Home Buying in Jacksonville>Question Details

Robeughow, Home Buyer in Jacksonville, FL

How can I withdraw my offer after signing a buyers contract?

Asked by Robeughow, Jacksonville, FL Tue Jul 10, 2012

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6
You can withdraw your offer anytime until it has become fully executed by both buyer and seller. Contact your agent by email and by phone to let them know you wish to withdraw your offer. Have them CC you on the email that says you are withdrawing the offer. If the offer has been fully executed by both buyer and seller, then your ability to withdraw depends on what contingencies were addressed in the contract. Your agent should be cooperative in letting you know what your obligations and responsibilities are in the contract. If you need additional info, you can contact me at bkgravitt@gmail.com
0 votes Thank Flag Link Sun Jul 29, 2012
Read your contract. Were there contingencies? Was it an AS-IS contract with inspection contingencies?
Your agent would be best able to advise you? If your agent is not accessible, talk to your agent's broker.
Good Luck!
Genevieve Ramachandran
0 votes Thank Flag Link Wed Jul 11, 2012
Hi Robeughow,

Your real estate agent can advise you on this. Without knowing what type of contract you wrote and what type of sale it is (regular, short, REO, HUD, etc.), there is no one way to say.

Our new NEFAR contract has a sole discretion clause where the Buyer can conduct an inspection and cancel the contract based on the findings, as long as they provide a copy of the report to the Seller. There is also a finance contingency and if you do not qualify for your loan, you may back out.

If it's a short sale, there is a time period where you agree to wait in the Short Sale Addendum. If it goes past that, you can walk.

These are some of the scenarios -hope this helps!

Sharon Alters
Coldwell Banker Vanguard
904-673-2308
sharon@teamalters.com
0 votes Thank Flag Link Tue Jul 10, 2012
Sorry can't tell have not read the contract. This is why we Realtor are around.We are professionals we deal with real estate contracts that protect you from... I hate to say but your selves. I would suggest that you run not walk to the nearest Realtor or lawyer to read the legally binding contract that you have signed and now want out of.
0 votes Thank Flag Link Tue Jul 10, 2012
Robeughow,

If you signed the standard As-Is contract with an inspection contingency that has not lapsed and there are no special clauses added to the contract it is probably as easy as putting the cancellation request in writing to the seller. Make sure you send in a Release and Cancellation so whoever is holding escrow can release your earnest money.

The As-Is contract was hardly ever used pre-bubble but since banks require it on any short sale or foreclosure it is now used most of the time. As a buyers agent I love it as it really is nothing more than a free option on the property through the inspection period.

Hope this helps and if I can be of service in any way please feel free to contact me.
0 votes Thank Flag Link Tue Jul 10, 2012
Depends on your sales agreement. But you need to talk to a Real Estate Attorney.
0 votes Thank Flag Link Tue Jul 10, 2012
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