backing out of home buying contingency?

Question

need some honest advice, from those in the know:

am i able to back out of a home buying contingency based on the home's location, i.e. an overwhelming amount of registered sex offenders within a 2 mile radius of the home?? i have two children, 8 and 2... and the figures of RSO is quite disconcerting. please help.

thanks everyone. by the way, the property is in louisiana. but, the megan's law information is extremely helpful.

Answer 1

What state are you in? This is important. In California you would have no problem. In Nevada an agent cannot tell you if a sex offender is in the area.

Have you performed all your inspections and removed contingencies? If not you can still stop the transaction.

If your real estate agent is not cooperating in assisting you to cancel the contract then contact your lenders representative.

Maybe the home will not me the lenders criteria. If so you would want to make sure you used that lender when you did find the home you want.

Also, check for the Megan Law information in your state.

If you want to tell me the state or have additional questions, feel free to contact me.

Good Luck,
Chris C
Real Estate Broker/Lender

Answer 2

You didn't say in which State you live, and different States have different rules.
I can speak only about California because I'm licensed in this State.
We have a law requiring a real estate sales contract have a Disclosure stating that information about registered sex offenders is available at www.meganslaw.ca.gov .
This means a buyer was given information where to look and check.
If a buyer wants to back out AFTER the contract has been signed, it's too late (you were given an opportunity to check before you signed.)
This is in California. I do not know if it's the same in your State. Look in your contract to see if you can find something similar.
Now, what does your real estate agent say about it? You are not buying a property without an agent, are you?
If you have no agent, this is a perfect example why you should have an agent working for you (and it doesn't even cost you anything to have an agent when you are a buyer.)

Answer 3

If you knew about it before signing the contract you may have an issue.....
If this information was not disclosed to you by the sellers disclosures or if it was omitted from the listing agreement there is a good chance that you will be able to get out of the contract and get your deposit back.
Even if the seller makes a claim for your deposit and tries to keep it I don't believe any judge in his/her right mind would hold you to that contract and let the seller keep the deposit.
There are often times other ways to back out of a contract, i.e. an inspection contingency or a mortgage contingency..... your lawyer should be helping you with this.....

This is for informational purposes only and should not be construed as legal advice.... contact an attorney!

Answer 4

If you're already in a contingency you are in legal agreement to purchase the house. The person who is selling you the house can technically sue you for backing out. Most judges would see the danger of sex offenders something you should have inquired about before entering a legally binding agreement.

Even with your ligament concern, there is no way to just get out of it. But you can always talk to the realtor and the owner of the property that is selling it to you. Perhaps they might not be cynical and let it go. But even still, both parties, you and the seller of the home, are in mutual agreement that you will buy the house.

You might just get what you paid for.

Answer 5

It depends, did you sign a contract and was that contingency listed in the agreement.

Could you just talk to the person and see if you can get out of any contract?

If you signed a contract and did not list this as a contigency and have no other legal way of getting out of it and they will not let you out of it, then you are obligated.

Review the contract you signed and speak to a local attorney.

Answer 6

If you are being represented by a Real Estate Agent, definitely go to them and they will be able to legally get you out of your contract to purchase if that's what you want to do. They know the laws of your state and are there to help. :)

Answer 7

Ask the Realtor representing you what your options are. That person knows the laws of your jurisdiction and what is in your contract.

Answer 8

ask your realtor. they should have written enough contingencies into the purchase contract to get you out on some other area, like loan or inspection. call your lender and get denied for the loan.... that is easy to do.