Want to backout from contract for several reasons..

Hello and Thanks in advance for your advise..

My wife and I are buying a home. We decided to hire a Broker at the recommendation of a friend. After about 3 months (Of home searching with him) we finally see a home and while looking at the home our Broker says "I was just told by the another agent who is with some people looking at the house, that the house already sold, to not even bother, haha." We see the house and ask the advise of the agent. We end up settling at the asked price of 113,000. After the inspection I see and recieve a report from the inspector tghat tells me that the house needs several repairs such as rotted floor sourounding toilet, chiney needs repointing, oil in both tanks still in basement (When gas is used on both floors), open wiring in two places, wire connected by bathroom and kitchen( Lights of bath and kitchen connected), First floor window has been replaced but balance of lod window has not been replaced nor sided...
Aside from other problems. My question is that if I can back out with out having to lose deposit?
This is what the clause says:

Right to inspect:
This agreement is subject to the right of the buyer to obtain, at buyers own expense, an inspection of the premises and written report to include, but not limited to, the presence of hazardous materials on the premises or the likelihood of release of hazardous on or from the premises. If the buyer is not satisfied with the results of such inspection, this agreement may be terminated by the buyer, at the buyer's election, without legal or equitable recourse to either party, the parties thereby releasing eachother from all liabilityunder this agreement, and the deposit shall be returned to the buyer, provided however, that the buyer shall have notified the broker, innwriting, together withn a copy of the writen report of the inspection on or before the inspection expiration date hereinabove specified, of the buyers intention to so terminate. If such notice and written report are not recieved on or before the inspection expiration date hereinabove specified, the buyer shall be bound to perform buyers obligation under this agreemnet.


The oil tanks have oil. They are no longer being used. Do I have the right to request that the tanks be removed by seller?
There is also a tree growing into the garage and the inspector suggests it be removed, can I cancel the contract on these things.

I am extremely scared...
Any advise will be greatly appreciated..

Thanks,
Marc

[FarmerJ]

seriously could you negotiate some of those things into being repaired by seller ? If you can and succesfully negotiate all those things you could still have a home that will work for you .

[alligatorob]

I am not a lawyer or realtor but I have bought and sold lots of houses.

It looks to me like so long as you do it before the deadline you can get out of the contract. Just put it in writing and include a copy of the inspection report. You might consider what you would like to have the seller do to keep the contract. What people usually do in these cases is to say that unless the seller does something, like fix the problems or give you money to fix them, then the contract is canceled. In any case it seems to me that so long as you put the cancelation in writing and comply with the contract you are ok to cancel.

Good Luck

I will do just that..
thanks for the help..
Marc