If I have signed a contract to buy a house but the inspection finds a “mold like substance” am I still obligated to buy the house?

We are first time home buyers. We found a house we loved, placed a bid, it was accepted, our Realtor had us sign a contract, then we have the inspection. Inspector finds a “MLS” covering about 1/3 of the basement and an attic full of it. Seller has come back saying he will fix it but how do I know it won’t come back? We’re really not interested in the house anymore at all, our Realtor is saying we could be sued if we choose to walk away. Are we obligated to buy this house if the Seller claims to want to fix it?

Asked on July 12, 2012 under Real Estate Law, Illinois

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

I suggest that you consult with a real estate attorney concerning the home that you are contract to buy where a mold like substance was found during expert inspections. Custom and practice in the real estate industry would have dictated that YOUR real estate agent had an inspection contingency that you would have waived after inspections were completed on the home where you then evaluated whether or not you wished to proceed further in the process and possibly close escrow.

From what you have written, possibly your agent may not have protected your interests in the transaction under the purchase contract with an inspection contingency waiver. Read your purchase contract carefully and then consult with a real estate attorney about your matter.


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