Upcoming Foreclosures

Backing out a bank owned foreclosure home contract?

recently submitted an offer on a bank owned foreclosure home (already paid the 1000 earnest money and another 5000 dollars as required down payment), the bank accepted my offer, however, after 2 home inspections done to the house. I realized that the hidden problem with the house and the work/money I have to put into the house to make it move in ready is beyond what I can handle at this moment. The house is sell as it is per bank, is it still to late to back out the contract, or can I negotiate/ask the bank of fix some of the stuff. (some of the issues to me/home inspector is really safety issues, can I use that as a ground to break the contract and get my money back? Please help, I am hopeless. thank you very much!

Public Comments

1. only if it was in the contract that it must pass inspections
2. You may get your earnest deposit and down payment if your contract indicated that this is contingent upon you getting and approving of the inspection report. If you have a good real estate agent the contract you signed would have language to this effect. You might still get if back with a request of it from the bank, they are not interested in unwanted publicity at this time. Ask your real estate agent how you can get your funds returned to you, as you are no longer interested in the property. I hope this has been of some use to you, good luck. "FIGHT ON"
3. if your purchase agreement had a inspection contingency in it and the date has not expired you may back out and receive earnest deposit back. that is the entire intent of an inspection contingency.