How do home inspection defects, affect a sales agreement?

Question

Most agreements of sale have conditional requirements. If a home inspection proved that major defects exist in the structure, what impact does it have on the agreement?

Answer 1

the buyer can back out of a sale if there are alot of problems with the property..i believe u may have 30 days...also..the buyer can ask the seller to fix the problems..or again you can back out, but i believe the problems have to be substantial

Answer 2

Nothing if the buyer agrees to continue with the sale, and can still get financing for the purchase.

It only becomes a problem if the buyer makes it a problem, or it affects the appraisal for financing.

Answer 3

if the inspection shows up minor things the buyer and seller can work  that out if they want. if there is something major the buyer can back out immediately. if there are serious problems the lender might not o k the loan for the buyer

Answer 4

The bank may not approve the loan if there is a major defect that affects its habitability, yet if there is no contingency clause the buyer must still buy it.

The results of the inspection can give the buyer leverage in rachetting down the price.