The bank has accepted an offer I made on a short sale home in Louisiana, can I back out of this now?
several reasons why-My realtor is also working for the seller, I never have been informed of the fair market value. We had our appraisel done, (dont know what it appraises at yet) and found several more possibly serious things wrong with the home, such as it may need a new septic system, the entire yard is soggy, peeling paint, hot water is not working in several rooms of the house. The only disclosed to me was it needed a new heater. The home needs some updating such as new paint on walls and fixtures, but I have been aware of this the whoe time. My realtor says this home definately is worth over 200,000. The home is 2600 sf, 1 acre of land in a rural area, built in 1987. My realtor told us the seller owes 177,000. My first offer was 160,000.....rejected. 2nd offer as suggested my realtor, 180,000-accepted. Please help, as now after the fact, I am trying to educate myself on all of this short sale suff, I know big mistake on my part.
You may be able to back out of the offer if you have not gone over your 10 day inspection period on the basis of you finding things wrong with the home that you did not know about before. If you have gone over the inspection period you may not be able to get out out of the contract without penalties such as losing your deposit. If you know of a title attorney the best thing to do would be to contact them and discuss the situation to see what help you can get. In the future remember it is better to have a buyer's agent help you to make your offer and present it to the selling agent. This way you know you have someone who is working for you that will be less likely to face a conflict of interest. Best of Luck!
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Fair Housing and Equal Opportunity