Q: My husband and I are wanting to walk away from a home we were wanting to purchase after the 2nd inspection failed.
They failed for electrical and plumbing. We were supposed to close a day later. The seller claims everything is now fixed before closing but they made this same claim before we paid another 100.00 for the 2nd inspection. What can they get from us as they say they will sue us? We put no money down in any way. The contract says they have up until the minute of closing to fix things.
A: They could sue you for specific performances to make you purchase the home or they could put the home back on the market, eventually sell to someone else, and sue you for the difference in your price vs what they end up receiving, plus holding costs, plus interest and probably attorneys fees. You could be hit with a large judgment if you lose, plus you have to pay your own attorney. I surgery you have an attorney carefully review your contract.
A: Typo in my answer below. I "suggest" you contact an attorney to review the contract.
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