If your offer was accepted and you've opened escrow, there are contingency periods during which you have the opportunity to inspect the property, have it appraised, and also see if you can get a loan for it.
As long as you have NOT cleared or signed off on all these contingencies, you have the option to back out and get your deposit back.
Hopefully you are discussing your rights, obligations and options with your realtor. That's your first resource.
Talk to and find a good realtor. That truly is yourbest course of action to protect you.
â€¢ On how the contract was written
â€¢ What type of property it is (example, short sale)
â€¢ Where you are in the contract timeline
Without seeing the contract, none of here can really answer the question. We can guess and give you various scenarios, but, in reality, the only one who can really answer this is your Realtor.
If it your offer was not in writing, you can walk away.
If it was and it was signed by all parties, there may be consequences which your attorney will have to go over with you.
Did you work with a Realtor to submit an offer? Did you have any contingencies in the contract? (Inspection, appraisal, loan)? Without knowing the full details of your situation, it is not easy to speak to. If you are in contract and are in your contingency time frame, and have a valid reason for canceling the contract, then you would have a way to walk away from the property. If you released all your contingencies, then it gets more complicated.
Hopefully you are working with a Realtor and they should be able to guide you through the process with the seller.
Hope that helps!
If you are still truly at the "offer" stage - as opposed to having a fully executed contract (i.e. your written offer was already accepted in writing by the seller) - the advice is going to be different.
Call an attorney right away as your options may change, the longer you wait, for the worse.
Maripat Flood, J.D.
Michael Saunders & Company
Hopefully you are working with a good Realtor who wrote the contract with you. That person is your go to guy. And will let you know what you can do and what it may cost.
Good luck in this
"It depends on what you signed and if the seller has accepted, if the seller hasnt accepted you could ask your agent to withdraw it, if the seller has signed the offer you may need to use your contingencies to get out. You need to check your offer to know for sure."
You might want to check with you agent about your current offer status.
Check with your realtor to see if you are still within your inspection contingency time frame. If not, you may have to forfeit your deposit unless a new material fact is disclosed by the seller or their agent which would give you a three day right of recision period.
Aaron brown, the Grubb Company