OfflineI had to withdraw my offer on a property that I was not able to assign. I did this on the last day of my inspection period. I had shown it several times, but there was a hole in the roof near the flashing and it was obviously leaking from that spot in the living room after we had some heavy rains. The first time it was not really obvious that it was leaking although there was evidence of a previous leak.
My REA forwarded me an email from the listing agent asking my reasons for not buying the property since I did not have an inspection done. I thought I was covered with the contingency "upon buyer's approved inspection". What do they need me to say? That the roof was leaking and that it was going to cost too much???
Shirley
Everything works out in the end. If it hasn't worked out, it's not the end.
You have not lived a perfect day, unless you have done something for someone who will never be able to repay you. Ruth Smeltzer
It is what it is 'til you change it.
Shirley,
Go back to what your contingency said in the original contract and say that was the reason. Did your contract say that you had to have a paid-for inspection by a licensed real estate inspector?? I think not.
What did your Buyer's tell you as you were showing them the property? Were they still interested in the property itself but at a lower price?? Did they and you think that the repairs were understated??
You might also say that you are still interested in the property, but will have to renegotiate a lower price since the roof has an obvious leak; and you and your partners were not aware of the leak originally.
Keep at it.
--Walter
"If it is to be, then it is up to me". -Anon
I had an REO once that I had to back out of; my partner at the time said we had to give a reason. I am not sure why, so maybe they just want to know the nature of why you decided not to buy. I just wrote a letter stating why, in our case the bank had misrepresented the property and upon inspection we found the pics did not represent the house at all, it was totally gutted!
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I would tell the selling agent, "I thought you would disclose something as obvious as the leaking roof. Once I saw it after the heavy rain, I knew I didn't need to proceed any further. With the possibility of mold remediation and other repairs, it was more than I chose to get involved in. Does that make sense to you?"
Shirley don't let these people lead you. You had an inspection period and you exercised your option, no explination is required. Everyone gets caught up in having to give explinations why they are not going to buy and it's not nessessary unless you don't have a contingency.
Mark
You're exactly right! What did she think she was going to do if I didn't give her the answer she wanted to hear...make me buy it? I don't think so!!!
Shirley
Everything works out in the end. If it hasn't worked out, it's not the end.
You have not lived a perfect day, unless you have done something for someone who will never be able to repay you. Ruth Smeltzer
It is what it is 'til you change it.
Thank you for your reply...I answered this, but for some reason it didn't show up. I liked your answer, but as Mark said, I don't owe anyone an explanation!
Shirley
Everything works out in the end. If it hasn't worked out, it's not the end.
You have not lived a perfect day, unless you have done something for someone who will never be able to repay you. Ruth Smeltzer
It is what it is 'til you change it.