2007-09-01 07:13:09 · 6 answers · asked by taylor7569 1 in Business & Finance ➔ Renting & Real Estate
That depends upon your contract. Most agreements have various contingency clauses such as for financing and inspection. If you can't get financing or the house inspection reveals repairs costing more than agreed upon then you can cancel without penalty. Otherwise you generally lose your earnest money as liquidated damages.
2007-09-01 08:22:17 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
That depends on exactly what is in the contract. For example, just about everyone includes a finance addendum to their purchase agreement. If you cannot get financing, then the agreement is nullified. Depending on how the agreement is written, you may or may not get your earnest money back.
Someone mentioned a 3 day federal law - that DOES NOT apply to a purchase agreement to buy property. That is only for the mortgage.
You might also have an inspection contingency or other contengincy. Check your purchase agreement and ask your REALTOR®.
In the interest of full disclosure, I am a REALTOR®, licensed in Minnesota.
2007-09-01 07:28:48 · answer #2 · answered by Hatlady 3 · 1⤊ 0⤋
Yes, generally it is easy for a buyer to cancel a purchase/sale agreement. However, since it involves a contract and we cannot review the specifics of your particular contract, have your agent or an attorney guide you to doing it properly.
The 3-day right of rescission applies to refinance loans, not purchases or purchase loans.
2007-09-03 21:12:25 · answer #3 · answered by Genki 3 · 0⤊ 0⤋
Taylor it depends. If you are just having buyers remorse, then no. The seller could take you to court to make you perform according to the contract. And/or the seller could keep any earnest money you gave. You didn't really provide any information as to why, so I am guessing you have changed your mind. In which case, you have a problem.
2007-09-01 07:31:49 · answer #4 · answered by Alterfemego 7 · 1⤊ 0⤋
If it has been less than 3 business days, yes. Federal law provides this opening for you.
2007-09-01 07:21:00 · answer #5 · answered by puanani 5 · 0⤊ 2⤋
the answer is yes, you just have to think it carefully thru or have a professional help you who can see the big picture.
2007-09-01 07:50:11 · answer #6 · answered by Mortgage Pro 2 · 0⤊ 1⤋