Is This A Good Reason To Cancel A Contract?
Hi
I just signed a contract to purchase an apartment building. I signed it based on inspection. The inspector says in his report that "there is a lot of leakage in the basement, mold could be present. Some sort of fungus is growing on the siding, water heaters are at the end of their life span".
After hearing this, I am no longer interested in this house since I dont think the seller would be willing to fix all these problems. I want to void contract based on the inspector's report.
Can I do this?
that is just one way you can get out of the contract. im a realtor and i have seen many deals die because of the home inspection. as long as your with in the days that you have to do the inspection. or you can consult with your attorney.
as long as you signed the offer based on a satisfactory inspection by YOU , and did it in the time frame that you stated in the contract, then you have no problems.
What you can do is add up all of the costs of therepairs that would satisfy you(new water heaters, mold, etc....anything else you can think of) and say that you will go thru with the deal if he fixes all of it or deduct from the sales price to where you feel comfortable.
if he doesn't want to budge then walk away.
hope this helps.