Quote:
Originally Posted by jrref
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?
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If the damage repairs exceed 3 percent of the sales price, the buyer can cancel the sale. But, the contract doesn't clearly define who determines the cost of the repairs. To me, that makes the contract somewhat ambiguous.