Home Buying in Great Neck>Question Details

Duane, Home Buyer in New Orleans, LA

Under contract with a home and found another home i like more!

Asked by Duane, New Orleans, LA Fri Jun 22, 2012

Hi, i'm a first time home buyer in new orleans and i a home i liked and put an offer in on it. my offer wasn't accepted so i proceeded to my second choice for a house and the offer was accepted. Two months later the original house i love came back on the market for $$30k cheaper! it's a repo bank owned home. Now i would love to get out of this contract and i was trying to see if that was possible. I've submitted a $1,000 earnest money check to the seller and i've had an inspection done on the home also. If i walk around from this deal would i be penalized in any way? would i lose my $1,000? SHould i make an offer on the house first before i decide to walk away from this contract i'm currently in?? siiiigh :(

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4
Thanks for the comments guys. I think I'm going to stick with the home i'm under contract with. I just looked at a video i took of the home and realized how much i love the home. :) Thanks again
0 votes Thank Flag Link Fri Jun 22, 2012
If it has been more than two months that you've been under contract you probably wouldn't be able to walk away without at least losing your earnest money check. Check with your agent to see if there is a way out without penalty.
0 votes Thank Flag Link Fri Jun 22, 2012
There is a reason that they talk about COMMITTMENT;

too often, nowadays, it just isn't there.
0 votes Thank Flag Link Fri Jun 22, 2012
You should check with your agent to see if there are any other contingencies on the contract that will allow you to back out and get your deposit back. If not you could lose your $1,000.00. And, as always, you have the option of checking this with an attorney.
0 votes Thank Flag Link Fri Jun 22, 2012
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