Home Buying in 22030>Question Details

Ww4y, Home Buyer in 22030

Till waht stage of contract can I get out of it?

Asked by Ww4y, 22030 Fri May 8, 2009

The contract has been retified, loan has been approved by the lander and inspaction has been done and repair conditions have been accepted by the seller. I now see better properties at much less price in the neabourhood.

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Unless there are unmet contingencies in your contract, it may be too late to back out. As the others have suggested, your best bet is to get a legal opinion from an attorney.
0 votes Thank Flag Link Sat May 9, 2009
this is a loaded question...and you need to speak to your agent, their managing broker and if they suggest, an attorney....there may be an HOA/PUD clause in your contract and if you have not received the HOA documents you might still have time, however you might be buying the house! has the appraisal come through? If the appraisal does not meet the sales price you might have the opportunity to work with the seller to lower the sales price, if they do not, then if you retained the appraisal option in the contract you will have an out.
There are a lot of variables and it is best to review your question with your agent. If you do not have an agent i would review the contract with a real estate attorney. I can recommend a name or two if you need one.

0 votes Thank Flag Link Fri May 8, 2009
This is a question to ask the agent representing you in the transaction. Without knowing all of the contingencies in your contract, including appraisal it would be difficult to tell you you can or can not get out of your contract. Are the homes that are priced less "better" properties or just cheaper properties? Is your contract on a short sale? Is it a foreclosure? The addendums or those types of sales are different than our standard Virginia Contract.

If you are not represented by your own agent then you will need to speak to a real estate attorney to review your options.
0 votes Thank Flag Link Fri May 8, 2009
Sounds like its too late. Call your attorney..I hope you used one to draft this existing contract.
0 votes Thank Flag Link Fri May 8, 2009
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