[Heartnsoul]

My husband and I put $10,000 down on a villa. The inspector found water damage which we want no part of. The RE agent tells us not to worry. We are. He sent me a addendum to contract to sign to add an additional 10 days to extend
The inspection period. If we don't sign, can we get our $10,000 back to move on and purchase another villa?

[retired guy]

I would ask / tell RE that you do not want to proceed. If they are working for you not the seller they will advise. But read your agreement.

[retiredguy123]

I assume that the agent is representing the seller. Read the inspection contingency clause. Does it allow you to cancel the contract? If so, cancel the contract. If not, does the inspector recommend a fix? If not, don't sign the addendum, and ask for your deposit back.

[Smalley]

Originally Posted by Heartnsoul

My husband and I put $10,000 down on a villa. The inspector found water damage which we want no part of. The RE agent tells us not to worry. We are. He sent me a addendum to contract to sign to add an additional 10 days to extend
The inspection period. If we don't sign, can we get our $10,000 back to move on and purchase another villa?

Following the inspection you decided not to buy. Tell the RE that you are not buying and you are entitled to your money being returned. There are many properties for sale now in TV. If the RE refuses to refund your money, you need a real estate lawyer. Good luck.

[Normal]

Cancel ASAP. This is a buyer’s market. You deserve more for less.

[retiredguy123]

Note that the deposit is not controlled by the real estate agent. It is held in escrow by a third party, usually the title company. The seller is rarely allowed to keep the deposit. But the inspection contingency should specify the conditions under which the deposit is returned or forfeited. Sometimes the seller can correct small defects in the property and enforce the sales contract. But, if the agent is asking to extend the inspection contingency, I would definitely refuse to sign the addendum.

[frayedends]

Yeah generally if you have an inspection there is a contingency in the offer to get your deposit back if the inspection finds issues. Sometimes there is very specific language such as "Buyer won't cancel transaction for repairs needed under $15000 or whatever". But usually you can get out with the inspection.

No idea what an inspection extension would do for you if you already found an issue.

[retiredguy123]

Originally Posted by frayedends

Yeah generally if you have an inspection there is a contingency in the offer to get your deposit back if the inspection finds issues. Sometimes there is very specific language such as "Buyer won't cancel transaction for repairs needed under $15000 or whatever". But usually you can get out with the inspection.

No idea what an inspection extension would do for you if you already found an issue.

The OP has said that they want to get their deposit back. Signing an inspection extension can only prevent them from getting it back. The agent is trying to force the sale to go through by keeping the sale alive and to get a commission.

[Villager-2024]

Originally Posted by Heartnsoul

My husband and I put $10,000 down on a villa. The inspector found water damage which we want no part of. The RE agent tells us not to worry. We are. He sent me a addendum to contract to sign to add an additional 10 days to extend
The inspection period. If we don't sign, can we get our $10,000 back to move on and purchase another villa?

Depends on the wording of your contract - read it, know what it says and notify the agent. I would sign nothing extending the inspection period (what's the purpose of this since you have already had the inspection and notified the agent you want out?). The agent is trying to hold the deal together - which is their job. Are you working with a Realtor or a Villages sales person (there is a difference).
Unless you have hired a "buyer's agent" the agent's job is to sell the house, they are paid by the seller. Make sure you understand the fiduciary responsibility of the agent.
Most likely it is as simple of notifying the agent you want out, signing the proper release and waiting for the escrow return, read your contract and see if this is true. Many contracts have a specified dollar amount for repairs, does yours? Or does it specifically say void for certain types of issues? Your contract will govern the process.
DO NOT SIGN AN EXTENSSION if you want out.

[CarlR33]

Originally Posted by Heartnsoul

My husband and I put $10,000 down on a villa. The inspector found water damage which we want no part of. The RE agent tells us not to worry. We are. He sent me a addendum to contract to sign to add an additional 10 days to extend
The inspection period. If we don't sign, can we get our $10,000 back to move on and purchase another villa?

“Water damage” can mean many things to a small leak in a pipe under a cabinet to full room/house flood at one point. I would not necessarily run away if you like the home but ask how it will be taken care of. Could be as simple as a piece of drywall. Homes with any carpet can be just as nasty per se, my 2 cents.

[TeresaE]

Originally Posted by Heartnsoul

My husband and I put $10,000 down on a villa. The inspector found water damage which we want no part of. The RE agent tells us not to worry. We are. He sent me a addendum to contract to sign to add an additional 10 days to extend
The inspection period. If we don't sign, can we get our $10,000 back to move on and purchase another villa?

Is this a preowned house or a new build? If it’s a new build sold by the Developer, then the contract says that they keep the earnest money and deposit is not refundable. You can use your deposit to buy another developer house.

If it’s a preowned, review your contract for the inspection contingency clause and its time period. Also, if you do extend the inspection period in order to investigate repairing the leak, (assuming you do have an inspection contingency), then do it if you love the home. What’s a few days to investigate? You can still cancel if the cure is unsatisfactory.

And always read your contract. In Florida, most Purchase and Sales Agreements have two “get out of jail” free cards; inspection contingency and the finance contingency. Unless you are buying a new build from The Developer, then there are no contingencies. And you cannot sell that house for more than your purchase price for one year. Again, READ YOUR CONTRACT CAREFULLY. And watch those dates.

[Ksarracco]

Do not have to proceed. That’s the point of an inspection. Happened to us on a fab house-but-something screwy with cement deck. Nope not buying any ‘fixable’ problems. Enjoy looking for the perfect spot for you.

[frayedends]

Originally Posted by retiredguy123

The OP has said that they want to get their deposit back. Signing an inspection extension can only prevent them from getting it back. The agent is trying to force the sale to go through by keeping the sale alive and to get a commission.

Yeah, my guess is that they want to fix the issue, use the extension to say the issue has been fixed. But if they are going to fix the issue they should be telling the buyer that.

I've seen where buyers get cold feet for some other reason and use silly inspection things as their out. Sometimes things they already knew needed fixing when they made the offer.

[DrMack]

I would be worried if some quick fix DIY repair was accomplished with a trimmed budget to appease me. If you stay in contract, make sure to stipulate professional repairs are done and receipts or invoices are kept. Otherwise this sounds like a bad deal.

[MikeN]

Don’t ask for your money back, demand it back if the property doesn’t pass inspection. Do it as quickly as possible