Chicago Buyer Unresponsive after Inspection Reply from Seller

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Chicago Buyer Unresponsive after Inspection Reply from Seller

Noah Lomax
Rental Property Investor · San Diego/Chicago · Member since 2020 · 32 posts · 19 votes

Hi folks,

We are currently under contract for a condo sale in Chicago. The buyer requested an extension to inspection, which we granted (two days). After inspection, we replied to the buyer’s requests within a few hours (agreed, negotiated, and rejected a few). And then we’ve had radio silence. It’s only been 24 hours, but inspection expired end of business yesterday (7 hours after we replied). 

My lawyer is saying my only options are to wait or terminate, lose the earnest money, and re-list. 

Do we have any other options?

Grateful for any guidance! 

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Michael J Scanlon
Realtor · Chicago, IL · Member since 2019 · 222 posts · 153 votes
5y

@Noah Lomax

I would wait up to 3 days then inquire about the response. And attorney review is likely still open. Attorneys add a provision that attorney review shall remain open until requests are resolved. Very normal timelines though-nothing to stress about yet.

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  • Michael J Scanlon
    Realtor · Chicago, IL · Member since 2019 · 222 posts · 153 votes
    5y

    @Noah Lomax

    I would wait up to 3 days then inquire about the response. And attorney review is likely still open. Attorneys add a provision that attorney review shall remain open until requests are resolved. Very normal timelines though-nothing to stress about yet.

    3Reply
  • Paul De Luca
    Real Estate Agent · Chicago, IL · Member since 2018 · 1k+ posts · 1k+ votes
    5y

    @Noah Lomax

    Did you reach out to the buyer's agent or attorney for an update? 24 hours isn't that long but if it turns into 2 or 3 days with no word at all that's not a good sign.

    1Reply
  • Henry Lazerow
    Real Estate Agent · Chicago, IL · Member since 2017 · 2k+ posts · 2k+ votes
    5y

    Give them a time limit. For example email saying if we have no response by 5:00pm Monday 6/28 we will terminate the deal, please get back to us. 

    2Reply
  • Noah Lomax
    OP
    Rental Property Investor · San Diego/Chicago · Member since 2020 · 32 posts · 19 votes
    5y

    @Michael J Scanlon @Paul De Luca Thank you both for your input. It's been so frustrating as we had multiple offers from aggressive buyers, and then the buyer has been completely disengaged since being in escrow. I just moved here from San Diego, which is an even hotter market and simply haven't dealt with this in my previous deals. Thank you for helping me keep a cool head.


    @Henry Lazerow I was considering this approach. I wish we had done it when we sent the last round. We certainly will on any response. Thank you!

    0Reply
  • Erika Carter
    Residential Real Estate Broker · Chicago, IL · Member since 2014 · 155 posts · 42 votes
    5y

    Give them 72hrs...

    0Reply
  • Brie SchmidtBusiness Member
    Moderator
    Real Estate Broker · Chicago, IL · Member since 2013 · 6k+ posts · 5k+ votes
    5y

    1 day is not enough time.  If by 3 days you don't hear back you can ask for an update

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  • Clint Votruba
    Attorney · Chicagoland · Member since 2021 · 12 posts · 7 votes
    5y

    If you are using the 7.0 Contract, the Buyer has 5 days after the Date of Acceptance to complete the inspection and contact the Seller about repairs.

    I don't believe it requires that Buyer and Seller reach an agreement within the 5 day inspection period.

    Nor do I believe either party can unilaterly terminate under the 7.0 until 10 days after the Date of Acceptance.

    However you might be able to withdraw your response if they don’’t respond by your deadline.

    I know you're anxious but it is common for buyers to take several days to review all the issues with their attorney and to direct their attorney to accept your final response.

    Consider having your agent contact the other agent for an update.

    Good luck.

    1Reply
  • Lynnette E.
    Rental Property Investor · TN · Member since 2018 · 2k+ posts · 2k+ votes
    5y

    When ever I want to push sellers to move, I just ask my realtor to change the mls to say accepting back up offers,,,

    2Reply
  • Joe S.Pro Member
    Investor · San Antonio · Member since 2020 · 3k+ posts · 3k+ votes
    5y
    Originally posted by @Lynnette E.:

    When ever I want to push sellers to move, I just ask my realtor to change the mls to say accepting back up offers,,,

    That is brilliant. 

    0Reply
  • Crystal SmithPro Member
    Moderator
    Real Estate Broker · Chicago, IL · Member since 2014 · 2k+ posts · 1k+ votes
    5y
    Originally posted by @Noah Lomax:

    Hi folks,

    We are currently under contract for a condo sale in Chicago. The buyer requested an extension to inspection, which we granted (two days). After inspection, we replied to the buyer’s requests within a few hours (agreed, negotiated, and rejected a few). And then we’ve had radio silence. It’s only been 24 hours, but inspection expired end of business yesterday (7 hours after we replied). 

    My lawyer is saying my only options are to wait or terminate, lose the earnest money, and re-list. 

    Do we have any other options?

    Grateful for any guidance! 

    It looks like you've received a lot of replies to this already. I haven't read the thread so I apologize if my recommendation is a repeat of what someone else has already advised.  I would your realtor reach out to the other realtor and inquire on the delay. While we love our attorney, often time the deal only gets done if the realtors make it happen independent of the lawyers. 


    There's another alternative. One that we only use if both the realtors and attorneys are messing up a deal. We reach directly out to the buyer. If the buyer's contact details are on the contract, reach out directly to them and find out what's going on. The buyer's attorney or realtor may complain, but the deal is between you and the buyer. Sometimes a direct contact can push a deal along.

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    1Reply
  • Quincy Lockett
    South Holland, IL · Member since 2017 · 374 posts · 432 votes
    5y

    @Noah Lomax

    Buyer May no longer be interested. I would just move on to another offer. Especially in this market.

    0Reply
  • Jennie Berger
    Lender · Chicago IL · Member since 2020 · 357 posts · 227 votes
    5y

    @Noah Lomax Any updates on how this progressed? Just read the thread and hoping it all worked out for you. Keep us posted!

    0Reply
  • Noah Lomax
    OP
    Rental Property Investor · San Diego/Chicago · Member since 2020 · 32 posts · 19 votes
    4y

    Hey All, I'm just realizing my reply to this thread never posted. 

    We went a little sweet and salty to close out the deal. We offered the buyer a $500 closing credit if they closed out inspection that day, but alternatively we would cancel the deal if they did not as we viewed the non-responsiveness as waning interest. They took the deal. 

    In all, the flip was my first and I'm grateful that it was super successful. There's a lot I'd do differently next time, and hopefully be even more profitable. But I'm happy with our first! Thank you for the kindness and help you all showed in your knowledge sharing!

    Best,

    Noah

    1Reply
  • Henry Lazerow
    Real Estate Agent · Chicago, IL · Member since 2017 · 2k+ posts · 2k+ votes
    4y

    Awesome. Glad it worked out!

    0Reply
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