Home Buying in Portsmouth>Question Details

Jpotter02, Home Buyer in Virginia Beach, VA

Want out of a house....

Asked by Jpotter02, Virginia Beach, VA Tue Jun 9, 2009

we have not signed any final contract on a house that is currently being built. We gave $500 in earnest money
and we have now decided that we do NOT want this house, it is not in a good area and we want out, the realtor said only the seller can let us out... is this true? The property is in Newport News, VA. Once again, we have not signed anything final and it is on a VA [100%] loan. We are fine with losing the $500, we just want a better house in a nicer area, plus the payment is a little over what our housing allowance is... how do we get out of this?

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Answers

4
Just curious, what happened with this situation? You didn't say whether the Agent you were speaking of is your agent or the seller's? Did you have representation? ALOT is contained within the contract and a good agent knows the contract like the back of their hand. A good Real Estate Attorney is essential in any situation. Please advise further...inquiring minds want to know!
0 votes Thank Flag Link Sun Jul 19, 2009
Hi JP, you need to talk to a good real estate attorney the sooner the better. This is beyond the expertise of a real estate agent, ask your agent to refer you to a good attorney we have some great ones in Hampton Roads.
I hope all goes well.
Sincerely,
Suzanne Hoffleit
0 votes Thank Flag Link Wed Jun 10, 2009
Hi Jp
My advice would be to get legal advice ...immediately...........losing the $500 would be one thing, but you want to make sure you will not be in breach of the contract, and leave yourself vulnerable to a lawsuit. Every state is different.
Ask an attorney, not a bunch of Realtors - we can't give legal advice!!

Good luck....
Debbie
0 votes Thank Flag Link Tue Jun 9, 2009
Start with reading your contract. Then, seek advise from your realtor, his broker and possibly an attorney.
0 votes Thank Flag Link Tue Jun 9, 2009
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