Home Buying in 90005>Question Details

Ben, Home Buyer in 90019

Can you walk away from buying the house after the final walk through.?

Asked by Ben, 90019 Tue Sep 28, 2010

Can you walk away from buying the house after the final walk through?

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8
Ben,
Revert to signed purchase agreement and escrow instruction. Have contingencies been removed or outstanding. What is reason for cancelling escrow at final walk-thru? I do not have enough information review contract with your Realtor.

Gail Mercedes Cole
EXP Realty Marina del Rey
310.853.9933
0 votes Thank Flag Link Thu Oct 3, 2013
By the time you have gone to final walk through, all contingencies will have been signed . Normally final walk through is a formality unless there is suddenly something seriously wrong with the property, or they neglected to make the repairs that were agreed to.
Your agent should be taking care of you in this situation.. I pray you have a buyer agent. If you don't I also would highly recommend a Real Estate Lawyer at this point.
0 votes Thank Flag Link Tue Sep 28, 2010
At this point, you need a lawyer.

As others note, it depends on whether you've waived the contingencies (assuming there were some). But if certain work was supposed to be done (such as the termite damage repair) and it wasn't, you've got some ammunition to support you.

Remember, too, that money can be put into escrow at closing to cover the needed repairs. Or there are a couple of other ways to handle it so that the seller--in essence--pays for the work not done.

A lawyer (or your Realtor, if you have one) can better advise you on your options.

Hope that helps.
0 votes Thank Flag Link Tue Sep 28, 2010
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
Are you in CA? Do you have an agent? You can certainly put a stop to the purchase. You may go to court over it, but they cannot force you to buy they house.

If the contract states they do repairs and they did not, then they have not held up their end of the contract.
0 votes Thank Flag Link Tue Sep 28, 2010
Dear Ben, sorry to hear that you are having second thoughts at such a late date in the transaction! This is why it is so important to have a professional realtor by your side who's judgment you trust, advising you, but not pushing you, along the way. Whatever your concern is at this point should have been considered during your contingency period and your agent should have made it clear that you should cancel before signing off on the contingencies if you had any doubts about wanting to follow through. Your agent is probably the person you should talk to first, as most agents work for large corporate brokers that have attorneys to consult with, or you may find it in your best interest to seek out your own attorney as you may be in a conflict of interest situation with your broker.
0 votes Thank Flag Link Tue Sep 28, 2010
Ben
If you do not have an attorney you need to get one now. A lot depends on the contract and what it says.
0 votes Thank Flag Link Tue Sep 28, 2010
Thank you anna, Do you know of a good one. We were suppose to do the final walk and me and my wife just left. All the work that they suppose to do they didnt do. The floor was damage by termite and they had agreed to do fix it instead they had just stained the area where the termit damage was. Half of the room is stained with totally differnt color. At this point we dont trust them and we feel thay ave been liying to us all this time.

What is the worst thing that can happen if we walk away. What is the cost of walking away?
0 votes Thank Flag Link Tue Sep 28, 2010
Not knowing all the details--much will depend on your contract--if considering backing out, do consult with an attorney who specializes in real estate beforehand--have all related paperwork reviewed and see exactly what options you may have.
0 votes Thank Flag Link Tue Sep 28, 2010
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