Asked by Jagnew88, Jacksonville, FL
Mon Jul 9, 2012
We gave earnest money on a house we want to back out of. Everybody who seemed so nice and professional before is now being rude to us. All we want is our 'good faith' money back. We have decided to walk since there were a few mis-representations and costly mistakes made on their part that we at 22 and 24 can't afford to fix. They said they will offer a warranty for their wrong-doings and just won't take no for an answer. Another concern we have is the seller did not have the water on for appraisal but is now saying it's on and we can go check it ourselves. What do we do? We do NOT want this house! Someone help us please!
There is not enough information in your question to give a fairly solid answer. For you to walk can open you up to other penalties also, as breaking a contract which can require several months of rent monies along with your deposit.
Before just walking I would recommend getting legal assistance, I don't know of any Realtor that will late their license on the line to try and tell you what to do in this case.
The problem is you went to a contract to buy it and everyone needs to abide by the conditions of the contract. Without seeing the contract, or knowing what it says, we can not answer your question. There are usually some built in loop holes that allow a buyer to back out, within a certain amount of time. If you have passed those dates then it might be too late and the penalty is forfeiture of the earnest money. You didn't mention what the problems were so we can't comment of them. You might need to visit a lawyer to get them involved. What costly mistakes could they have made? Ask them to fix them.