Real Estate Tips
When you are in the middle of a deal, on either side of a home transaction, there may be problems. Sometimes when you are selling your home you agree to some terms. The time of the payment and other factors are often in the contract when you make a sale. If for any reason the buyer does not meet all of the obligations for the sale than you may feel trapped and worried about your finances. You probably have another house to get to as well. There is something that you can do in cases like these.
You don’t have to just sit back and take it. The first step would be to talk it over with your real estate agent and see what he or she says. After that you would go to the source and talk to the buyer about what the problem is. Perhaps there is a reason that they are not putting their down payment down yet. Maybe they are holding off for a reason.
If you are the buyer and you agreed that some repairs would be done to the house before you bought it and by a certain date but they have yet to be done you may begin to worry about having to do it yourself. It is completely logical to be worried and to want the seller to own up to the deal that you made. While you may be frustrated it is best to talk to your real estate agent about all of your concerns. Then you would ask the seller why he or she is not holding up their end of the deal. Maybe the problems just needed more time to be fixed and a simple extension is in order. If a simple solution like that is all that it takes than you might want to just let them take the time needed in order to it properly.
If none of these solutions work for you and the other party is just being unreasonable, than there is still a chance to get out of the deal or get what you wanted. There is something called a notice to perform. In real estate, this notice allows either party to cancel the sale if the other party had not fulfilled their obligations as laid out in the contract that was signed. Once you send the notice to perform they have to make a choice. They can either do what they said that they would to begin with or allow the sale to be cancelled.
This should only be used as a last resort because if the sale in canceled than everyone is back at square one. It is always best to get to the root of the issue and find out why the problem as not been dealt with up to this point as they said it would be. Once you know that you could try to work something out. If you have to cancel the sale though, in some cases it is the only option. Resource: http://bit.ly/1okeUgc Visit us!
Thank you for reading!