Real Estate Home Inspection Options
 

Can anyone explain what options are available to a home buyer when the home inspection details serious defects. I'm familiar with typical RE contracts that offer several buyer options, with the most extreme being to cancel the contract.

In Florida, typically, the seller must repair defects that cost 3 percent or less than the purchase price. And, the seller has the option to repair or pay for defects that exceed that amount. The buyer may not have the option to cancel the contract. In other states where I have lived, the buyer can cancel the contract for any reason after the inspection. But, these conditions should all be clearly spelled out in the sales contract. I would read them very carefully, and not accept any information that the agent provides verbally. If you have a concern about a specific property, I would suggest that you write a special provision into the sales contract to address your concern.