Q: I am a buyer and the clossing is next but my wife and I dont want the house anymore.We dont know what to do?

A: Examine your contract carefully to see if there are contingencies written into the contract which would allow you to legally back out of the contract. Have you talked to your real estate agent, or the seller about your desire to void the transaction? If you used the standard Offer to Purchase in Wisconsin, then examine lines 281-288 which provides the remedies for default if the Buyer defaults on the contract. The Seller has the option to (1) Sue for specific performance and request the earnest money as partial payment of the purchase price (specific performance means they are suing to make you go through with the contract and buy the property) or (2) terminate the Offer and have the option to: (a) request the earnest money as liquidated damages; or (b) sue for actual damages. You know the specific facts of your situation, so evaluate whether you think the Seller would be likely to sue you for specific performance or damages. If the home you are purchasing is in a hot real estate market, perhaps the Seller would be more willing to let you walk away than in other circumstances. I recommend you examine the contract and consult with a qualified real estate attorney in your area who handles litigation of real estate matters about your options.

This is not legal advice nor intended to create an attorney-client relationship. The information provided here is informational in nature only. You should seek a consultation with a licensed attorney in your area if you seek a complete review and discussion of your situation.