If this is a VLS contract, read the inspection policy. It's worded in a way that does not allow you to get your earnest money back. The seller has to fix the problem up to 1.5% of the purchase price. If the repairs are more than 1.5% of the purchase price and the seller doesn't want to pay the extra money for repairs, then you can cancel the contract. Remember, the VLS agents are not traditional real estate agents. They work for The Villages, whether you have your own VLS agent or not.
If it's an MLS contract, then you most likely have an out clause for inspection. We had a water issue with the house we purchased and it was repaired. They are not necessarily horrible unless there is mold throughout the house.
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