Myth: Even after an accepted offer, buyers must accept an As-Is sale when unknown facts are later disclosed.
False: A seller must disclose all known material facts to the buyer and should be done prior to writing an offer. A buyer needs to know what exactly they are purchasing minus the findings from buyer’s inspections. If the property has anything that affects the value or desirably of the property, the buyer should be made aware to make a proper offer. In some cases the buyer discovers information that changes the value of the home such as termite damage, water leaks, or an uneven-foundation, so the buyer has a right to cancel without forfeiting their earnest money deposit if within their contingency period. If the discoveries are after their contingency period, a buyer may still cancel with risk of losing their deposit. The buyer has a right to walk away from a property, if she or he does not feel the value of the home is what they previously offered.
Use an experienced Realtor like myself to make sure you do not have to purchase a home you do not want. Bank owned properties, homes acquired through foreclosure, are exempt from certain things, but have your Realtor ask the right questions to the listing agent. I always look out for my clients best interest along with keeping their hearts happy!