We have made and offer to buy contingent that our home sells. We have until August 1st but we are thinking of changing our minds. Although we can afford the home, we just don't want to be strapped down that much. Can we break this contract to buy before the August 1st date w/out a fee?
2006-06-19 04:10:47 · 8 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
I haven't paid any earnest money.
2006-06-19 04:17:01 · update #1
The laws vary from State to State. You seem to be well along in the process at this point. Since you are contingent upon the sale you cannot just remove it from the market. Have your agent stop advertising it and ask that the For Sale sign be removed. Talk to your agent about this. He/She will be familiar with local laws and customs.
2006-06-19 04:23:04 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Probably not. You should read your contract or consult your agent. Real Estate laws vary from state to state. You did not mention if this was a FSBO or not.
Usually you can bow out of the contract if you can not find proper financing. Say for instance, your current home does not sell and you will be responsible for two mortgages, in that case you will have a higher debt to income ratio. This could mean that you will be denied another mortgage. A denial letter from your lender should be sufficient to have your money returned.
Without having your contract/purchase agreement before me, it is too difficult to determine how much (if any) of your earnest money will be refunded.
Again, this may vary in the state that you reside in.
2006-06-19 04:20:57 · answer #2 · answered by gmommy 3 · 0⤊ 0⤋
Depends on your states laws and the wording of your contract.
Some states allow acooling down period. MY state is only three days to change your mind. I have a feeling your only out is to hope your house doesn't sell, or that some other condition of the agreement falls through.
2006-06-19 04:16:00 · answer #3 · answered by Carp 5 · 0⤊ 0⤋
The law may vary state to state. If it's more than three days you probably can't. But here's a thought: Don't sell your house!
Or go back to the people you made the contract with, and talk to them. Be polite and tell them your situation, be persistant but calm and they may agree just to get rid of you.
Good luck.
2006-06-19 04:13:42 · answer #4 · answered by thedavecorp 6 · 0⤊ 0⤋
Probably not. If you default at this time, probably you will have to forfeit your earnest money deposit to the seller. Think of it from the seller's point of view. Isn't that fair?
2006-06-19 04:14:22 · answer #5 · answered by Larry 6 · 0⤊ 0⤋
I think there may be a small fee involved, but I am not sure.
2006-06-19 04:12:51 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Someone wise once said (it was me) that you can break anything with a big enough hammer.
2006-06-19 04:38:29 · answer #7 · answered by Heythere 3 · 0⤊ 0⤋
no , without a fee... you need to pay a penalty
2006-06-19 04:14:55 · answer #8 · answered by NGL007 2 · 0⤊ 0⤋