Home Buying in 53188>Question Details

Candy, Home Buyer in 53188

can i back out of a real estate contract of sellr accepted offer. no contingency problems either

Asked by Candy, 53188 Wed Mar 24, 2010

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Answers

5
Yes, you can. But if all contingencies have been cleared - inspection, testing, appraisal and loan commitment - you will most likely require an attorney.

The possibilities are:

1 - The seller lets you out of the transaction and may or may not keep your earnest money deposit. If they have a secondary offer already in place, they may be leinient with you.

2 - The seller sues you for specific performance, meaning they will force you to close on the home as agreed upon in the contract.

3 - The seller lets you out of the transaction, gives you back your earnest money but sues you for damages (time lost on market etc. This could be huge because they now have just over 30 days before the tax credit deadline and could very well be on the market a long time after that.

4 - Long shot, but the seller may renegotiate some terms of the transaction with you to keep you in the deal and close as agreed upon in the terms of the contract.

Good luck.
Web Reference: http://www.jeffgramins.com
1 vote Thank Flag Link Thu Mar 25, 2010
Candy,

Jeanne's answer pertain's to New Jersey. Wisconsin doesn't have attorney review.

Eric's answer is not of much help and doesn't represent the views of most agents.

Jeff
0 votes Thank Flag Link Thu Mar 25, 2010
Hi Candy, it depends on where you are in the process - if you are out of attorney review and firmly under contract, then you may have an issue. An attorney I work with described being under contract this way and I often repeat it to buyers: "You are in a room with two exit doors, one is the mortgage contingency door, the other the inspection contingency door. You can get out through those exits, but if you try to jump out of a window you may have troubles". It sounds to me as though you are trying to jump out of a window.

What you really need to do is to talk to your agent and attorney. They will advise you best.

Good luck,
Jeanne Feenick
Unwavering Commitment to Service
Web Reference: http://www.feenick.com
0 votes Thank Flag Link Thu Mar 25, 2010
What would be the problem with honoring your contract? Did you change your mind about the property? Well, too bad. YOU SIGNED A CONTRACT. That's why we write contracts!
0 votes Thank Flag Link Thu Mar 25, 2010
You definately will want to seek an attorneys assistance before making any moves to do it correctly. If all contingincies have been met and there is no outstanding contingincys where you can get out, a written request to the seller may be your only chance. You may also want to check with your buyer broker for assistance, if you decided to go it alone, the attorney or their free first meeting may be your best chance. good luck in working things out
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Thu Mar 25, 2010
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