can i rescind an offer to buy a house?

Asked by Robyn, Indiana Sat Sep 13, 2008

I made an offer on a house I love contingent on my current house selling. After 9 days, the seller got another offer and I had to move forward with financing to not lose the house. After getting this process started, I've realized it's definitely not a financial move I should make. Is there anything I can do to rescind my offer on the new house and just let the house go?

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Joe Shoemaker, Agent, Indianapolis, IN
Sun Sep 14, 2008

The answer is yes...but it's a qualified yes. You may choose to not "perform" your contractual duties, but there may be significant financial penalties for doing so.

I encourage you to discuss all of your concerns with your real estate broker. Should you encounter any resistance there, contact a real estate attorney.
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Scott Godzyk, Agent, Manchester, NH
Sun Sep 14, 2008
If you still have a contingincy left that the sale is contingent on you obtaing mortgage financing, you should look at that. you should also seek the advise of your buyers agent and if you do not have one, you can always get a free consultation with a real estate attorney. if you just back out, you could be held financialy responsible on top of losing your deposit. Good luck Robyn
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Cameron Piper, Agent, Forest Lake, MN
Sat Sep 13, 2008

Your question is best possed to the real estate agent representing you in the purchase of the home since there are far too many factors to consider when answering this sort of question. The operative question for you to answer is whether or not you have any additional contingencies to exercise. If you don't I would start by offering the seller of the house your earnest money as liquidated damages, but would also be prepared for them to yell and scream. I know that this is tough, but please consider the fact that you made this agreement and that you owe it yourself and your inegrity to do what you can to hold it together.

Cameron Piper
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