[spinner1001]

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?

Read your contract to learn your rights within your specified inspection period. Do not rely on what others say about the deposit return unless they have read your contract. Time is of the essence to act as the contract clock is ticking.

Others here are likely right about the agent with the extension. The agent is trying to keep the deal alive and motivated by a commission.

[retiredguy123]

Originally Posted by 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.

In Florida, not always. Some inspection clauses allow the seller to fix small defects and the buyer cannot cancel the contract.

[RRGuyNJ]

Short story is no one here knows for sure unless they have a copy of your contract. Look for stipulations about the cost of any needed repairs. One thing is most likely for sure, you have a time limit. If they delay a refund, be sure to request the refund in written form just in case it gets ugly. Good luck

[Dlbonivich]

The inspection period is there to allow you a due diligence period It depends on your contract. Is it an as is contract?

[DonnaNi4os]

Water damage leads to mold. I’d move on.

[Normal]

Originally Posted by donnani4os

water damage leads to mold. I’d move on.

especially in florida

[Ducatigator]

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?

The inspection period is exactly meant for this purpose. You have options. In general, most realtors on the selling side honor the clause and do not forfeit your money if the inspection clause or financing clause are enforced.

Couple of things to consider.
1. What kind of damage? Cause of damage?
2. Do you love this villa so much you are willing to work through the seller fixing it and getting it reinspected.

Do you have someone representing you? If you need a real estate attorney to review your contract, I know many. Just let me know and I will give you their names.

Just proceed with logic, not emotion. You have options here.

Good luck!
Have a great day

[Bob04090]

If this is a VLS contract, read the inspection policy. It's worded in a way that does not allow you to get your earnest money back. The seller has to fix the problem up to 1.5% of the purchase price. If the repairs are more than 1.5% of the purchase price and the seller doesn't want to pay the extra money for repairs, then you can cancel the contract. Remember, the VLS agents are not traditional real estate agents. They work for The Villages, whether you have your own VLS agent or not.

If it's an MLS contract, then you most likely have an out clause for inspection. We had a water issue with the house we purchased and it was repaired. They are not necessarily horrible unless there is mold throughout the house.

[mkjelenbaas]

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?

And the question is??

[Heartnsoul]

I'm looking under home inspection disclosure. I don't see anything??

[MidWestIA]

your contract should say

[Heartnsoul]

I'm getting sick over this. I'm not an attorney so don't know WHAT ZTO LOOK for in contract?

[Normal]

Originally Posted by Heartnsoul

The RE agent tells us not to worry. We are.

That says a lot.
A: It sounds like the RE agent is licking his chops for a commission check and nothing else matters.
B: You want to back out because intuition is telling you to. You have other information that hasn’t connected to your initial focus but it is there.

There are literally hundreds upon hundreds of homes for sale. In the Villages. You should enjoy your purchase. Not worry from day 1.

[ron32162]

It all depends on the contract to purchase you signed.

[Heartnsoul]

The agreement isn't clear but RE telling us to sign. Everything will be fixed? How do we know? FIRST home we purchased in the villages had water leaking under floor pipe problems. We had to evacuate our home as they jackhammer it and that was a new build. This was built in 2016