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Buying or Selling a Home/Terminating a contract after inspection
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Question
Hi,
During the inspection, it was found that the house has aluminum wiring. In the inspection notice to the seller, we did not specify replacing all wiring. We did specify some repairs. The sellers did not agree to all of the repairs. Now my wife doesn't want the house due to the wiring. Can we terminate the contract?
BRAD--
Whether or not one can terminate a Real Estate Purchase & Sales Contract as a result of the Buyer's findings in a Home Inspection depends upon whether or not the Contract contained a "Home Inspection Contingency" and if so, the precise wording of that Contingency!
You may or may not be able to "back out" now without some penalty--loss of deposit,s lawsuit for "Specific Performance," etc! Do you have an Attorney or Buyer's Agent who is helping you with the legal aspects of your transaction?. One of these folks can read your Contract, see what you and the Seller have agreed upon regarding the Home Inspection, and advise you on your legal postiion when it comes to terminating!
I'm afraid I don't understand, however, why one wouldn't want a home just because it had "Aluminum Wiring!" If the Home Inspector didn't say it was defective nor that it should be replaced for some reason, I personally wouldn't consider the wiring to be a "Deal Breaker!"
Check with a Lawyer or Realtor on matters of the Contract--check with an Electrician on the issue of acceptability of "Aluminum Wiring!" GOOD LUCK!
--JIM
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| Rating(1-10) | Knowledgeability = 10 | Clarity of Response = 10 | Politeness = 10 |
| Comment | Thank you for your response. I think we've overcome our fears about aluminum wiring and are going forward with the house. Thanks | ||
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Jim Root
Expertise
How to select the right Real Estate Salesperson & Loan Officer--ones who will serve your best interests! House-hunting tips & suggestions on selection of the home best for your family needs. Introduction to the Home Buying Process & all the "Players" involved.What is of utmost important to the Homebuyer? Real Estate Contracts & Negotiations, Appraisal needs, Title Co. involvement, Home Inspection issues& the Closing/Escrow systems, etc. Whatever your question, the answer will follow, whether from personal knowledge or research! Gale, shown here with me, has been a Real Estate Office Administrator, licensed Realtor & has served as my Research Assistant over the years!
Experience
Over 30 years as a "Real Estate Professional." including Real Estate Marketing & Sales, Appraisal work, Mortgage Banking & as a Realty Officer with U.S Dept. of HUD's FHA Homeownership Division in Alaska, Washington & Idaho! Some experience in Montana, California, Utah & Nevada markets!Knowledge of National Markets by continuous Research!
Organizations
Former member of Nat'l Ass'n of Realtors (NAR) & Mortgage Bankers Ass'n of America (MBAA). Currently with National Association of Review Appraisers & Mortgage Underwriters (NARA/MU).
Publications
Published in various local, state, regional & national Real Estate-related magazines & newsletters!Co-author of various Govt. publications on Homeownership, Appraisals & Mortgages while with HUD/FHA.
Education/Credentials
Associate Degree in Real Estate Studies plus:
Numerous Real Estate-related Courses conducted by the U. S. Government & Private Industry over the past 30 years.
Bachelors Degree in Mass Communications,
Masters Degree in Education/Teaching
Awards and Honors
Professional Designations: Certified Residential Originator (CRO) from MBAA, Registered Mortgage Underwiter (RMU) & Certified Review Appraiser (CRA) from NARA/MU. Outstanding Peformance Awards for 10 of the 12 years with HUD/FHA & numerous Sales/Listing Awards while a licensed Real Estate Agent.
Past/Present Clients
No longer selling/listing Real Estate, nor Appraising properties, nor working in the Mortgage business, this "Real Estate Pro" serves as Director of a Company that provides Professional Development Seminars & Workshops to the "Real Estate Industry" and provides free (as needed) & fee-paid (on a sliding scale) consulting & inspection services to members of the general public.Your questions will be answered without "salesmanship" & with your best interests in mind!
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