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tryingtomove

Who should pay?

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i am trying to buy a house for sale in Florida. It was built in 1947.  The inspector said the electric panel needs to be updated, or we will not be able to get insurance. The seller wants to add $1000 to the sale price, for her to agree to have it replaced.   Shouldn't she have to pay for it, since the sale cannot b completed without it being updated?  Also there was a buyer who had an inspection done, and backed out before us.  So, the seller already knew the electric would be an issue before she entered into a contract with us.  Since she knew we would not be able to go through with the contract, shouldn't the seller have to pay us back any money we are out? There were other negative things in the inspection, and we are only asking that a couple electrical safety issues, and the tree issues be taken care of by the seller. (in the contract it states that the seller is to maintain the property until the sale.  Lawn maint. etc.  I think the tree trimming around the electric wires, and the trees growing into the roofline fall into that catagory. Am I correct?

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It's not a matter of who HAS to pay. At this point in the process it's more about who wants the sale to happen more than the other.

 

READ YOUR PURCHASE CONTRACT.

 

It will tell you what your options are with respect to you right to walk away if the seller does not want to fix the issue.

 

Bottom line: He HAS to sell his house. You DON'T have to buy it. That gives you leverage to have ANY defect remedied or you walk.

 

It's that simple.

 

PS: Don't believe anything that a real estate agent tells you. They will lie to you up one side and down the other to complete the sale and get their commission. That goes for your buyer's agent, too (if you have one). Don't rely on promises that are not written as an amendment to the contract.

 

Once you close on the house and the seller and the agents have their money, it's all on you.

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Since she knew we would not be able to go through with the contract, shouldn't the seller have to pay us back any money we are out? 

 

 

Your inspector alleges the house is uninsurable because of an outdated electrical box. I'd verify that with your insurer first. Even if that were correct, this would only prevent you, not the seller, from going through with the contract. A contractor who intended to pay cash, renovate the house and flip it, would not necessarily care about the electrical box . . . it's just another system to replace. Moreover, you have not alleged the electrical box was defective or, perhaps, improper changes had been made to it at some point. If the house has original wiring, its certainly possible that it should be upgraded, but I can't imagine a requirement to disclose that the electrical system is original and has not been updated since 1947. This might not be the house for you. I suggest you make inquiries before signing a contract and before hiring an inspector. It's certainly fair to ask the owner/seller the age of the roof, HVAC, plumbing, electrical, etc., before you move forward.

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I assume you had an inspection contingency in your contract that led to the discovery of the inspection. The standard inspection contingency addendum gives the buyer the option of voiding the contract if he or she is not satisfied with the result of the inspection. It does not obligate the seller to repair or remedy anything the buyer is concerned about. If you are not satisfied with the report you can simply walk away. In most cases there are negotiations, but that is not required either.

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The inspector said the electric panel needs to be updated, or we will not be able to get insurance. The seller wants to add $1000 to the sale price, for her to agree to have it replaced.   Shouldn't she have to pay for it, since the sale cannot b completed without it being updated?

 

This is probably entirely a matter of negotiation between the two of you.

 

 

 

Also there was a buyer who had an inspection done, and backed out before us.  So, the seller already knew the electric would be an issue before she entered into a contract with us.

 

This is faulty logic.  Just because the buyer had an inspection done and backed out of the sale doesn't mean that (1) the inspection caught the electric issue, (2) that the electric issue was the reason why the buyer backed out, or (3) that the seller knew about the electric issue as a result of this.

 

 

 

Since she knew we would not be able to go through with the contract, shouldn't the seller have to pay us back any money we are out?

 

Even if she knew, the answer to this question depends on the specific terms of the contract between the two of you.

 

 

 

PS: Don't believe anything that a real estate agent tells you. They will lie to you up one side and down the other to complete the sale and get their commission. That goes for your buyer's agent, too (if you have one).

 

I disagree with every bit of this.  As with attorneys and insurance adjusters and every other profession, most real estate agents are honest and only a small number aren't.

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