If your agent build int the contingency clauses that are there, you should have no problem canceling the deal. Florida Contracts have several exit clauses that can be used as well as some other items in our Contracts.
In FL, we have several exit strategies that are put in the contract.
However, the addendum that the foreclosure buyer signs, normally changes what you agreed to in your offer. You had to sign the addendum for this to take place, of course.
So, best check your contract and addenda.
Then, you could exit during the inspection period (if you have the right to inspect in your contract and addenda both). You could exit if you were unable to get a mortgage (which could be verified).
You might exit, if the foreclosure bank can't provide a clean title within the allowed time period, and the 30 days after (which are normally given to the seller).
Hope this helps,
Beachfront Realty, Inc.
It all depends on the terms and conditions that you agreed to.
RAGFL, FAR, NAR
Coral Shores Realty
1119 E Sunrise Blvd.
Fort Lauderdale, FL 33304
Office: (954) 568-9698 x255
Cell: (954) 881-8800
Fax: (954) 944-3178
Home Search: http://www.SoFloridaHomeSearch.net
Whatâ€™s my Home Value? http://www.BrowardCountyHomes.info
Talk to your Realtor. Read the terms of the contract and all the paperwork you signed. You may lose your deposit. But the best way to go about this is to talk to your Real Estate agent and they should be able to guide you as to the best way to do this.
Feel free to call or email me if you have any more questions.
The answer depends on what you signed, what you submitted and any contingencies involved.
There are many safe guards in place to protect a home buyer in situation like yours. Unfortunately, many 'bank owned' properties will require the buyer to waive many of the rights as a condition of the purchase. Consult with your real estate professional. The likelihood of you being compelled to purchase a home you do not want is remote...but it truly depends on what you signed.