by the time you get to the point of signed loan docs you have reached a very late stage and the seller has SURELY made commitments that are hard to quantify.
unless you have a VERY good reason to cancel i can see them suing for specific performance.
Keller Williams-Hollywood Hills
Wow! That's a rough spot to be in.If you want to back out simply because you've changed your mind or have cold feet,I suggest taking a deep breath. You've spent a lot of time looking,you find the perfect match,you're at the finish line....what changed?
If there is a major issue ( job loss,death in family) get your realtor and your loan officer on a 3 way immediately and talk it out.They may be able to help you understand the financial consequences of the cancellation as well as put you in touch with a RE attorney to sort it out. Or talk you off a ledge if your nervous about the life change you're making.
I hope you are able to resolve the matter today! Good luck out there-
Kenya Costa ABR,SFR
KW los feliz
NYS Associate Broker
Keller Williams Landmark II
Serving Queens, Nassau & Brooklyn
Depending on how far along in the process you are you may back out but you will most likely not be entitled to your deposit back. You may be losing a lot of money too. Why would you be considering backing out now? Best, Joshua Rabinovitz.
What are the papers that you have not signed?
Once your loan is in line to be funded, you can still contact the lender directly, specially the funder, and state your reason to stop it.
You can do anything you want to do. There may be consequences.
Breach of contract is a legal determinant to whether or not your deposit is at risk.
The attorneys/mediators/judge will help you and the seller decide if you were acting in good faith and whether or not your cancellation is a breach of contract. I would highly advise consulting with a real estate attorney before canceling. The outcome will most likely be determined by contract, good faith, and whether or not the seller wants to pursue the issue or get back to the market and find a true buyer. Make sure you know your options with professionals that can review specifics to your situation.
Ouch! As mentioned, you should expect the seller to go after your deposit money unless you have a very good reason for canceling. Call the Escrow and/or Title company right away to stop the funding or you will own the house. Think seriously about your decision before moving forward because there will be consequences if you cancel.
Unless: The house burned down, a jet flew into the house, there was an earthquake yesterday that only hit the house you're about to close on etc.
Are you getting cold feet? If your loan is funding this means you CAN qualify.
You should direct any & all concerns you have right now to your buyer agent.
Realtor Since 1996
Main Street Realtors
Speak with the Title Company whom is waiting for the wire to fund and record. They may be able to give you some direction or advice.
You will lose your earnest money. Call a local Real Estate professional in your area to find out the"possible" legal ramifications of such an action.
You will be losing the money you've spent on Inspections and your Deposit too,
not to mention the time, gas and stress, to both you and your Agent (who will surely cry!)
Also, the Title Company will charge you for their services. (you betcha!)
Good luck and may God bless