Home Buying in 12980>Question Details

Pat, Home Buyer in Massena, NY

When putting in a purchase offer below the sale price, and it is accepted by seller, and you as purchaser, on?

Asked by Pat, Massena, NY Wed Apr 8, 2009

inspection of the home again, do you still have the option to get out?

Help the community by answering this question:



It depends. If you are still in attorney review and or the inspection contingency period, you can cancel the contract.

During attorney review you can cancel a contract without any questions asked.

If you have had your inspection done, are still in the inspection period and can't come to an agreement, you can cancel the contract.

If you are past the contingency deadlines, you can still back out of the deal but you may loose your earnest money and could be held accountable by the sellers.
1 vote Thank Flag Link Sun Aug 23, 2009
Hi Pat,

There are a lot of factors that can get you out of the contract and still get you binder deposit back:

1) Financing Contingencies - if you do not qualify for the loan amount, you can present the letter from the lender indicating so as long as you're within the time specified in the contract.

2) Home Inspection Contingencies

3) Appraisal

These are not to be taken very lightly. I appreciate your question here on Trulia, but I strongly suggest you consult your Realtor, or if you submitted the offer yourself, consult a Real Estate Attorney to explain the entire process to you. Good luck!
Web Reference: http://www.titagarcia.com
0 votes Thank Flag Link Sun Aug 23, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer