I've been working on buying a home in Florida since June.  The home was chosen after a long careful search.  We left one aspect out of the equation - the sellers are bat shit crazy and apparently financially insecure.  If I'd met the owners first, I wouldn't have made the offer.  Sorry, just venting......

Are you under contract?  Are they trying to change the terms?

Under contract with agreement to make certain repairs.  They're stalling on the repairs and likely won't make the closing date.  Insurance is involved.

Ahhhhh, yeah I can see why you're angry.  I would be as well.

Just figure out how much the repairs will cost, and deposit in escrow account with specific terms on the repairs or money automatically goes to purchaser.

Are you working with your own realtor?

Yes, I have my own realtor and have consulted an attorney.  Our current plan is to reduce purchase price by repair quotes received.  I have pretty much confidence in the "team" that has been assembled and the quotes received.  We'll see......

Good.  Sounds like you have done everything you can do.  Letters written an attorney's letter head usually move things along.

I speculate that there is a clause in the contract that addresses repairs up to a percentage of the sales price.

You're buying a property, not marrying the idiots who currently own it.

Good luck, I hope it all works out well for you.

The idiots are creating a lot of drama that I don't want or need.  They aren't businesslike at all.  I'm focused on doing what is right, not sure where they are coming from.  We'll see soon.  Like I said, just venting.....

Is the house vacant or are they still living there?  

You may want to point out to them, that the longer it takes to close, the higher their portion of the property taxes they will owe at closing.  Not that a couple hundred dollars is a big deal, but if you force them to focus on their accruing costs, it could help.

Is there a clause in the contract that requires the defaulting party to pay the other parties legal fees.  That one got my x wife's attention on a couple of occasions.

Does you realtor know how upset you are.  How much of a commission are they about to lose?

Let your agent handle the buyers, and you focus only on doing what is right for YOU.

Hope it goes right for you.

1-Just take all the quotes for the repairs and put them in an escrow to complete the work within 30 days of closing. Insurance companies should be able to accept that, although the binder may not cover any damage incurred by these "safety hazards" if something arose in the 30 days.

2- Find contractors that are willing to do the work and get paid at closing. What part of Fl are you in?

Most likely they used the FAR BAR AS IS that does Not have a clause for repairs up to a certain percentage. And if they used the CRISP it is only 1.5% of general repairs, 1.5% of wood destroying insect repairs, and 1.5% to cover getting permits closed out if there our outstanding permits.

Seller has agreed in writing to make the repairs.  Bids are in.  Apparently Seller doesn't have money to start the process and is waiting on insurance check.  Nothing is being done in the meantime.  Original closing was proposed to be July, then August, now October.  New tact is to reduce price, close ASAP and I take on the repairs.  Waiting to hear back on that.  I've had no direct contact with Sellers, just BS feedback from realtors.  I know how I would handle things and what I would do and the fact that the Sellers are doing the opposite pisses me off.  The Sellers aren't financially savvy enough to realize that time is to their detriment in terms of prorations, etc.  That or it all boils down to a lack of money.  Their thinking may be driven by short term cash flow issues.

I'd rather make the repairs myself anyway.  What incentive does someone selling the house have to make sure it's done right?  This is how you end up doing things two times.  My opinion is that this could be a blessing in disguise.  The hassle is temporary.  

Also, think about how happy the new neighbors are going to be to see you!  They're making you look good before you even show up.

Thanks for all the interest in my situation and the support and advice.  The plot continues to thicken.  I'm pretty good at finding things on the Internet and it would seem that the sellers are strapped for cash for starters.  The family has some serious issues with their kids (violent felons / drugs) who are still occupying the home while the seller / parents have moved north.  Our committed closing is 7-8 weeks away and nothing is being done regarding repairs.  My plan is to wait it out and if repairs have been done, have a meticulous inspection done and in all likelihood walk away.  In the meantime we are under contract and are stuck - so are they, but they don't seem to appreciate that.  You can't fix stupid.

What started on June 12th finally ended today with a Termination of Contract for the purchase of a home in Naples.  I recently started a related topic relating to building permits associated with this transaction.  The seller agreed to make repairs and mitigate mold back in June and as of today still hasn't lifted a finger and doesn't seem like they're going to make the necessary repairs.  They will likely put the property back on the market and hope a new buyer doesn't do inspections.  My inspector revisited the property yesterday with the seller's realtor and the seller's wife basically threw him out when he pressed for who was going to do the repairs, are they licensed and what was the proposed scope of the work.

