You bet you can get out of purchasing a home, new or pre-owned, if you find major issues. I’ve done both a few times.
When buying a new home, we had it inspected and many flaws were found, and we told the agent we are walking away. The realtor said the builder would spend the $20k to fix the issues and we said no. If the builder had these kind of issues that were in the open, what kind of issues could there be lurking in areas you can’t see?
Another new purchase, our contract said the house would be done/ready by the 1st of October. It wasn’t, just a few things weren’t done and we backed out.
Buying a used home, the realtor put in the contract that we could assume their low interest loan or get a new loan, this was back when interest rates were 12%, but the loan the owner had was 4%. When I checked with the owners bank on assuming their loan, the bank told me it wasn’t assumable. I cancelled the purchase but the owner and realtor tried to force me to get a new loan and it didn’t work. I even called the state realtor board and reported the tactics the realtor was using.
1 more thing, when you sell a home and put a clause in the contract that their is a grace period for the buyer to inspect the home or get financing, this gives the buyer a longer timeframe to back out. They can have a hang nail to cancel the purchase. This happened to us when we were in long a home.
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