DIYbanter - View Single Post - Home inspection window expired without home inspection

Todd H. wrote:
writes:

Hello,
I have a contract on a home that specifies

"This contract is subject to a satisfactory home inspection performed
within 10 days of ratification of this contract..."

10 days have elapsed, and, although I have asked the buyer when the
inspection is to be done, it has not yet been done. Does this failure
to have the inspection done in the time specified remove the
contingency or void the contract?

Any clue?

Depends on the rest of the contract of course. Read further.

First, these days are typically business days not including holidays
or weekends.

In the Northern Illinois contract, it says "If written notice is not
served within the time specified, this providion shall be deemed
waived by Parties and this Contract shall remain in full force and
effect." The written notice it mentions is the buyer telling you what
defects the inspection report uncovered that are not acceptable to
them. So, here, our contract defaults to "everything's peachy, time
marches on."

But don't let your guard down--you have good cause to worry. If
you've lost the interest/goodwill of the buyer, you may not have a
sale and your house isn't being shown to anyone either.

Contact your realtor, attorney, etc to find out whether your deal is
still alive. If you aspire to get your hands on the earnest money,
don't get your hopes up. It's very difficult, even if the buyer is in
default unless you can prove damages, and the home is not yet sold by
the time the complaint goes to civil trial.

You have it backwards. The best way to prove damages is for the house
to have been sold after the buyer breached the contract. If it sold
for less, the difference, plus any carrying costs in the interim, are
the damages.

Best Regards,
--
Todd H.
http://www.toddh.net/