After putting an offer in on a house, can we rescind the offer if inspection finds mold or other costly repairs?

Asked by Erik, Green Bay, WI Tue Dec 4, 2012

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Dan Simon, Agent, Charleston, SC
Tue Dec 4, 2012
This would be a good question for a local Realtor. The contract should allow for an inspection period. A good "buyer's agent" should be able to add a contingency to the contract that would protect you and let you retain your earnest money deposit if the inspection results are not to your complete satisfaction. The only out of pocket expense you would incur would be the cost of the home inspection.
6 votes
Craig Amunds…, Agent, DePere, WI
Fri Feb 22, 2013
Erik if your question is can you protect yourself against costly unknown repairs when writing an offer the answer is yes, if you have written an offer and want out and the seller does not agree to cancel the offer talk to an attorney. There may be dates in the offer that affect your position so don't wait.
0 votes
Malinda Trim…, Agent, Green Bay, WI
Sun Jan 27, 2013
Erik, you should seek an attorney's advice regarding your obligations in the contract. Agents/Brokers are not allowed to provide legal advice. The agents/brokers that are providing advice in this forum do not know the terms of your offer and are not licensed attorneys.
0 votes
Shane Renard, Agent, Green Bay, WI
Mon Jan 21, 2013
That would depend on the contract stating the contingencies. You need to have your realtor explain that too you!
0 votes
Cindy Leiter…, Agent, De Pere, WI
Tue Dec 4, 2012
It depends on how the offer to purchase is written. Your agent should be able to answer your questions. If you don't have an agent, please consult a real estate attorney.
0 votes
Ron Thomas, Agent, Fresno, CA
Tue Dec 4, 2012
If you are not under contract; then you are NOT under CONTRACT, and you can certainly recind.
If you have an Inspection CONTINGENCY, then you can certainly walk away.

If you do not have the CONTINGENCY, and you are not using a Realtor; then; WHY NOT?
0 votes
If realtors actually did their jobs in an effective, client-service oriented and consultative manner, rather than acting as an order taker for properties found by the buyers themselves, then more people may contract with them. Instead, the number of FSBO's on the market continues to increase because the value delivered by an agent has been minimized by industry attitude itself. Gone are the days when an agent EARNED their commission. Gone are the days when an agent truthfully and honestly represents their side of the transaction. Gone are the days when an agent consulted with a client, determined their needs and wants, and did the leg work on their behalf to find the perfect property. Instead, we have a stable of agents of opportunity. You find the house you want and give me a call, we'll go see it. Don't like it? Go do more research and call back. The industry degraded to the level of used car sales and then became one dominated by parasites.
Flag Wed Apr 16, 2014
Taylor Hansen, Agent, Green Bay, WI
Tue Dec 4, 2012
Erik, it sounds as if you are currently engaged in a contract. This question may be something you would want to speak with an attorney about. As Agents/Brokers, we are not licensed to advise on legal matters. Best of Luck!
0 votes
Debby Thomps…, Agent, Wauwatosa, WI
Tue Dec 4, 2012
Check your offer to purchase. Did you give the seller the right to cure? Also be careful of time frame. Ask your agent to help you. They will guide you in the right direction to go.

Debby Thompson
Homestead Realty Inc
0 votes
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