Home Selling in Tullahoma>Question Details

Michele, Home Seller in Manchester, TN

Once a price is agreed upon between the buyer and seller, can the buyer back out after the contract is signed?

Asked by Michele, Manchester, TN Thu Sep 11, 2008

For example: they get cold feet before inspection is done? Or after the inspection they find something of concern?

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The contract allows for the Buyer to back out of the contract for pretty well any reason before and during the inspection period specified. The Buyer does not have to give any reason for backing out. The following is straight from the contract.

The Buyer has the right to inspect the property and back out for any of the following. *Note #3*
Disclaimer Statement unless exempt
2) Flood, Storm Run off Water, Storm Sewer Backup or Water History
3) Psychologically Impacted Property and Megan’s Law
4) Hazard Insurance (Property insurability)
5) Environmental Risks, including, but not limited to soil, air, water, hydrocarbon, chemical, carbon, asbestos, mold, radon gas, lead-based paint
6) Roof, structural members, roof decking, coverings and related components
7) Structural Inspection
8) Fixtures, Equipment and Systems Inspection. All fixtures, equipment and systems relating to plumbing (including sewer/septic system and water supply), heating, cooling, electrical, built-in appliances, swimming pool, spa, sprinkler systems, and security systems
9) Termites and other Wood Destroying Insects Inspection
1 1
0) Use of Property. Property use restrictions, building restrictions, easements, restrictive covenants, zoning ordinances and regulations, mandatory Homeowner Associations and dues
11 11
) Square Footage. Buyer shall not rely on any quoted square footage and shall have the right to measure the Property.

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0 votes Thank Flag Link Thu Sep 11, 2008
Yes and no... If it is contongent upon an inspection and the inspection fails then yes. if the buyer gets cold feet no, expect to lose your deposit. if it is contingent upon getting a mortgage and the buyer gets denied, then yes. make sure they are within the timeframe of the contract. good luck Michele
Web Reference: http://www.ScottSellsNH.com
1 vote Thank Flag Link Fri Sep 12, 2008
What does the contract say? Is their loan in place ? Did the home appraise ? If there is a structual problem or repair the seller will not fix ? Do not stop marketing the home for sale unless all the contingentcies have been removed in writing . Buyers of late have cold feet ,some think they can get the seller to keep REDUCING the price.
Web Reference: http://margaretrodgers.com
1 vote Thank Flag Link Fri Sep 12, 2008
It depends on terms and conditions of contract, however all buyers have option period cancel contract with no penalities http://www.lynn911.com http://www.homes-for-sale-dallas.com
Web Reference: http://www.lynn911.com
1 vote Thank Flag Link Thu Sep 11, 2008
I understand completely. Your agent should be able to handle these fears. It's not uncommon. If your agent isn't worried, you don't have to be. That's why you pay them, to do all the worrying for you and hold the deal together!
0 votes Thank Flag Link Sat Sep 13, 2008
The buyers haven't indicated they are backing out. We are just first time sellers with questions and anxiety.
0 votes Thank Flag Link Fri Sep 12, 2008
Is there a reason you are worried about the buyer backing out other than just plan anxiety? Have they indicated to you that they may try to back out? It isn't unusual for sellers to worry, but as I tell my clients, DON'T WORRY. Most worry is needless. If they do try to back out, you deal with it.
0 votes Thank Flag Link Fri Sep 12, 2008
we settled on a contract today. The buyers do not want a home warranty or home inspection. They are already pre-approved for the amount in question. I understand they can back out if the appraisal isn't high enough or the loan doesn't go through. They are paying a substantial down payment cash and only borrowing 1/2 the amount of the purchase price. Is there any other concerns beyond this?
0 votes Thank Flag Link Fri Sep 12, 2008
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