Expert: Dick Dennis - 10/8/2006

Question
my wife and i put a bid on a home ther was 1000 dollar deposit. we agreed on price we then got inspection found out it had termites, water damage,  roof damage, and  other pest problems. were not sure we want the house anymore at any price how do we get our deposit back? thx john

Answer
Read your copy of the purchase agreement. Somewhere on it it says that you have the right to have the property inspected by a professional inspector. If you did not remove that contingency, then that transaction is void and all deposits should be returned. The seller must sign and OK the release.

If you did not have a professional inspector check the property, shame on you. The agent should have informed you about that responsibility.

Inform the agent who took your offer to purchase that you no longer want the house. He should be able to write up the proper document.

I do wish you well.

Dick Dennis            dixiedee13@aol.com