purchase price is to be reduced to X.  The contingency may be resolved, or Seller may reject to satisfy your position and offer something new, or not.  Then you will have to make decision, stay or punt.

Ryan Murdock · Answer

@Eric Bradeis You state you are "under contract". There should be pretty clear language in the contract regarding inspection periods and what you can and cannot do to terminate the deal.  It's usually time sensitive and spelled out prior to everyone signing.

If this does fall apart there isn't anything that prohibits you from going back at a later date and trying again. If you've burned the seller by defaulting for reasons not specified as part of the original contract contingencies he may be a little hesitant to deal with you again but it doesn't mean you can't give it a shot.

What happens if I don't close on a house I'm buying?

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