You found a house that you thought was absolutely perfect, and you are thrilled to see that the sellers accepted your offer, only to realize during the inspection period that it has the dreaded ‘black mold’ during the inspection period or some other dealbreaker. Or maybe you’re just having second thoughts, it happens.
Can You Take Back Your Offer?
Is it too late for you to back down? Are you committed to buying the house because you are locked into a contract?
No!
There is still a specific period of time during which you can take back your offer and find someplace new: the inspection (or due diligence) period.
The inspection period
Typically after your offer is accepted, you have a boilerplate 10-day window for inspections. While you can always negotiate with the seller for more or less days for the inspection period, this 10-day period is standard.
This is your time for your due diligence and for you to determine whether or not you want to move forward with buying the property or cancel your contract depending on the overall condition of the house.
It is recommended that you not only get a general inspection during this time, but also other more detailed inspections:
- Sewer line inspections
- Roofing inspections
- Electrical inspections
- HVAC inspections
When you have contractors conduct these inspections, you will receive inspection reports which allow you to be absolutely sure about the condition of the home before you proceed with the transaction.
If you find multiple health concerns or other safety issues, it is probably best to move on, get out of your contract, and start looking at other properties. Remember, this house is where you and your family are going to live. Your health and safety must be your #1 priority!
For this reason, it is perfectly acceptable (and common even) for home buyers to take back their offer during the inspection period. When you hire contractors to complete inspections within this window of time, and you have a list of your concerns to show the seller, it provides you with a tangible, valid reason for canceling the contract if you need to do so, allowing you to take back your offer with no issues.
So if you have found yourself with an accepted offer on a property you cannot fathom actually moving into in the future, you have a chance to back down from the house and walk away from your contract during the 10-day inspection period.
