If you used a RealtorÂ® and that RealtorÂ® used our Arizona Association of RealtorsÂ® Residential Resale Purchase Contract and you are within your inspection period, you can back out or attempt to renegotiate your contract. Contact your RealtorÂ® and speak with them regarding section 6 Due Diligence, Inspection Period on page 5 of the Arizona Association of RealtorsÂ® Residential Resale Purchase Contract Purchase. This should solve your problem.
If you used the standard offer to purchase forms when you made your offer, there is a home inspection contingency that the home must pass to your satisfaction. If it does not, the seller has the right, to make the repairs and preserve the contract--or give you the money to make the repairs. You will have to agree on the amount of the repairs and the seller will have to agree to it as well.
Some of the repairs you identify are cosmetic and not costly. Items that will be expensive are roof and AC, which I assume are at the end of their useful life. The appliances were there when you saw the unit and you made the offer knowing they were older.
If you offered "as is" or did not include an inspection contingency, then you will withdraw at the risk of losing your deposit, and risk a lawsuit for non performance of a contract.
Hope this helps,
Anything is possible but it depends upon the terms and conditions in your purchase offer papers and corresponding addendums.
DISCUSS THIS WITH YOUR CURRENT BUYER'S AGENT?
Or, if you are doing this alone, your concerns are some of the reasons why you shouldn't.
Exclusive Buyer's Agent
It will depend in a number of factors. First of all you might or migh not loose your earnest money, depending on what your contract says in terms of timelines and other details. Regardless of that, you might also be able to re-negotiate. But it again will depend on a number of other factors - including real comparables (you will need good ones for this and know the details of each), who holds the note (BofA, Freddie Mac, FNMA, Wells Fargo, regular owner?), time on the market, price history, etc...
This is something that a good experience agent will be able to help you with. If you have one, he will be able to answer all your questions and help you with all that. If you are not represented then you might want to consider hiring a lawyer to see if you can back out of the contract without loosing your earnest money or not - although he might not be able to represent you in price re-negotitations.
Carlos J. Ramirez, PC, ABR, CNE
Associate Broker/Realtor, HomeSmart -