Terminating House Under Contract

[Teonia Riley]

Hi, 

I’m a newbie, buying first property but in need of advice. Below is the backstory, 

I have a house under contract that I admired the remodel, got an inspection and a lot of things were wrong with that property. Though, the HVAC has reached its life expectancy per inspection report - It was recommended that it gets serviced and clean. (Still awaiting Seller to confirm report it’s been done as she agreed to the inspectors recommendation but has mentioned she’s not replacing it) In additional to the foundation has shifted and need reconstructed due to a lot of slopping in the home (My agent said it comes with wear and tear, so they might argue that their not going to fix it so I didn’t put it on the IRSA to repair). However, everything on the inspection report - Seller agreed to fixing. It’s taking Seller a while to provide the HVAC report but while time passes after due diligence - Flooring cost is way too expensive at the price point they’re asking for 130K + Care of property never took place till decided to sell so I’m not comfortable any longer - Home sits on corner lot on a slight hill with crawl space - Lots of weather changes has caused the home to settle + improper supports needed. I’d rather pass this problem off & keep shopping options. 

I’m aware I should’ve backed out when the inspection was done but thinking I could bare the cost - it’s not sustainable for the goals I have with this property. I’d rather terminate due to foundation issues and high possibility I’d have to replace the HVAC in my first year of ownership. Agent has explained, I’d potentially be sued because I agreed to them fixing everything then backing out in the middle of repairs. I thought better to terminate in the middle of repairs prior to them completing everything + Owe appraisal fees to Lender.  

What type of trouble am I in? Any feedback is appreciated! Never bought home before and learning as I go.