Buying A Home
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walking away from a house after inspection

Anyone on here have to do this?  We had a horrible inspection this morning.  The issues are a lot and bad.  Some of them we don't even know the extent of without pulling up whole floors and taking the finished basement walls which the seller's won't agree to.  So we've decided to walk away. Just wondering if anyone did and if you got your initial deposit back. 
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Re: walking away from a house after inspection

  • It's really going to depend on state laws and how it is set up through your lender.  We recently made an offer on a home and had an inspection done yesterday.  We are going to continue on with our offer, however, there were some things needing attention.  If we decided to walk away from our offer, we still have to pay the inspection.  We had chosen to take care of the inspection ourselves.  It also may depend how it is worded in the contract as well. 

  • Our contract had a specific "inspection period" (10 days, I think), where sellers could walk away and get their earnest money back if they weren't satisfied with the inspection or our offer to make repairs. You should go through your contract and speak with your REA or Attorney.
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  • Ugh that's tough. But, you are probably making the right decision.

    I think the findings of that inspection have to now be entered into that home's RE record for sale (I think they have to changed their seller disclosure form) so this might mean the sellers will have to lower their price to attract any new buyers.

     

  • We walked away from the first house we were under contract on based on the results of our inspection. There were sewage issues, faulty wiring, lots of DIY projects done incorrectly, mold in the basement, etc. Our contract was written in a way that we were allowed to just walk within 3 days of inspection with a full refund. Take a look at your contract and see what it says.
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