If the problems affect your willingness to purchase the property under the terms of the contract, you should advise your real estate agent or attorney immediately. You will need to discuss how you wish to address your concerns. In the most severe cases, you may wish to cancel the contract and walk away from the deal. However, if the problems are less severe, you may wish to require various repairs to be made by the seller prior to closing or you may wish to negotiate a reduction in the purchase price, in exchange for which you would assume responsibility for any necessary repairs. In any event, these issues should be addressed promptly. If the problems are minimal and/or were anticipated when you made the offer, you may wish to simply accept the condition of the property without regard to the inspection results.
