Thanks for the chance to help. I am an Arizona attorney with over 12 years experience. Hopefully I can help you with your legal question.
You do not have to pay the original price...but you can not force them to take a lower price.
Under Arizona law, if you are in contract
, as the buyer, to purchase a home, you have the right to "inspect" the home during the inspection period. The amount of time you get to inspect should be stated in the contract. During this time, you have the opportunity to personally inspect, as well as to hire professionals to inspect the home.
If, after you perform your inspection, you notice defects in the home, you have a few options
1. You can cancel the contract and recover your deposit money
2. You can go to the seller and attempt to negotiate a resolution. For example, you can offer less money, or demand they correct the defects. This turns your contract into a "counter offer" by you. If you do this, the seller has the option of accepting or rejecting your offer, or continuing to negotiate with you over this
So this really is your choice.
If you are still in the inspection period, you can walk away, or demand they lower their price. But if you demand they lower the price and they refuse? Then you are stuck with either continuing on with the original contract or walking away. There is no legal way to force them to lower the price.