I signed a contract today - to purchase a home. Is there a grace period to change your mind?

Asked by darlene.fuller, Austin, TX Fri Oct 5, 2012

I signed a contract today for the purchase of a home - provided earnest money. Now I am being being strongly advised to reconsider by family and friends.

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Tom Priester, Agent, Tequesta, FL
Sat Oct 6, 2012
Dear Darlene,

It certainly would have been better to have received their advice prior to this but much will depend on the terms of the contract that you signed. I am assuming you signed a standard Florida As-Is contract so look at line 195 on Page 4 and the number of days you have agreed to complete the inspection will be shown. If the space was left blank it defaults to 15 days and you also need to be sure there are no other addendum's, clauses, riders, etc. that may take precedence. For instance, you will have a bank addendum on any REO property and you will see those documents often times change the inspection period to 7 or 10 days. The standard contract is nothing more than a free option on the property and the buyer has no obligation to proceed. If 15 days have lapsed you have lost your rights that protected you under this clause and there is no difference if you inspect it in person, have someone inspect it on your behalf or choooe not to inspect it al all.

I hope this information is helpful but if you need anything additional please do not hesitate to give me a call.

Always at Your Service,

Tom Priester e-PRO
"Results Driven Real Estate"

Keller Williams Realty
561 308-0175
1 vote
Gene Platt, Agent, West Palm Beach, FL
Mon Oct 8, 2012
Hello Darlene.... There are many times during the contract where you can get out of it; the inspection is just one example. A reputable agent can advise you on these time periods and contingencies. Why are your friends/family telling you to reconsider; is there something they know that you don't. Call me or we can meet at my office to talk about the benefits of trying to sell on your own.

Gene Platt
Illustrated Properties
(561) 632-5400
0 votes
Teddy Jagess…, , Wellington, FL
Sat Oct 6, 2012
There must be a reason that you liked the property enough to make an offer, friends and family are the killers of many deals. First call your agent and ask if the offer is signed by the seller yet, if it is not then ask him to prepare a withdrawal of the offer and send it quickly. However if it is already signed and delivered, do not get buyer's remorse first take a couple of hours and analyse the situation by yourself and if you feel that you still need to back out of the contract then ask your agent's advise, if there is a inspection period then you can always exercise it. Think hard about your situation and understand that the inventory across the USA is very low and do not make a rash decision you may regret you should know if this property will work for you as you will be living in it not your friends and most family. http://www.mypbcshortsales.com
0 votes
Millie Lumpk…, Agent, Orland Park, IL
Sat Oct 6, 2012
Speak to your realtor or attorney. Not sure about Texas but in Illinois there is an attorney review and inspection period. You may be able to take advantage of these provisions in the contract if available.

Why are your family so against the purchase? Make sure their points are valid before walking away from home that you like.
Web Reference:  http://ChicagoSouthHomes.com
0 votes
Joan Lorberb…, Agent, Boca Raton, FL
Fri Oct 5, 2012
The best advice we can offer you here is to urge you to speak to the REALTOR or to the attorney you worked with on this transaction to see what options may be open to you. While the Florida agents here on this forum may be familiar with standard Florida contracts there may be details of your particular transaction that we are not aware of. Thus, we cannot and should not offer you possible solutions.
0 votes
Alan May, Agent, Evanston, IL
Fri Oct 5, 2012
If you are the buyer, and the contract has not yet been accepted (and/or ratified... signed)... then don't waste any time... contact your Realtor, and officially (by phone, and in writing... fax, email)... WITHDRAW the offer.
0 votes
Victor Espin…, Agent, San Antonio, TX
Fri Oct 5, 2012
Depending on your situation you buy an Option period normally for about 10 days and its roughly 100 bucks, after both parties and signed and executed the contract. because you have Earnest money it is not required for a contract. Its only to show in good fairh that you are serious on buying. you can terminate the contract for whatever reason during your option without loosing your earnest money. so within your option do inspections get your family and friends in there. before its up. you can also extend the option if both parties agree.
0 votes
Susanna Malm…, Agent, Jupiter, FL
Fri Oct 5, 2012
Dear Darlene, We do not know any details about your situation. We cannot make recommendations one way or the other. Most likely your contract has 2 contingencies - inspection and finance. To start, do all necessary due diligence within the inspection period.

Good luck, Susanna
0 votes
Paul Saperst…, Agent, Boca Raton, FL
Fri Oct 5, 2012
Only if it is an AS-IS contract. Then you have a certain time period to cancel for any reason
0 votes
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