Profile picture for mybabychris

Inspection went really bad on home I have contract on Is this my way Out!!!!

Wow what a mess. The inspection uncovered all kinds of problems. I want out of this contract there is noway it will pass FHA according to inspector. I am not going to look at alternative financing I want out of contract and was told by lender that if I want out I had 10 days. Do I contact the title company or the bank to let them know how bad the inspection was and that I am not following through. Will they give me back my earnest money? I wired it to them will they wire it back to my bank? How does that work
  • March 12 2014 - US
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Answers (7)

Profile picture for mybabychris
I will contact the agent this morning to get this done thank you for your advice. Does anyone know how long it takes banks to give earnest money back?
  • March 13 2014
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Profile picture for Assist 2 Sell DC
Contact your agent and/or the agent's broker right away. Usually with contracts, time is of the essence. You(Agent) needs to be sending a release to the Seller as soon as possible. Most banks would actually give the buyer so many days to do a home inspection and back out of the contract if need be. Review your contract tonight and see what why options are and call the broker in the morning.
  • March 12 2014
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after home inspection you should have 3 choices...
#1 withdraw offer (get back your earnest money).
#2 move forward to P & S and buy it.
#3 request concession from seller (bank in this case) to make repairs or lower price accordingly.

I should also make you aware that NOBODY has the right or the authority to tell you if or if not a home would/will pass FHA appraisal/inspection except the FHA appraiser who's job it is! (sometimes I really wish mortgage brokers and inspectors would let the proper people do their job without putting the fear of god or all the "what ifs" in front of them.)

I should also say that YOUR agent is the person who is responsible for handling a "withdrawal" or "request for concession" if that is your choice (if the agent does not do what you ask and protect your money than call their manager/broker to do it and then get a new agent).

Best Wishes!
  • March 12 2014
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Profile picture for wetdawgs
Contact your agent's managing broker for some guidance.  

Whoever signed the contract needs written withdrawal from the contract.   The agent should be able to provide you the property forms.  
  • March 12 2014
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Profile picture for mybabychris
It's bank owned and my realtor doesn't help me with anything. He tried to tell me the house would approve for FHA all the way up to the inspection and then still argued with me about it after the inspection . Well Thats why I'm here asking for advice. So then I should contact the bank it's a foreclosure. Do I send them a letter, a copy of he inspection or call them?
  • March 12 2014
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Profile picture for wetdawgs
You contact the person/company that signed the purchase contract.  If that is the home owner, contact his/her listing agent.  If it is a lender holding the house, contact them.   Your agent should be helping  you with this.
  • March 12 2014
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A few questions...what state are you in? do you have a realtor?
  • March 12 2014
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