ca_lexa, Home Buyer in Boca Raton, FL

Can I still get my deposit back without paying for appraisal or inspection?

Asked by ca_lexa, Boca Raton, FL Sat Aug 3, 2013

My offer was accepted by the seller (Fannie Mae) a few days ago, and I submitted my deposit yesterday for $5,000.

Is there a way I can get out of this contract? I found out today that the HOA will not allow for rentals (which my realtor said they did previously). How can I cut ties with this contract without paying money for the appraisal and/or inspection as a way to get out of it?

Help the community by answering this question:



Your best bet is to read your contract. It will detail all the "rights" you have. Another option is to consult a real estate attorney.

Best of luck,

Chad Gray PA | Realtor
Luxury Living Fort Lauderdale
(at Coldwell Banker Residential Real Estate)

100% of clients rated our service as "EXCELLENT"!

0 votes Thank Flag Link Wed Aug 14, 2013

Looks like you received a lot of good information. If you haven't received your deposit back you should be speaking to a real estate attorney.

If we can be of service contact us at 954-336-5156.

Thank you,
Maria Sabio
954-336-5156 [C]
0 votes Thank Flag Link Fri Aug 9, 2013
According to Florida Statutes section 718.503 (2)(c), you have 3 business days after receiving condo docs to cancel a contract.The three day rescission period gives the buyer an opportunity to review documents and identify any issues related to living in that condominium.

Second option is an inspection contingency. Usually you have from 7 to 10 days to cancel your contract if the inspection report shows certain repairs are needed. But you will have to pay for the inspection.

To avoid such mistakes, make sure to choose a professional and experienced realtor to work with.

Olga Monson
Decorus Realty
Direct Cellular:(954) 512 3044
0 votes Thank Flag Link Mon Aug 5, 2013
As per your question it appears that the property is in a homeowners association. If that is the case you have 3 days from receipt of the documents to back out if you don't like their rules and regulations. Be sure the check the time frames of the contract. Some go by business days and others go by calender days. Of course its always in your best interest to consult a real estate attorney
Hope this was helpful.
0 votes Thank Flag Link Sun Aug 4, 2013
As long as your inspection period is not up yet, ask your realtor to fill out the Release and Cancellation form, sign it and submit to Fannie ASAP.
0 votes Thank Flag Link Sat Aug 3, 2013
Fannie Mae As-is contract can be cancel any time before inspections period but please read the addendums to be sure that is this right to cancel,

Good luck.

Pedro E Lopez P.A., CDPE
Real Estate Consulting
Cell: 305-726-7138
0 votes Thank Flag Link Sat Aug 3, 2013
I am quite certain that your contract allows you at least three days to review the condo documents. After reviewing, if there is something that is not acceptable to you, you can request a cancellation. Hopefully your agent is looking out for your best interests.

0 votes Thank Flag Link Sat Aug 3, 2013
It looks like you have gotten a lot of good information. The As Is contract will let you, the buyer, cancel for any reason as long as it was within the inspection period. If I were you, I would read the Fannie Mae addendum which you had to sign when you signed the contract. It will spell out very specific time frames for cancellation.

Hope that helped.

Thelda "Dee" Vanover
Timothy P Smith Real Estate
0 votes Thank Flag Link Sat Aug 3, 2013
Fannie Mae only accepts As Is contracts so if you are within the INSPECTION time frame, then you should be able to cancel in writing without penalty. The As Is Florida Sale and Purchase Contract allows for the ". . .Buyer at Buyer's own discretion . . ." which means that you do not need an inspector to find a problem. Your problem is with the HOA rules. However, TIME is of the essence so contact your Realtor ASAP to write a official Release and Cancellation form for you to sign. Your Realtor must then submit this signed and dated form to the Fannie Mae listing agent.

The other Florida real estate contract does not include this provision.
0 votes Thank Flag Link Sat Aug 3, 2013
I would contact a real estate attorney asap. There are time frames in the contract that may give you the option to cancel without penalty. Time is of the essence.
0 votes Thank Flag Link Sat Aug 3, 2013
Yes. You can back out and get your deposit back as long as you are still within the inspection period which should be at least 7 days. You are not required to pay for appraisals and/or inspections in order to do so. Let me know if I can help further.
0 votes Thank Flag Link Sat Aug 3, 2013
You should get your Realtor to work this out for you, since you based your decision on what your Realtor said.
Web Reference:
0 votes Thank Flag Link Sat Aug 3, 2013
It sounds like the contingencies of the contract have been met, i.e. appraisal and home inspection, and your mortgage has been approved. You will need to call your title company/attorney's office and talk to them. Good Luck.

Barbara Easton-Irvin
Atlantic Properties
0 votes Thank Flag Link Sat Aug 3, 2013
Obviously you didn't read my note very closely. I'll be sure NOT to choose you as my next realtor.
Flag Sat Aug 3, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer