No one can render an opinion UNLES entire sales agreement is reviewed. You should have an option period decline purchase.

Have your buyers agent review terms and conditions. Submit an amendment decline purchase an return of your earnest money.

Keep in mind if your 1st time home purchase $8K tax credit expires 11.30.09

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Danscar, in Akron it depends on the language in the purchase agreement. In most cases there is a contingency provision in the purchase contract that allows for inspections following the purchase, and local real estate brokerages usually use purchase contracts that give you this right to select whether or not you want additional inspections. Hopefully you checked off the box "YES", and if you used a real estate agent representing your interests, they would have likely had you do such. BUT, if you used the seller's agent (not your own buyer's agent) OR if this was a For Sale By Owner property you might not have been advised to ask for inspections. Now, the PRACTICAL REALITY IS THAT ALMOST EVERY BUYER GETS THEIR ERNEST MONEY BACK regardless of the contract language because 1) the seller cannot sell the property to another buyer until you release him from the contract (and of course you will demand your money back in order to release him) and 2) it would cost the seller far more in legal fees to pursue this in court than you probably put down as ernest money, and there is no guarantee to the seller that a judge would rule in favor of the seller. Thus, these matters almost never go to court. A final suggestion: If you don't have a good buyer's agent, you need one. I offer a 25% commission rebate to my buyer clients when they use my services and you might want to check around to see if anyone else does; it's pretty rare in the industry!

Danscar,was the walk thru in the contract?or has it been 3days etc...You should of used a Realtor,once again,we help you going into a agreement,so you dont get into these situations.W/O seeing contact,etc...but hopefully ur talking about a day or so,and get a Realtor to send over the proper forms,to terminate if can.Good luck.

Danscar,

This is a great question for your Agent, have you asked them yet? If not, do it sooner than later. In Georgia, the Standard Georgia Association of Realtors (GAR) Contract affords you a "Due Diligence" period after Contract Acceptance. During the Due Diligence Period, you can unilaterally Terminate and Release the Contract for any reason you see fit. Once the Due Diligence Period expires your Earnest Money "Goes Hard" and you run the risk of losing it or possible legal action from the Seller. Since Laws and Contracts vary by State, you should consult your Agent immediately.

Jennifer made a good point... but it is not typically sate LAW that is the issue... it is the language in the contract... that is the legal document... In Ohio there is no 3 day right to resend the offer... that is only in re finance transactions...

Hope that helps?

If you are just changing your mind, you will probably loose your Earnest money deposit.
You have had the Seller take his propertyy off of the market and perhaps missed another buyer.
Your Realtor can review this with you to more fully explore your options.

It depends on state laws. In PA once buyer and seller sign a contract it is fully binding and legally, the buyer can only terminate under one of the contingencies (i.e. inspection, mortgage, etc). In NJ you would be able to terminate because the contract is not binding until after a 3 day attorney review period or when both attorneys agree on the terms of the contract. Talk to your Realtor and a real estate attorney to make sure that you know all of your options and the possible consequences of your actions.

Good luck to you!

Jennifer Tome
Keller Williams Real Estate
Licensed in NJ and PA
JTome@TomeHomeNetwork.net

Danscar,

If the offer was accepted as written with no "counter offer" then yes you are obligated to continue... If you really do not want to and there is a good reason I would talk with your Realtor and have them approach the seller / agent and ask to be released. You likely will loose any earnest money you put up... If they will not release you or even before doing that I would suggest you talk with a REAL ESTATE attorney...

This is a legal contract with REAL consequences for breach of contract...

Hope that helps!