Is it wrong to back out of a home sale?
April 11, 2010
So, I’m supposed to close on a new home in a couple of weeks, and I just got an unsolicited job offer from a company I’ve been wanting to work for with a $12,000/yr raise. I’d have to move, but I haven’t closed on the new house yet, so the timing might be right. Is it wrong to back out of buying the new home? He’s been doing some repairs, so am I liable for the repairs and earnest $$?
Check your contract for any escape clauses, but if it is a good contract, you are going to be responsible for the repairs and will lose your earnest money. You could also be sued for specific performance.
April 11th, 2010 at 4:31 pm
If you have signed the "contract" already then I believe that you will be liable. This contract is signed prior to the closing paperwork. It basically lists the brief facts and is stating that you are buying the house.
I had a similar situation and if you have signed it then the seller can sue you.
References :
April 11th, 2010 at 4:52 pm
As long as you don’t mind losing your earnest money, then back out. It should be written into your contract what happens if you back out for anything other than the contingencies in your contract. Things happen, such as this. That’s why earnest money is collected in the first place.
Good luck.
References :
Real Estate Investor
April 11th, 2010 at 5:26 pm
You can back out at any time. You will lose your deposit and the sellers can sue you for breach of contract.
References :
April 11th, 2010 at 6:13 pm
Check your contract for any escape clauses, but if it is a good contract, you are going to be responsible for the repairs and will lose your earnest money. You could also be sued for specific performance.
References :
Oregon Realtor
April 11th, 2010 at 6:29 pm
If you signed the contract read it. It will tell you the penalties. They will probably be substantial.
References :