Q: Do we have a good case to keep contract deposit in this Real Estate transaction? Details below.
1. We accepted offer $15k less than asking if buyers would accept house “as is”.
2. Buyers were given copy of previous home inspection b4 signing “as is” contract. That inspection report stated it was recommended to replace electric box. Buyers signed with $5k deposit the “as is” contract on 11/4.
3. Contract stated buyers had 10 days to have home inspection and to give us a written list of requested repairs. Contract also stated home sold “as is”. 11/7 buyers had their own home inspection. On 11/9 we were verbally told they wanted us to replace electric box & a hole in roof over porch that we couldn’t find. We never received a written list of requested repairs from buyers. We declined verbally stating house is being sold “as is” as per contract and that they signed the contract and were aware that the electric box was an issue when they signed the “as is” contract.
4. On 11/29 we received a cancellation of contract & did not receive written reason for cancellation.
Without looking at the contract, specifically any inspection provisions, it's hard to say. Often, when someone writes in "house being sold as is", they do not amend the inspection clauses. Therefore, a conflict between your intent and the actual written contract exists. You should check with the attorney that reviewed the contract for you.
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