Quote:
Originally Posted by X5 Meister
Escrow may fall through because the bank finds out there are 5 liens on the property or there has been reported structural damage to the site or there is a lawsuit pending on it because a divorce went bad and the kids of one party have put forth a legal challenge to 10% ownership .
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The title issues would most likely be picked up by the closing attorney and if they aren't, title insurance should cover any undiscovered issues.
The structural issues would be observed during a property inspection. As long as B-Line doesn't purchase "as-is" he would most likely be able to back out of the purchase if there were any structural issues with the property.
If the other "buyer" is willing to purchase "as is", with no financing or appraisal contingencies, then walk away and let them take that risk or call the sellers bluff. Otherwise, if you are confident about your credit score, income, debt ratios and market value of the home, you are somewhat limiting your risk. If this is a must have house, then you may be willing to take the chance that you will lose your ernest money. Once again, it depends on how confident you are on those items and how bad you want the house. Is it the most safe way to buy a house, absolutely not. Is it worth the risk, that is a personal decision you have to make.