What wil happen if we change mind on buying the house that our offer has been accepted?
Right after our offer was accepted on "house A', the inspection and loan are done and locked , we found a new listing on " house B" to be our perfect home with much lower price. Questions:
1. What are we going to face if we cancle the deal on house A?
So far we have paid $2000 earnest money $300 whole house and termite inspections.
Do we need to compensate the seller agent? (we don't have a buyer agent, the seller agent reprents both
sides as transaction agent)
2. Can we still keep and use the same loan which we locked in for the interest rate of 4.75% from house A
to house B which is $130K lower on buying price ? The escrow is 30 days, and it only has been 4 days
past.
I realize inspections are complete, but are you still within the inspection period? I would suggest since you are not represented that you call an attorney (and for future purchases find a buyers agent). You do hold quite a bit of risk in this situation.
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