Offered 225k on 250k house in NJ, after not getting reply. There realtor replied they didnt counteroffer to to being "insulted" by our low offer and our agent negotiated for us and came back at 240k to which we agreed. House has been on the market for about 75 days and although house is beautiful, surrounding homes have sold for 200-220k.
Now the issue, after agreeing to above price the sellers wanted us under contract asap so they could sign a lease for wherever they are moving too but also disclosed to our agent that a previous potential buyer backed out after there home inspector found cracks in the foundation walls, they hired structural engineer who quoted 25k in repairs and they backed out. Sellers then hired another engineer who said cracks are due to settlement, foundation is stabilized and sound.
What should we do at this point? nothing has been signed yet only verbal agreement but we do want and love this house, but not if the foundation is bad obviously. Also shouldnt this have been brought out before price negatiations? It seems to me its like buying a car at msrp but then before signing the dotted line they said oh by the way it has been in accident or has frame damage...
[b]Previous Buyers SE[/b]
Thanks for any replies