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Updated over 4 years ago on . Most recent reply

User Stats

5
Posts
2
Votes
Devin Lutz
  • Twin Falls, ID
2
Votes |
5
Posts

Get back earnest money

Devin Lutz
  • Twin Falls, ID
Posted

Can anybody please give me your thoughts?

I'm a first time home buyer and went to look at a duplex. I was pretty interested in it because it has a large basement that I figured I can eventually turn it into another unit.

Unfortunately, I talked to the city zoning planner and was told that the lot size is to small to be approved for a triplex.

I also called about the utilities and found out that both units run off the same water meter and the costs are more than I anticipated.

I haven't had the inspection done yet but I'm still within the 10 day inspection period

Is this enough for me to be able to cancel the agreement and get my earnest money back?

Thanks!

P.S. this stuff is super stressful your first time going through the process haha

Most Popular Reply

User Stats

335
Posts
469
Votes
Paul Shannon
  • Rental Property Investor
  • Fishers, IN
469
Votes |
335
Posts
Paul Shannon
  • Rental Property Investor
  • Fishers, IN
Replied

Yes, ultimately you have the discretion to cancel the contract based on anything uncovered in the inspection.  Even if you seem to be unreasonable in what you are canceling over, its your discretion if you contract is subject to the inspection.  

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