I am purchasing a home in Illinois and we are in the extended attorney approval period, we requested an extension for 5 additional business days. This is a transaction without a real estate agent so everything seems to be taking longer. At first I was comfortable with the purchase but over the last few days the seller has made several comments leading me to believe that he been covering up some issues with the house.
Of course, I had an inspection done and at first I bought the seller's responses to the issues. For example, there is evidence of water damage in the basement. The owner said it was like that when he bought the property and that he has never had a problem. There are also a few issues such as possession, illegal rental of the basement, etc that, again, just from his comments I have a feeling that I will have to litigate after closing to get them resolved.
I am feeling increasingly uncomfortable the more I think about it and I have a gut feeling to back out of the deal. Am I still able to do that? Can I still use the inspection as the reason? Did the extension of the attorney approval period also extend the amount of time that I can respond to the inspection?
Are there other reasons you can use during the attorney inspection period? Do you even have to give a reason at all? Thanks.
Of course, I had an inspection done and at first I bought the seller's responses to the issues. For example, there is evidence of water damage in the basement. The owner said it was like that when he bought the property and that he has never had a problem. There are also a few issues such as possession, illegal rental of the basement, etc that, again, just from his comments I have a feeling that I will have to litigate after closing to get them resolved.
I am feeling increasingly uncomfortable the more I think about it and I have a gut feeling to back out of the deal. Am I still able to do that? Can I still use the inspection as the reason? Did the extension of the attorney approval period also extend the amount of time that I can respond to the inspection?
Are there other reasons you can use during the attorney inspection period? Do you even have to give a reason at all? Thanks.