Buyers wanting to back out because of inspection

[m2beaumont]

Hi, Indiana here. We signed a purchase agreement with a buyer on 4/14. In that agreement it states that they are to have all inspections done within 15 days of signing the purchase agreement. The buyers signed it as well. The buyers weren't going to have a home inspection done. Then, they changed their mind and had one done on May 17th.(the purchase agreement was NOT changed) They were unsatified with the results of the inspection and want to back out. Which I might add stated that we "lied" about our disclosure of how old the roof was.(And we didn't).We have proof that a new 1st layer roof was put on 4 years ago. While the inspector stated that our roof was more like 7-10years old. Our Realtor says that the buyers are bound to the contract and must close. To me, from the bindings in the purchase agreement it seems as though this inspection might as well have not even been done since they were too late and that we are not responsible for anything found wrong in the inspection. I'm wondering if there is a way for them to back out and should we start looking for a lawyer? Any insight would greatly help! thanks in advance!

 

[HomeGuru]

Even if the Buyers had the inspection done before the 15 days, they would have walked anyway due to the inspection results.
If the contract was subject to the inspection and approval of the inspection results, you would have lost the Buyer anyway.

 

[m2beaumont]

So basically they arn't going to close. We move on and look for new buyers.....That whole 2mo. of our house not being up for sale is just lost.......oh well.... That entitles us to the earnest money, correct?

 

[HomeGuru]

Forget the earnest money and move on.

 

[faithandhope]

And also know that now if you have seen the inspector's report and have knowledge of other items that need repair, you must now disclose them. To another buyer these items may not seem like much. Good luck.