unilateral release of sale by the buyer

[rockitwin2]

The buyer of our home sent us a list of repairs for the property following an inspection report. We asked for 5 days to gather information. "Seller requests 5 days to have a licensed contractor evaluate Buyer requests stated in the Property Inspection Report. The 5 day request is effective 12/12/20 " On the 5th day we had to reschedule the roofing contractor and asked for a 2 day extension. "Seller is requesting an additional 2 days to have licensed roofer contractor evaluate and give estimate for repairs. 2 day extension to commence December 17, 2019" We heard nothing back until the following day when our realtor sent an email stating that the buyer was walking away. We sent the 2 day extension request at 3:45 pm and the buyer's agent sent an email back to our realtor at 9:45 pm saying that she wasn't going to sign. We didn't get the news until 8:00 the next morning, after the 5 days. The buyer's agent stated that since we did not supply a formal response to the request for repairs that we were at a default and the buyer is walking away and now the buyer wants us to sign the unilateral release and release their EMD. 1. Why isn't the request for an extension a formal response? Does the buyer have to send a formal response of refusal for the extension? 3. now that I'm reading both requests, the realtor never stated in either request that we were going to respond to the inspection notice just that we were requesting time to have contractors look at the property. How long do you typically have to respond to inspection repairs?

 

[PayrollHRGuy]

Assuming that the buyer agreed to the original 5 day extension (you didn't mention if they did or not), the buyer walking away after your request for the additional 2-day extension was your notification that they did not grant it.

 

[Zigner]

Did the buyer ever accept your request for 5 days? How about the additional 2 days?

 

[rockitwin2]

Did the buyer ever accept your request for 5 days? How about the additional 2 days?

buyer accepted the 5 day extension. rejected the 2 day extension at 10 pm which I'm guessing we could have responded to by 11:59 but our realtor did not tell us that the buyer rejected the extension until 8 am the following day which ultimately put us in default.

 

[LdiJ]

buyer accepted the 5 day extension. rejected the 2 day extension at 10 pm which I'm guessing we could have responded to by 11:59 but our realtor did not tell us that the buyer rejected the extension until 8 am the following day which ultimately put us in default.

Its highly possible that your realtor didn't see the information until 8:00 AM the next day.

 

[rockitwin2]

Its highly possible that your realtor didn't see the information until 8:00 AM the next day.

understood but that still puts me at default when I was unaware of the rejection. I guess I'm confused because there is so much legal documentation within a real estate contract. I don't understand why there isn't a signed formal response stating the rejection of the extension. I only have an email chain from the realtors.

 

[Mass_Shyster]

You had a contract. Both parties were in agreement. At some point, one side wanted to change the terms of that contract. Unless and until the other side agrees to the amendment, the original contract stands.