Moral to the story, beware of unscrupulous sellers and get inspections done.

I'm pretty sour on this whole thing right now, but ironically, tomorrow I am going to look at a similar property a few doors down.

"Consulted", or have one on retainer? IMHO an attorney that specializes in residential real estate is worth every penny. People will pay an inspector $1-2K to review the property, but for roughly the same amount you can get someone who will look after your best interest. A RE Agent wants you to buy the house. An (good) attorney has a legal responsibility to watch your back and will advise you when you are making bad choices. Many can also write the title ins.



 

that house won't sell and end up in foreclosure

They are probably just stalling the foreclosure with the "on the market" or "under contract" talk to the bank.

We moved to Florida last December.  The home buying process was crazy.  We put offers in on 4 houses and each of them had some kind of crazy story to them and they all fell apart.  The fourth house we worked the longest on.  Single mother, property had title issues, minor damage to home that needed to be repaired before closing.  My wife is in the title industry and her company took care of the problems with the title.  We asked that the home owner fix the damage, trim and some siding.  After several weeks she told us that she couldn't afford the repairs.  Fine, we reduce the purchase price and will fix it ourselves.  Find someone to do the work get the date and time of repair to the homeowner and she agrees to it.  The day of the repairs rolls around and the lady went nuts on the contractor.  He can't be on her property.  I'm sure that one went into foreclosure.  She wasn't going to find anyone else that would have been able to get the title insurance underwritten, and whoever purchased it was going to have title issues.  

We got lucky on the 5th house.  Good neighborhood, no HOA, great schools, and great home overall.  I was a little taken back that the sellers had no intention of reducing the price of the home to fix anything.  There were some things that needed attention like most homes.  In the end we decided it wasn't worth the effort and I fixed them all myself.  Only a couple things left on the list.  I hope that your next home works out for you.  I know what your going through.

As long as you have waited you could have built a new house in just a few more months. We looked at getting a used home and figured out it was about the same price to build new vs rehab one like we wanted it. It may be different in your area, but that is how it was here NE FL a year ago. There is always something sketchy with existing homes, be it the home or the seller

Had that happen on the property we originally was going to buy to build my home on. Long story short deal fell threw. It worked out better. Got a bigger lot for less. So if it does not work out there will be more houses out there even better ones in the end.

Mail/email a copy of the inspection to the sellers and their realtor. They are then obligated to disclose any issues found on the inspection to future buyers.

Had a buyer do this to our old house claiming foundation issues. We had a foundation report from 6 months prior stating no issues, and had another guy come out and write a new report that stated the same. Buyer sent us a report saying we needed $20K in repairs. They backed out over the disagreement and we still had to disclose all reports to future potential buyers. We had already moved states and the house sat on the market for months due to the conflicting reports. A couple months passed before the original buyers came back with a way lowball offer.

We said fk you and sold it to another couple after agreeing to drop the price for "potential repairs".

I just went under a contract last Sunday for a home purchase in Land O Lakes and already have a close date of 12/6.  If your deal falls through I have a great realtor and my cousin is a realtor on the east coast of Florida if you want to make a change. Like others have said, might be a blessing in disguise.

I got the home selling blues. Lol. We would like to relocate for better services for my son. But the house value is just enough for a buy owner/self financed buyer kinda thing. Not any added value to cover fees.

Five days after my inspector was run off, the property was put back on the market.  Buyers beware, get your inspections!

Well, six months after it all started, I am a Florida homeowner.  We closed this afternoon.  Coming down on Christmas Day to get some things set up.  Looking forward to leaving weather in the teens for at least a couple days.

Oops, sort of a dupe.  I have so many balls in the air right now, I forgot about my earlier post.....

It's a painful process but you'll be very happy when it's over. Took my wife an I almost 6 months of bidding and getting outbid (I refused to overpay)

Spending our first night in the place tonight.  We flew in about 1pm today.  It's hot and humid down here!

Congrats on the new house. Glad to hear it worked out finally. I would have been nuts waiting that long. I believe if it can't/won't be done within a few weeks or a month, I am done with it. Life is too short for that kind of stress. Sometimes I find that some realtors are fat enough that another sale doesn't mean much to them. I had that happen once and never again.