I bought a house at an auction a few days ago. The house was sold "as is." I am a first-time home buyer. After I won the bidding, they took a $5,000 deposit (cashier's check) and $2,500 extra after the auction was done. They had me sign papers I did not know was a contract.
It happened very quickly. They just said sign here and here, and I did. The next day, I went to the office and got my copy of the contract. When I took my friend to see the house, we found out it has a lot of termites. We did not go to a title company yet. Can I back out and get my deposit back? Or can I ask them to fix the property because they did not disclose about the termites?
What part of "as is" do you not understand?
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