break of the purchase agreement - urgent

What is the name of your state? mi

signed a purchase agreement for a used home with a builder- no broker involved - with an earnest deposit of $1000 builder to finish part of the basement. After discovering cracks (with a leaking signs ) in the basement walls, I want to back out of the purchase agreement - which is not contingent on home inspection etc. What are my options? Can the builder sue me for breaking the agreement? Can he force me to buy the home? Can I get the deposit money back?- in what circumstances?
thanks.

[HomeGuru]

Originally posted by blazni
What is the name of your state? mi

signed a purchase agreement for a used home with a builder- no broker involved - with an earnest deposit of $1000 builder to finish part of the basement. After discovering cracks (with a leaking signs ) in the basement walls, I want to back out of the purchase agreement - which is not contingent on home inspection etc.

**A: what? No inspection by a home inspector, waterproofing contractor or engineer? That is just nonsense and asking for trouble. And no real estate agent or real estate attorney to represent you?
No wonder you're in urgent need of professional help.
*******

What are my options? Can the builder sue me for breaking the agreement? Can he force me to buy the home? Can I get the deposit money back?- in what circumstances?
thanks.

**A: no one here can help you because an attorney needs to review the terms and conditions in your contract. So contact the attorney that you should have hired before you made the offer to purchase.

oh yes... that is me, even trying to stay out of trouble.

Q: is a purchase agreement a valid document if it does not have the buyer's name and address spelled out? It "only" has the signature. (The seller's name is spelled out and signed)
thanks.

[HomeGuru]

Originally posted by blazni
oh yes... that is me, even trying to stay out of trouble.

Q: is a purchase agreement a valid document if it does not have the buyer's name and address spelled out? It "only" has the signature. (The seller's name is spelled out and signed)
thanks.

**A: what is listed then in place of the buyer's name, Scooby Doo?

the form I signed has only one field for "buyer"- where a signature is... that's all. there was no place for Scooby Doo...

[HomeGuru]

Originally posted by blazni
the form I signed has only one field for "buyer"- where a signature is... that's all. there was no place for Scooby Doo...

**A: well dog gone it, you signed it so it is a legally binding contract.

signed,
Scrappy

[FarmerJ]

Look through any of the documents you have to see if you have a sellers disclosure report with information about the house , Like a sellers truth in housing disclosure form If you find such information and it didnt disclose leakage /wet conditions in basement OR declared there are none you may have a chance to cancel Or come up with a negotiated amount for repairs . This late into the purchase this might be the only chance you have . DO consult with a lawyer anyway to review the purchase agreement and direct you on title search If title work Isnt allready done .