Home Buying in Coon Rapids>Question Details

Kc, Home Buyer in Brooklyn Park, MN

I am a first time home buyer. If i am scheduled to close on a house in 16 days and having second thoughts, can I still back out of the deal?

Asked by Kc, Brooklyn Park, MN Wed Aug 3, 2011

Someone is still living in the house because it is a traditional sale so I assume the person would have to be out by the time of closing on the 19th, so im not sure if i am able to back out because its so close to the close date. Also, does the house have to be up to code electrically for this person to even sell the house?

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Patrick makes a good point about Brooklyn Park but Coon Rapids does not have it. Anyways, like Anna said it all depends on the contract. My buyers always have an out and hopefully you do too. Typically the earnest money being lost is the worst case scenario.

So no it has nothing to do with being close to the closing date and no it does not have to be up to code on the electrical side. If you don't have a realtor and would like me to analyze the deal for you just contact me directly through Trulia.

Otherwise, as most others will say on here it is a very NORMAL emotion to have buyers remorse the first time. Usually always happens around the inspection contingency. Just stay focused on why you decided to purchase the property in the first place
0 votes Thank Flag Link Thu Aug 4, 2011
KC,

You pose some good questions and the answers can be complicated. Before answering your questions, I would say that it’s very natural to have “buyer’s remorse” especially about such a large investment. Unless you did something that you know you shouldn’t have, I would take a look back and see what you wanted to buy the house in the first place and see if that reason has changed.

As always, it’s best to consult a real estate attorney for specific advice. Generally speaking however, a person in your situation could cancel an agreement but they would be in default of the contract and would most likely lose their earnest money.

They could also be sued for “specific performance” where the seller (and courts) would basically make them buy the house as they agreed to.

Brooklyn Park does require an inspection by the city checking for hazards and code requirements. As long as everything meets those inspection requirements or the buyer agrees to fix anything to meet the requirements, the house can be sold.

I recommend that you consult with a real estate attorney if you’re serious about backing out of the contract.
0 votes Thank Flag Link Wed Aug 3, 2011
As for backing out, much will depend on your contract, therefore review the document as the answer can be found in it; as for " up to code electrically ", that will depend on your agreement as well, therefore it's best to consult with your agent, and or attorney....
0 votes Thank Flag Link Wed Aug 3, 2011
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