Home Buying in 11420>Question Details

Geeta Chester, Home Buyer in South Ozone Park, Qu...

I am a buyer scheduled to close today. I don't want to go thru with the purchase. Can i back out without losing my downpayment?

Asked by Geeta Chester, South Ozone Park, Queens, NY Wed May 25, 2011

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11
Frank Sukhu’s answer
There is a good Chance that you can loose your Entire Down-payment or part of your down payment if you willfully default . I am sure your attorney would be better able to answer this question. it all comes down to the Agreement on the contract of Sale ...
0 votes Thank Flag Link Thu Apr 26, 2012
Yes you can loose your down payment. I would recommed that you sell the property again, I would love to Help you with that.
0 votes Thank Flag Link Tue Feb 7, 2012
This is certainly a matter for the attorneys. Breaking a contractual agreement like this one has consequences beyond forfeiting the downpayment.
0 votes Thank Flag Link Mon Jan 30, 2012
Thats a difficult situation. Check with your real estate attorney. What went wrong? Are you interested in a different home? If you are...and you get out of the other deal..Please contact me at: 718-509-6144... We offer free buying consultations.
0 votes Thank Flag Link Mon Jan 30, 2012
Down payment may be the least of your problems.
0 votes Thank Flag Link Wed May 25, 2011
Definitely, without a doubt, speak to your attorney.
0 votes Thank Flag Link Wed May 25, 2011
Consult with your attorney, he/she can best advise...
0 votes Thank Flag Link Wed May 25, 2011
Hi Geeta, wow, why would you wait for the last minute to think about this?? Were you not notifyed what the mortgage would cost you? Or didn't know what the mortgage and taxes and other expenses would be? Did you loose your job and loose your commitment? A sickness? separation? The seller has been waiting for you for months!! He/she has incurred expenses and may /may not have a down payment on something already. Or are you just getting cold feet?? SPEAK TO YOUR ATTONREY and see what your options are,and how the contract was worded. Terry K 718-614-3167 cell or email therese.korahais@elliman.com
0 votes Thank Flag Link Wed May 25, 2011
Not only will you probably lose your down payment, you could be liable for a lawsuit for failure to perform on a contract.

Is there a legitimate reason why you don't want to close (loss of job)?
0 votes Thank Flag Link Wed May 25, 2011
I don't think it's likely that you can get your downpayment back. You should speak with your attorney and realtor as soon as possible.
0 votes Thank Flag Link Wed May 25, 2011
Hi Geeta,

You need to contact your Realtor as soon as possible. If you have removed all your contingencies, it is likely you will lose your Ernest Money Deposit.

Shanna Rogers
SR Realty
http://www.RealtyBySR.com
0 votes Thank Flag Link Wed May 25, 2011
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