Home Buying in San Ramon>Question Details

Ann, Home Buyer in San Ramon, CA

How to back out from a new house.?

Asked by Ann, San Ramon, CA Wed Jul 23, 2008

We bought new house from builder which will be ready by 09/15. Meantime my sopuse being laid off from job. How to back out of house and get our deposit back as we cannot afford house anymore.

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5
Hi Ann,

If you have signed a contract there has to be a section regarding loan or your loan contingency. Since your spouse is laid off you are no longer qualified buyers and thus can not get a loan. This should be a good enough reason to void the contract. If they give you a hard time you should contact an attorney. Sorry about your spouse lost of job. Hang in there things will get better.

Sincerely,

Homa
Broker Associate
Prudential California Realty
0 votes Thank Flag Link Wed Jul 23, 2008
Hi Ann, you need to check your purchase contract to see if it covers this situation. If not, then you probably have a valid argument for getting your deposit back, provided you have proof of some sort. If the builder does not want to play nice, you may need an attorney to convince them to do so. Depending on the deposit amount, if no more than $7,500 you can try Small Claims Court. -Steve
0 votes Thank Flag Link Wed Jul 23, 2008
If you can no longer afford it, that is the perfect excuse. Tell build you can not qualify loan anymore. They will give your deposit back.

Find another buyer to take over your contract is no guarantee of safe back out.
0 votes Thank Flag Link Wed Jul 23, 2008
if u can find a person who can buy that house, I think you can back out....snd me your email maybe we might be intersted,
0 votes Thank Flag Link Wed Jul 23, 2008
Read your contract - especially the section about financing. Consult your Realtor. ANd them you may havew to consult an attorney. Best of luck.
0 votes Thank Flag Link Wed Jul 23, 2008
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