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When a buyer opens up escrow, they often ask me what would happen if they found something wrong with the property and were unable to come to an agreement with the seller. They want to know whether the earnest money deposit is at risk in this situation.
The Residential Purchase Agreement, the default contract used by real estate agents, has certain contingencies to protect you. One of these contingencies is the inspection period, which gives you a 17-day default window so that you can order any inspections you want. During this time, you can do a termite inspection, a home inspection, a roof inspection, and any other type of investigation that will ensure you feel good about the property you are about to buy.
Once the 17-day contingency is over, the listing agent, if he's doing his job correctly, will request that you remove your contingency in writing. Once you do that, you are saying that you are 100% satisfied with the property and that you're not going to back away from the contract. Once the 17-day contingency period ends, but you feel you need more time, you can request an extension. A week, two weeks, or any other length of time a seller thinks is reasonable can be granted. It's not guaranteed that the seller will give you an extension, but it's worth a shot if you feel you need the time.
The bottom line here is that your earnest money is not at risk. The 17-day inspection window, plus any extensions you might get, should be plenty of time to either make a deal with the seller or back out safely. If you have any questions about this topic, or if you need real estate assistance of any kind, please don't hesitate to reach out to me. I'm here to help, but most importantly, I'm here to get the job done!
