I justed had someone back out of a contract. They gave me 1000 deposit for home, the reason they want out is a few things came up in inspection (the only thing big is air conditioner unit). We agreed to repair everything but they stated the did not want the house now.
I feel they just wanted a way to back out, because of some of the things in the inspection plus the inspector lives 3 hour away(friend?)
Anyway do I have to give money back? Also they had the appraisal done. Can anyone use that appraisal for mortgage?
Thanks
Not sure about the deposit, but it sounds like they had a claus in the contract that if the home inspection didnt check out for their satisfaction then they would NOT forfit the deposit.
The appraisal is the buyers if they paid for it, and NO you can not use their appraisal unless they give it to you, but most mortgage companies want a perticular company doing their appraisals. You can always use the $$$ figure from the buyers appraisal to price your home within reason.
Read your contract. What does it say about deposits and liquidated damages?
If you think it’s worth it (and for $1K and the bad will that it will generate, it’s probably not…), take it to a Real Estate attorney. Laws vary from state-to-state. We can guess the YOU are in Florida but we don’t know where the property is, so ANY answers here are purely speculative!
Keith