If I back out of a standard purchase agreement for a home, what are the most likely consequences besides losing my deposit? (in Pa)
2006-11-21 05:21:57 · 7 answers · asked by Kirsten S 2 in Business & Finance ➔ Renting & Real Estate
We have not closed on the home. We got as far as the standard purchase agreement that has a "default" clause that includes detail about "liquidated damages," meaning they can keep the deposit & consider the agreement null & void.
2006-11-21 06:35:50 · update #1
Fear not...you only signed the purchase agreement, not the final purchase/mortgage, you'll only lose your earnest money/deposit you put down. If you are nice about it, they may even give you your deposit back, but they dont have to.
2006-11-21 05:29:07 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Well, they will resale the home. If they sell it for less than what you bought it for then you will have to pay the difference. If they sell it more than what you bought it for then you should get the difference (but we both know that won't happen). Now did you already sign the actual contract yet or not? If you did, this is what will happen. If not then like you said, most likely you'll only lose the deposit.
2006-11-21 13:31:43 · answer #2 · answered by mageta8 6 · 0⤊ 0⤋
Generally, just losing your deposit, unless you have circumstanses that have change significantly , in which case you may have a defense. I would ask a PA real estate attorney rather than just bail out.
2006-11-21 14:09:03 · answer #3 · answered by waggy_33 6 · 0⤊ 0⤋
Hope you have not signed any closing papers on the home. Should the closing date be in the near future you can still get out of it.
2006-11-21 13:25:38 · answer #4 · answered by Lore 6 · 0⤊ 0⤋
How far along in the process are you? Check with your Agent.
2006-11-21 13:29:53 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Most likely consequenses.... lose earnest money.
2006-11-21 13:26:26 · answer #6 · answered by teran_realtor 7 · 1⤊ 0⤋
you can actually be held liable for the entire offer price they accepted from you. talk to your realtor about this, it can be bad news!!
2006-11-21 13:25:18 · answer #7 · answered by Queen B 6 · 0⤊ 0⤋