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13 Answers
- babyboomer1001Lv 75 years ago
What sort of items wrong? A buyer can only back out if the offer was conditional upon something that did not work out. A wrong item, such as the realtor's add says there were three full bathrooms, when there were only 2 or 2 1/2, is not going to be grounds for backing out, because the buyer viewed the house and saw or should have seen that there were only 2 or 2 1/2 bathrooms.
Source(s): Certified Paralegal, with 25+ years' experience & with Real Estate law experience. - loanmasteroneLv 75 years ago
In today's real estate contract there is a clause that read or is added to the sales contract "This sale is subject to the property being passing an inspection by a licensed real estate inspector of the state of_____________.
Also in most of the current real estate sale contract is a clause that indicate damage found by the inspector of the buyer would be financially the responsibility of the seller. In some instances the price of the house could be lowered. In some instances both the seller and buyer might share in the repair of any damage found, especially if the buyer really want to purchase the house.
In answer to your question, if the buyer is not pleased with the damaged item found on the inspection report and no solution can be reached, the buyer is able to back out of the sale contract, provided the correct clause is in the sale contract.
I hope this has been of some benefit to you, good luck.
"FIGHT ON"
- realtor.sailorLv 75 years ago
As the posters have stated it depends on the verbiage in the contract. Some allow you to inspect, so you know what you're buying, but you can't cancel the contract without loosing your deposit. Others will allow you to cancel the contract if you don't like the inspection.
- D.E.B.S.Lv 75 years ago
I'm assuming that sentence means the inspection found things wrong with the house and not that the inspection was written wrong like it states.
The short answer is, "It depends." The longer answer is that it depends on what is wrong with the house. Your realtor will guide you through that.
- AJLv 75 years ago
Depends on what's wrong. and if the seller is willing to negotiate based on the inspection. I have backed out of a purchase based on the inspection report and the owner's unwillingness to negotiate about the bad roof.
- Bostonian In MOLv 75 years ago
Depends upon how the contract is written. Typically a dollar value is attached to the contingency clause that allows the buyer to cancel without penalty.
- troLv 75 years ago
read your contract and your bid, if there are contingent provisions of course you can back out if the inspection is not good
the seller is likely to offer to make those repairs if he really wants to sell or reduce the price
- exactdukeLv 75 years ago
What items are wrong??
If you haven't closed, sure you can back out. But if you've put up ernest money, don't expect it back. And if the owner wants to be a hard ***, you can also be sued.
- 5 years ago
Depend what on the contract say. did you put something on the contract letting you back out? is it structural? If it is something major, then you might able to back out without losing your earnest money. Talk to your realtor first