i made an impulsive conditional offer to buy a house and the vendor accepted. i realised it wasn't a well-thought of decision and i want to back out. how can i do that?
2006-09-30 01:51:55 · 5 answers · asked by slumberjane 1 in Business & Finance ➔ Renting & Real Estate
the conditional clause is 'subject to finance within 5 working days upon acceptance'. no deposit until condition has been met. i can use this as an escape, right? or is this a wrong thing to do?
2006-09-30 02:08:19 · update #1
If I can do away without involving a lawyer (this entails extra costs) at this stage when i am not serious about investing on the property, the better.
2006-09-30 02:13:28 · update #2
Honesty is the best policy... call the other party or Realtor and just plain let them know how you feel. The other party may have a right to your deposit legally but most people are decent and when they sense a genuine person on the other end they may be kind enough to let you out...
You may have to offer a portion of the deposit as compensation for their time and trouble... everthing is negotiable...
Regards,
Joe Ballarino
http://www.jbnaples.com
2006-09-30 03:39:03 · answer #1 · answered by Joe_Ballarino 3 · 0⤊ 0⤋
If you signed a contract and made a deposit, look at the terms of the contract. If no escape clauses, you may lose your deposit.
The low-class thing to do is find something wrong with the property, and when the owner refuses to fix it, consider the contract canceled.
In some states there are laws that let you back out of a contract, if done in a relatively short time, say 72 hours.
2006-09-30 08:58:13 · answer #2 · answered by regerugged 7 · 0⤊ 0⤋
You can back out of it by telling the Realtor, or if it was a private sale, the buyer. However, one condition of backing out may be that you lose a security deposit, so be prepared for the loss.
2006-09-30 08:56:54 · answer #3 · answered by Country Boy 5 · 0⤊ 0⤋
Your answer lies in the terms offered under "conditional offer" the agent will need to complete a termination agreement.
Buena Suerte
2006-09-30 08:58:19 · answer #4 · answered by newmexicorealestateforms 6 · 0⤊ 0⤋
Without knowing the terms and details of the contract, I wouldn't advise you. You need an attorney.
2006-09-30 09:00:06 · answer #5 · answered by Alterfemego 7 · 0⤊ 0⤋