Home Buying in 06484>Question Details

Home2011, Home Buyer in Bonduel, WI

Can I walk away if I am not satisfied with the home inspection report?

Asked by Home2011, Bonduel, WI Thu Dec 8, 2011

I am buying a foreclosure and my offer was just accepted. I have 10 days to do the inspection and I am getting nervous already. The house does need work but I am not sure the home inspector is going to say
If I am not happy with the home inspection can I walk away and get my deposit back?

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Answers

13
of course. thats what the home inspection contingency is for. you wont even lose your deposit.
2 votes Thank Flag Link Fri Dec 9, 2011
Most likely, but you need to read your contract carefully and make absolutely sure you stick to your contingency dates. Also, any notice that you give should be in writing. If you're losing sleep, simply forward your question over to your attorney and he will be able to answer it in 5 minutes.
Good Luck!
0 votes Thank Flag Link Sun Feb 17, 2013
You can walk away if you HAVE NOT signed the contract yet, otherwise you may be on the hook, which is why I always recommend doing the home inspection BEFORE you sign the contract.

Marco Gomez
NY state Associate Broker
Keller Williams Landmark II
Marco.gomez@gmail.com
0 votes Thank Flag Link Fri Dec 9, 2011
As previously mentioned, go through your contract and consult your Attorney
0 votes Thank Flag Link Fri Dec 9, 2011
Hi Home2011,

you have rec'd some good answers so far!

You purchase offer (contract) should spell out the answer. Most contracts have contingencies built in for the home inspection and/or the financing. Most lenders, esp FHA or VA may not lend on certain deficiencies.
Re-read your contract offer and see what is says. If you are still not sure, consult with your lender, real estate agent, or whomever helped you write the purchase contract offer.

Best wishes and Happy Holidays...Jim
0 votes Thank Flag Link Fri Dec 9, 2011
Depends on what your offer says.
0 votes Thank Flag Link Thu Dec 8, 2011
You can use any defects in the home uncovered by the home inspection to invoke the home inspection contingency clause in your contract and back out of the deal.
0 votes Thank Flag Link Thu Dec 8, 2011
Your accepted offer should contain two contingencies... one for Mortgage acceptance, and one for Building Inspection. So, yes, you can walk away w/all your deposit money, if that contingency is in your offer. But, the phrase "Buyer Beware" always pertains. You might want to do two building inspections, to insure all necessary repairs are discovered. In your situation where you know the house needs work, a Building Inspection is very important. You must assertain if there is any structural damage. That would be a deal breaker, in most cases. Other than that, you need to find out how many repairs are needed, and what that will cost, roughly. Some Building Inspectores are retired Builders. They would be good for you, as they are able to give rough estimates right away.
Please call if you need some good Building Inspectors.
Stephanie Thompson
William Pitt Sotheby's International Realty
203-913-4500
0 votes Thank Flag Link Thu Dec 8, 2011
You should always consult with your closing attorney prior to signing any purchase agreements. However, most purchase agreements do contain some form of an inspection contingency that would allow you to opt out of the deal should the inspection uncover flaws with the home or property. It is also important to select a qualified inspector, always ask to review a sample inspection report and client testimonials. Please take some time to review our inspection services at http://www.ihi-ct.com

Hope this helps
Good Luck
Lawrence Mingrone
INDEPENDENT HOME INSPECTIONS
P: 203-248-6336
F: 203-8804165
E: larry@ihi-ct.com
Web Reference: http://www.ihi-ct.com
0 votes Thank Flag Link Thu Dec 8, 2011
When you make an Offer, there are 3 possible senarios:
You are working with the Listing Agent,
You are working with your own Agent, or,
You are trying to work by yourself, without an Agent.

You sound like you are trying to do this yourself, becasue this is such a BASIC question....

My answer to your Q is basic too;
Why are you petrified of doing some work on the house?
Almost all Foreclosures need some work; one of the reasons why the cost is so low.
Usually the work needed is cosmetic, but sometimes they need a roof or a HVAC unit.
Your Agent can direct you to Contractors and Handymen.

If you have a problem with this, you probably shouldn't have tried to do this!

Good luck and may God bless
0 votes Thank Flag Link Thu Dec 8, 2011
That, my friend, depends on the wording in the purchase contract. That may vary considerably - the owner bank may have the right to correct certain problems; other problems may not be sufficient to allow you to back out. This is a gray area in which it is very difficult for the person drawing up the contract to be specific enough without extensive consultation between buyer and seller. Please be aware that virtually any "used" home will have problems; no one should expect your "new" home to be perfect. But you do have a right to expect it to be free of major problems that were not apparent or divulged to you beforehand. A good inspector will find these things as well as minor ones which you may wish to know about, whether or not you do anything about them in the future. He will also point out anything that is unsafe or not conforming to the code in your area.
0 votes Thank Flag Link Thu Dec 8, 2011
If you're within the 10-day window you should be able to.
The contract should stipulate what your options are regarding the inspection process.
And one of your options, as always, is to consult with an attorney.
Web Reference: http://www.321property.com
0 votes Thank Flag Link Thu Dec 8, 2011
As long as your contract states that the transaction is contingent upon an acceptable home inspection, and if the Seller does not agree to remedy the legitimate material concerns, you should be fine to "walk" and receive your earnest money back. Also remember that "legitimate" concerns are typically affecting the property's safety and functionality; not cosmetics. You will need to sign a form called a Notice of Unsatisfactory Inspection with your Agent and the Sellers as well. This will outline yours and the Sellers options. Lastly, consult your attorney regarding these matters as well for further legal clarification.
0 votes Thank Flag Link Thu Dec 8, 2011
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