Price Reduction Request after Offer

[Sheryl Griffin]

Made offer on a house - offer accepted.  Now I'm in the 10-day inspection period (per the contract), and inspection and contractors find "mildew" - indicating potential mold exists - throughout the home.  Plumbing, electrical and HVAC all need completely replaced...this part we had a good idea of, but the excess costs including the mold are escalating beyond what we budgeted for since this is a 3,000 sf house.  So we asked for a price reduction on our 9th day with a 24 hour response.  The seller wants 3 days to look into it (this was verbal from their realtor, not in writing), get contractors, etc.  If mold exists, and seller did not disclose, only put N/A in contract, their Realtor says I signed a contract that says "as is".  If that's the case, then what's the 10-day inspection period in the contract for?  We are just 19 days away from closing...that will put us at 16 days from closing.  The profit potential is good, but it's a very old house, too, and even the contractor says to allow a larger cushion for more potential we find along the way.  I'm asking for a $15K price reduction.  I'm also thinking of wholesaling as my exit.  I fix and flip and do buy/holds - I've never done a wholesale.  

Questions:  

• Can seller ask for more than 24 hours to respond - not in writing?
• If we decide to walk should I wait until their response or move on?
• Since this is a "major defect" found during inspection, am I due the EMD back?
• Is this sufficient time remaining to do a wholesale?
• Suggestions?

[Account Closed]

This is a very common situation and I am surprised that seems to be some much confusionBuying a house as is simply means the seller is not making any repairs but And I repeat but your did not waive any or your contingencies unless expressed in the contract

1- Right to due diligence  as per California law

2- Right of inspection

3-Appraisal and financing contingencies, title issue  etc etc

Your agent should have sent out an addendum cancelling escrow if seller does not respond to your requests for repairs or whatever you wanted before your due diligence period expires  The emd is yours to keep if your sent out the proper notices during the time periods  allowed  The agent should know this it is Read your contract to confirm