The Buy Sell Love Chicago Team
312-600-7510
The Buy Sell Love Chicago Team
312-600-7510
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The Home Inspection Came Back With a Ton of Issues. As the Buyer,...

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First, let me tell you that will need to consult with your real estate attorney and Realtor, but generally, yes. If you find something objectionable in the home inspection report and:

1. You are still within the time frame for attorney review and the inspection period AND

2. The attorneys haven’t signed off on the contract yet and ended attorney review then you should be able to get out of your contract to purchase the property and be refunded your earnest money.  This is the exact reason we have an inspection period and hire an inspector.  It’s also the reason you want to make sure you’re working with a great Realtor and a top notch real estate attorney.  In order for you to get out of the contract due to a bad inspection, your attorney will need to write a letter to the seller’s attorney canceling the contract before the end of the attorney review time period. Your Realtor then needs to fill out a request for a refund of the earnest money which all parties need to sign off on.  If all parties involved are being responsible and reasonable, this can hopefully happen quickly, but plan that it could take up to a few weeks to get your earnest money back potentially.

Again, consult with your attorney for exact answers regarding your specific situation.

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