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Does buyer have the right to cancel AS IS house sale contract?
I received an offer from investor to buy my house and I signed. The contract does mention property sale is AS IS. It still mentioned 6 days contig. period . The buyer cancelled few days later and cited •structure• as a reason on BISNEr :but he didn’t do a certified inspection . They also refused to pay the Ernest money. Do I have a case?
- RitaLv 61 month ago
Buyers can terminate real estate contracts under certain conditions. Sellers have fewer opportunities to cancel, but may be allowed to keep buyer deposits if purchase agreements are canceled for some or no reason. Home buyers can't back out just because they've changed their minds, however.Source(s): https://gulfvaping.com/
- Christin KLv 72 months ago
Sure they can walk away from it. That's a buyer's prerogative. And they don't have to pay you earnest money unless the contract specifies it--and specifies that they don't get it refunded.
"As is" means just that--the buyer can cancel and the house doesn't have to pass ANY inspection, certified or not.
- curtisports2Lv 72 months ago
All 'as is' means is that the seller won't pay to fix anything. It does not mean the buyer can't walk away. There is no legal requirement for an inspection to be 'certified'. The buyer can do his own inspection, not like what he sees, and as long as he does it within the contingency period, he is free to walk away without loss of deposit.
- SlickterpLv 72 months ago
You have a signed contract he is violating. He at least must pay the earnest money (you should not have accepted the offer without it).
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- realtor.sailorLv 72 months ago
If he didn't pay the deposit there never was a contract and without the house being under contract the buyer had no legal right to enter and do the inspection.
- R PLv 72 months ago
Did the buyer cancel within the 6 day contingency period? If so, you have no recourse. "As is" means you will not fix anything that is wrong with the house. It does not mean that the buyer cannot back out of the sale during the contingency period.
Move on with your life & sell the house.
- babyboomer1001Lv 72 months ago
Does the contract state that it must be a certified inspection? I've never heard of a certified inspection. There's no such thing. Why would he pay you earnest money when he cancelled the contract?
- Anonymous2 months ago
Your only case is to try to get the Ernest money. That is the case to fight.
You can't force them to buy the home if they have changed their mind.
- SusieLv 72 months ago
So you didn’t require a deposit to be relinquished if the buyer backs out? Or the buyers offer included the statement that they could back out if unacceptable faults were found?
- Anonymous2 months ago
Unless the person has the ability to pay cash, the people that will argue that you could sue for specific performance fail to understand reality.
In practice, if a person walks away from buying a house, even after all the inspections etc, the court will almost never force them to close. They would award monetary damages to the seller when appropriaye, but they won't force them to actually buy the home.
If you are able to sell it to another buyer for a comparable price, the damages would be considered very low.