Contract on a House? Think was a big mistake! HELP!!?

Question

I just wrote a contract on a house but now I am having regrets because I am not sure it's what I want! Please help any advice????

Answer 1

You are experiencing what is called "buyer's remorse". It is common for people to second guess their buying decisions. Sometimes it helps to think about all of the positive reasons that caused you to buy the house in the first place. If this is your first house, keep in mind that you have taken a huge step in your financial future and nervousness is normal. Take a deep breath, and you will be OK.

If you truely want out of the contract, you owe it to the seller and the real estate agents involved to let them know as soon as possible. Keep in mind that you are likely to forfeit your earnest money deposit. This is usually covered in the fine print of the contract, so check it out before you attempt to cancel.

Good luck with your home purchase.

Answer 2

It makes a big difference at what stage of the sale you are up to. Unfortunately I only know about Australian Property law. Here, if it is still in the cool off stage then you could forfeit 0.25% of the purchase price. After the contracts have officially exchanged, you would lose your full 10% deposit. Have your legal representative read over the contract for any special conditions.

Answer 3

You are allowed to break your contract. However, the money you put down you will most likely not be able to get back. You can fight for it and as long as you do it will sit in escrow, but unless the sellers are willing to give it up you can say bye bye to it.

Answer 4

Read the contract over. It will explain what parts are contingent on attorney approval, financing, home inspection etc. There are alot of ways out of it. Talk to your attorney.