can I be sued if I back out of buying a house at the closing?

Answer 1

No. Unless your contract has something explicit in it.

However, you will loose any money you have and have to pay for all the expenses (title, inspection, bank applicaiton fee etc) up to this point.

I wouldn't wait until the closing to announce the decision. If you are sure, you should let other parties know as soon as you can. So their time are not wasted and you might be able to save a few bucks.

Answer 2

Yes you can back out of most loans before closing and after closing you have three(3) days that you can still back out after signing. Check with your lender but you have a pretty good chance of backing out. You might lose some closing cost money or in some cases called good faith money, which is money you put on a credit card to ensure them that you are going to take the loan but a small price to pay if you don't feel good about what your borrowing. I wish you the best of luck and don't let them bull!#*% you either, stand your ground, be prepared but be straight up. Good Luck

Answer 3

Depending on your state laws, yes, you can be sued for specific performance if the seller is unwilling to allow you to forfeit your earnest deposit. You need to read your purchase contract. Normally, once the inspection period has passed, there are very few specific conditions in which you can cancel a purchase contract.

Depending on your state laws, you might not have a 3 day right of rescission. In Arizona you do not have a 3-day rescission on a mortgage.

Contact you agent to discuss your options.

http://www.AZHomeBuyerHelp.com

Answer 4

Why wait until closing if you aren't sure do it now, you may lose your earnest money if the realator decides to keep it.

Answer 5

it's possible.