For a variety of referral reasons, we have been working with a number of buyers recently. Second generations, boomerang buyers, formerly divorced sellers with new partnrs, sign and internet buyers who were "too late" to write on our listings have become anxious buyers in our practice. They have their shiny pre-approvals and links for searches and are all prepared live the American dream.
We work as Buyer's agents, being the best advocates we can be for the people have chosen our representation in this large investment of a new home.
In Wisconsin, if a Buyer believes that the home inspection has revealed too many serious issues and the offer to purchase has not given the Seller, the right to cure, the Buyer may send the Seller a "Notice of Defects." This is accompanied by another form called a "Cancellation and Mutual Release" (or CAMR).
The Notice of Defects lists the reasons that the Buyer does not want to purchase the property and sites the third party expert's report, the home inspector, as a professional source for determining these defects. It is a notice and does not require signature or agreement of the Seller or the listing agent.
The CAMR names the property and the contract and seeks to cancel the contract and have earnest money returned. This form does require the Seller to sign it and subsequently the agent to return the money kept in the trust accountn to the Buyer.
This is a turn of events that no one hopes for but is sometimes necessary. Production of these documents to a listing agent got a response not only from her, but from the Seller sending us numerous emails with rants of how we were "Not doing your job" and were not"being professional" because it was apparently his intention to fix the defects. None of that matters...what matters is that the Buyer chose not to move ahead with the transaction and we used the instruments provided to release him from the contract and get the earnest money returned.
If the rants continue and the money is not returned, the Buyer may choose to seek remedy through what some people refer to as "Small Brains Court"...a/k/a Small Claims Court and have the court commissioner order the money returned if the Seller is found negligent in not signing the release.
Much ado because the Listing agent has not explained the Buyer's rights to the Seller and the Seller is not listening to what he doesn't want to hear from the Selling agent.
The Selling agent complains that we are not doing our job to "keep this deal together" and the Seller echos her complaint. both ignoring the rights of the Buyer, very legally to walk away from a transaction with legitimate reason.
Knowing the law is important..understanding your obligations in the representation of Buyers and Sellers and how those two work in a transaction is paramount to a having a successful real estate practice.
If you or anyone you know is looking for Realtors who well understand the rights and obligations of all parties in a transaction in southeastern Wisconsin, Call the Hansons, we are honored to be of service.