I am backing out of closing on a house. Besides my deposit what do i lose?

Asked by Puma1422, 10312 Mon Jul 18, 2011

Help the community by answering this question:

+ web reference
Web reference:

Answers

5
Ron Thomas’ answer
Ron Thomas, Agent, Fresno, CA
Mon Jul 18, 2011
BEST ANSWER
On the PURCHASE AGREEMENT that you signed after your Realtor helped you prepare,

There are conditions under which you are entitled to get your DEPOSIT bank; if your Realtor did that for you,

And there are LIMITATIONS on the DEPOSIT

And your REALTOR may have had you initial the box for ARBITRATION/MEDIATION which would provide a further relief for you.

If you used a Realtor.

Your Realtor should have talked to you about these, and in many cases, he can get your DEPOSIT back, anyway. Another reason for using a Realtor.

But, to answer your question, your Deposit should be the only thing you will lose: Your Realtor would know.

Good luck and may God bless you
1 vote
Alan May, Agent, Evanston, IL
Mon Jul 18, 2011
definitely speak to your real estate attorney. you might be risking legal action for breach of contract.
0 votes
Terri Vellios, Agent, Campbell, CA
Mon Jul 18, 2011
Read your contract, talk with your agent and/or attorney.
Web Reference:  http://www.terrivellios.com
0 votes
Robin Silver…, Mortgage Broker Or Lender, Garden City, NY
Mon Jul 18, 2011
Why are you backing out? Did you lose your job, not get approved for a loan? Break up with whoever you were buying with? Or just get cold feet?
0 votes
Anna M Brocco, Agent, Williston Park, NY
Mon Jul 18, 2011
As for losing your deposit, much will depend on your contract, therefore do ask your attorney the question...
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more