Quote:
Originally Posted by Heartnsoul
My husband and I put $10,000 down on a villa. The inspector found water damage which we want no part of. The RE agent tells us not to worry. We are. He sent me a addendum to contract to sign to add an additional 10 days to extend
The inspection period. If we don't sign, can we get our $10,000 back to move on and purchase another villa?
|
Is this a preowned house or a new build? If it’s a new build sold by the Developer, then the contract says that they keep the earnest money and deposit is not refundable. You can use your deposit to buy another developer house.
If it’s a preowned, review your contract for the inspection contingency clause and its time period. Also, if you do extend the inspection period in order to investigate repairing the leak, (assuming you do have an inspection contingency), then do it if you love the home. What’s a few days to investigate? You can still cancel if the cure is unsatisfactory.
And always read your contract. In Florida, most Purchase and Sales Agreements have two “get out of jail” free cards; inspection contingency and the finance contingency. Unless you are buying a new build from The Developer, then there are no contingencies. And you cannot sell that house for more than your purchase price for one year. Again, READ YOUR CONTRACT CAREFULLY. And watch those dates.