Q: Can I back out from buying a house?? Is it true that my agent will get sued if I back out?? PLEASE HELP!!
Hi. We are supposed to close on the house in 7 days but I don't want to buy the house anymore. We don't think we can afford it plus my husband has been having a hard time on one of the jobs I know that should have been thought first thing, but we were so excited at first that we didnt really realize how serious this was. We were looking for cheaper houses but our realtor showed us this one and we got hooked. So we have already pass tbe inspection contingency that was whitin 3 days after offer was accepted. I talked to my agent more than a week ago to ask him to help us find a way out but he says there is no way out and that we could get sued and lose our deposit too. We told him we are ok giving up the deposit ($1000) but he says he will not do anything to get us out cuz he will get sued and will loose his licence. Is this true?? What will happen if just decide not to sign on closing date? I tried to do it be for but he doesnt want to let the seller about my intention to cancel.
A: Check your purchase agreement and see what the default terms and remedies are. Check with your lender and see if you still qualify for the loan. It is not a bad idea to notify the seller -- they might have a back-up offer ready to go or they may be fine with simply keeping your earnest money.
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