Expert: Jessica Bryan - 2/21/2008

Question
Hi Jessica,
My husband and I are first time home buyers. We have a signed agreement with a closing date of next week. The problem is we have still not reached an agreement with the seller over repairs, which include a fireplace and chimney that have structural damage and need major repairs. We have talked to our real estate agent and lawyer, and everyone seems to think that its fine that we are closing next week and still have not reached an agreement. Apparently the seller's lawyer in on vacation (!) and no one seems to know when we will get an answer about whether they are going to make the repairs we want. We have decided that if they do not agree to the repairs we will not take the house.  Needless to say my husband and I are freaking out that nothing is finalized. We have to move funds, arrange for utilities, and finalize our home insurance, but we don't want to put out money for all of this in case the deal falls through. Our real estate team thinks its fine to be this late into the deal without answers, but friends and family think its crazy. We are ready to just walk away from this out of sheer frustration. In your opinion is this a normal thing, or as first time buyers are we just being too uptight? Any advice you can give us would be greatly appreciated. Thank you!
               Renee

Answer
Dear Renee;
I would think that the Seller's agent would be concerned too.  After all, if you decide that this is taking too long and get too nervous the entire deal could fall apart.  Some states are revising contracts to include 'drop dead dates' for answers about things like inspection repairs.  Evidently there isn't any verbiage in your contract to cover this.  However, if you are nervous that these repairs are not going to be made then I would request in writing that your agent get an absolute answer before you move forward or put out any more money.  Perhaps that will get people to sit up and take notice!  Official letters always seem to punctuate the seriousness of an issue. Of course you are right to be concerned.  There is no reason for this to go on so long and with only a week before the closing you have to have some answers.

Good luck and best wishes.

Jessica Bryan