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Old 03-28-2024, 04:21 PM
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Quote:
Originally Posted by kp11364 View Post
Hi all,

I've got a general question about purchasing a resale home in TV.

So you visit a home and want to proceed. Do you need to put down the "earnest money" first, THEN engage a home inspector? Is the "earnest money" returned if the inspection fails?

I know that if the sale goes ahead, the earnest money is applied to the sale price.

Thanks!
If you would like to buy the house, you instruct your agent to make an offer. Only once the offer is accepted do all the other wheels start turning. Both you and the seller agree on a closing date & the inspection is made during that time before the closing. Hopefully, the inspection is made fairly soon, as this will give the sellers time to fix any items found in the inspection. You may decide to re-inspect, or you may take the receipts of repairs as proof & proceed to the closing. It's up to you. If however, the inspection turns up something you would rather not live with, then you can back out of the deal, providing a fail inspection clause was written into the offer.