I am pretty far into the process of buying a home - I have conditional loan approval, signed a purchase contract, etc. Unfortunately, we had an inspection done this weekend and discovered some major defects, including a large structural crack in the foundation of the home. Since we have an FHA loan, the crack is for sure going to hold up our loan and probably prevent us from getting the house even if we wanted to deal with the repair.
I know that I will be able to get out of my purchase contract because this should qualify as a major defect in my contract. But what do i have to provide my lender to halt the mortgage process? And will I still owe anything aside from the deposit I already paid?
Also, an aside - it is so sad to see a home not taken care of. This would have been a great house for us, but the owner just did not take care of it, and all of the defects we discovered were totally preventable.
EDIT: should have mentioned that it’s a private sale with no realtor involved.
Submitted August 15, 2021 at 08:34AM by WellTemperedChum https://ift.tt/3sn3gbt
