Reply to How much money do I lose if I make an offer but pull out after inspection?

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[quote=Anonymous][quote=Anonymous]You lose your earnest money deposit.  The inspection can only be used as a reason IF the inspection reveals major issues that the owner is unwilling to either pay to repair or mitigate themselves.  You cannot back out just because you suddenly think its going to be too much work. shoulda thought about that before you put the contract on the house and wrote the check for the deposit.  [/quote]

This is incorrect information.  The inspection doesn't have to reveal "major" issues.  Basically, it all depends on how your contract is written.  You can have the inspection contingency written so that you can back out if the inspection is unacceptable to you (without having to ask for repairs) and still get your deposit back in its entirety.  Or it can be written so that you must submit a list of requested repairs after the inspection, and if the seller refuses to do them, then you can walk and get your deposit back.  The repairs don't even have to be big ones.  You can request a long list of minor repairs.

You can also request things like a roof certification, et cetera.

The important part is how the inspection contingency is written into the contract.  Instead of just relying on your real estate agent, you might want to consult a real estate attorney.

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