It's always a excellent idea to consult a lawyer when you are not sure about the buy-sell agreement.
Specially if you've found inspection uncovers defects that will be expensive to repair, some of your options may include:
- Deciding not to purchase the house and getting your earnest money refunded, under your earnest money agreement
- Making another offer to purchase the house, factoring in the cost of repairs
- Asking the seller to make the repairs or to adjust the purchase price
- Making the repairs yourself after you buy the house, if the house appraises above the amount you've offered
Pursuing any of these options, though, will depend upon what you were able to negotiate in your agreement with the seller prior to the inspection.
Taking the time for a careful inspection of a house before you buy can save you a lot of money and aggravation.
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