What happens if home fails inspection?

Q: If the house I'd like to purchase doesn't pass inspection, will the entire transaction be canceled and money refunded?

A: Oh, if only life (and real estate) were so black-and-white -- being a grown-up would be so much easier! Unfortunately, home inspections are not pass-fail. Rather, they are part of your due diligence duties as a responsible home buyer. They give you the information you need to decide whether to proceed with the purchase and/or renegotiate terms with the seller. Your ability to cancel the deal and get your deposit money back is governed by the terms of your contract, and standard practices vary from state to state.

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