Quote:
Originally Posted by retiredguy123
Maybe in NY, but not in Florida. If the inspection reveals minor defects, the seller can correct the defects and the buyer must buy the house or risk losing their earnest money. Minor defects are sometimes defined as 3 percent of the sales price, which can be very subjective.
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So, if the inspection finds a crack in the foundation or the home needs a new roof then can the buyer backout even if the seller agrees to fix the problems?
My thoughts are, if there is a severe crack in the slab or some severe drainage issue or something more significant is found, eventhough the seller agrees to fix the problem, I might not want to by the house.
Or another situation where the inspector finds evidence that the house had a fire or a flood and the damage was repaired. Again, I might not want to purchase that house or at least I would want to re-negioate the price.
So what protections does the buyer have?