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Not paying earnest money after structural concerns?

Hi all,

I recently went under contract on a home and my earnest money (~$10k) is due tomorrow (Monday).

After going under contract, I was given deeply concerning documentation related to a foundation issue / repair from 5-6 years ago (significant settling). Frankly, this was a massive red flag for me, and even if I can get comfortable living there I’d have concerns about the next buyer.

I have a structural engineer teed up this week to inspect and evaluate the work.

Question: Should I NOT pay the earnest money tomorrow? It seems silly to tie up my money (and potentially pay fees) when I now have such significant concerns. I’d be totally fine with the sellers going under contract with someone else for now.

The contract includes inspection contingency (among others). My buyer’s agent is not helpful at all and only tries to dismiss any of my concerns (“it seems like they did great work on the foundation!”)

Note that this home is NOT in TX, where I know foundation work is a lot more common.

submitted by /u/SkinnyMalfunction
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/1iqs2ht/not_paying_earnest_money_after_structural_concerns/
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