Consumption and Real Estate
under what condition can I get a refund of my earnest money if the home inspections shows signs of mold?
Question : under what condition can I get a refund of my earnest money if the home inspections shows signs of mold?
home mold inspection
Best answer:
Answer by acermill
In order to back out of a purchase via inspection defect relative to mold, you will have to verify that the mold in place is an actual health issue. Most homes have mold here and there, and not all of it is dangerous. If you’re trying to back out over simple mildew or similar, you’re going to have a problem getting your earnest money back.
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#3 written by mememimi 1 year ago
If the inspection was part of the offer, then it should be contingent upon it passing the home inspection. With the widespread fear of illness from mold this would not be pass criteria. If you didnt have it contingent upon the inspection, then you still have financing as an out, (assuming you went thru a realtor then all offers should be contingent on financing) get a bank to say they wont lend the money based on the inspection or other issues and you should still have an out.
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#4 written by catherine s 1 year ago
If your purchase contract specifically states that the purchase is subject to a home inspection showing no mold or showing no defects (such as mold) then you are outta there and can get your earnest money back. It can also specify that the purchase is subject to an “acceptable” inspection. Since mold is NOT acceptable, that gives you an out too. Earnest money comes back to you. Good Luck!
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#5 written by TheSlayor 1 year ago
Under whatever conditions are stated in your offer to purchase the property. My guess is that you have (had) a period of time to complete an inspection and notify seller of any problems. Did you do this in a timely fashion?
Bottom line: Contact your realtor and ask them what your options are, but first, read the offer you signed.
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if its toxic mold then it should not be a problem at all