Home Buying in Virginia>Question Details

Jessica, Home Buyer in Virginia

can I back down on a house contract after a inspection on the house and finding out the crime rate?

Asked by Jessica, Virginia Thu Feb 21, 2008

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Answers

8
Yes and no. No there is nothing that lets you get out because of the crime rate. But there are many ways to get out of a contract. Ask a lawyer
1 vote Thank Flag Link Thu Feb 21, 2008
First things first is you should read your purchase contract. If you are using a Buyers Agent, you're likely using the standard forms, and your agent should be able to explain your contingencies and when they expire. If you are not using a Realtor, then you should consult an attorney.
Web Reference: http://www.MovingToNova.com
0 votes Thank Flag Link Wed Mar 19, 2008
The Home Inspection Contingency= the Buyers' great "out"
0 votes Thank Flag Link Thu Feb 21, 2008
It certainly will depend on the terms of your contract. Are you within your contingency period? Review your contract regarding that aspect and discuss it with your agent.
0 votes Thank Flag Link Thu Feb 21, 2008
If you are using standard Virginia Contract with a Home Inspection Contingency then there are options for you to withdraw your offer within the guidelines outlined in the contract. If you are working with an agent you can discuss your options with them. If you need other advice and you are not represented by a buyers agent then you will need to discuss your options with a real estate attorney.
Web Reference: http://cindyjoneshomes.com
0 votes Thank Flag Link Thu Feb 21, 2008
Look at your contract and ask your agent. The standard contract in Northern Virginia gives buyers the option of voiding the contract if they are not satisfied with the home inspection. Your agent should be able to advise you on this matter.
0 votes Thank Flag Link Thu Feb 21, 2008
If you are in the Hampton Roads Virginia area contact Brian Lytle , attorney at law. He is one of the best real estate attorneys in the area.

Lytle Law
11801 Canon Boulevard, Suite 200
Newport News, Virginia 23606
(757) 595-5655
Web Reference: http://www.LytleLaw.com
0 votes Thank Flag Link Thu Feb 21, 2008
Exactly what Frank said. You can't back out for that specific reason, but you can potentially back out for other reasons/contingencies. Speak with your agent/broker and/or a real estate lawyer for further guidance.
Web Reference: http://www.LoudounStats.com
0 votes Thank Flag Link Thu Feb 21, 2008
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