Consumption and Real Estate
What do I need to know when turning down a house after I made offer and after the inspection?
Question : What do I need to know when turning down a house after I made offer and after the inspection?
I am prepared to let the sellers know that I am no longer willing to purchase the home. I have had a home inspection as well as a second opinion electrical specialist look at it. I have been told it will be extremely costly to fix the electrical and there are many potential mold areas. Besides saying i’m no longer interested; is there anything else I need to be aware of?
Thanks!
i put a $ 250.00 ernst deposit. The contract was contigent upon home inspection. I would think the horrible electrical would be enough. But that’s bull honkey they get my $ 250.00, but that’s ok considering the alternative. Do I need to submit paperwork then from the inspection or a professional?
home mold inspection
Best answer:
Answer by Steve is cool
If you have a good Realtor then you shouldn’t have to worry about it. If you signed a purchase agreement then you might lose earnest money.
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#2 written by J k 1 year ago
Assuming in your state there is a certain amount of time you are given to make your inspections/checks, you have this time to go ahead and pull out w/o consequences. Check out your accepted purchase offer for the time constraints (should be on the first page). Your deposit should be returned to you in full. Since you stated you also wrote up a contingency based upon your inspection, that supports your decision to cancel the escrow. You don’t need to submit anything, unless it went to court. If you are working with a Realtor, then he/she should be handling this all for you and would provide them with a copy of the inspection; you shouldn’t worry. Just need to move fast. I say if you aren’t comfortable with going forward, then pull out. Good luck
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#3 written by 84purpleshovel 1 year ago
Sellers have to fill out a sellers statement where they disclose these things. We were in this same spot 2 years ago when the inspector showed us where the floor was rotted out by a shower,and then patched in with a stick that matched the NEW trim color they were still painting. We backed out immediately saying if they will hide this then god knows what else they have hidden and we have lost faith in the sale. We got all the $ back, found a new house the same day , and love it.
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#5 written by lil_butterfly_girlie 1 year ago
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If you are working with an agent they should be able to prepare an inspection addendum for repairs. On this addendum you should be able to mark that you are dissatisfied with the results of the inspection and hereby rescind your offer with your earnest money deposit being returned in full. (Your purchase agreement should coincide with this).
In addition to this addendum you need to prepare a Mutual Release of Purchase Agreement which rescinds your offer.
Generally speaking you only have a small window to respond to the inspection results dependant on what you wrote in the Purchase Agreement. If you address this problem immediately you shouldn’t have any issues with receiving your earnest money deposit back.
Best of Luck to you!
Southeast MI REALTOR