Question Details

Lu, Home Buyer in Georgia

the agent send me a letter to have the orientation walk thru the house and the closing date for the house

Asked by Lu, Georgia Tue Jun 10, 2008

that i intend to purchase but due to financial difficulty i decided not to go ahead with the house buying, although i have been approve for the loan. can i still back out?

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Answers

3
You may loose your deposit......you have a Realtor representing you, correct? They should be able to offer advice and guide you. And as Laura said, seeking legal advice is always a good idea.
Web Reference: http://www.cindihagley.com
0 votes Thank Flag Link Tue Jun 10, 2008
The Hagley G…, Real Estate Pro in Pleasanton, CA
MVP'08
Contact
I would recommend you get in touch with a local real estate attorney. The attorney will be able to guide you on your contractual obligations and whether or not you can get out of your contract.

Good Luck!
0 votes Thank Flag Link Tue Jun 10, 2008
Lu,

It depends upon your purchase agreement, and whether or not you have any remaining contingencies. Did you have an inspection contingency or a loan contingency? If you have not removed those contingencies you may still back out without losing your deposit. Ask your Realtor, they will be the best resource to help you with specific questions regarding your escrow.
0 votes Thank Flag Link Tue Jun 10, 2008
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