Home     Law Advice     Insurance Advice     Community    
Go Back   FreeAdvice Legal Forum > REAL ESTATE LAW > Buying & Selling a Home
Reload this Page Need to back out from contract

Powered by Attorney Pages


  Find An Attorney In Your Area    
 

Reply
 
LinkBack Thread Tools Rate Thread Display Modes
  #1  
Old 10-21-2005, 03:26 AM
Junior Member
  
Join Date: Oct 2005
Posts: 4

Need to back out from contract

What is the name of your state? Ohio

I'm buying a house and I just had a seller to accept my offer. I started having second thoughts, and feel now that house payments will be much more than I can afford. What is the best way for me to get out from contract without much penalty?
  #2  
Old 10-21-2005, 05:35 AM
Senior Member
  
Join Date: Apr 2005
Location: western U.S.
Posts: 1,834
Did you give the seller earnest money with the offer? How much other paperwork did you sign? Did you get a formal acceptance? You could pay anything from $0 to earnest $ plus commissions plus fees. Gotta post more details.
  #3  
Old 10-21-2005, 05:42 AM
Junior Member
  
Join Date: Oct 2005
Posts: 4
I signed Purchase Agreement with real estate agency yesterday and I know that seller accepted my offer through his agent. I didn't get any formal acceptance but assume that I will today. I put down $3000 as a deposit. I need to figure out a way out of this. I'm a single mom with 2 kids.
Last edited by Lisa7; 10-21-2005 at 06:08 AM.
  #4  
Old 10-21-2005, 06:36 AM
Senior Member
  
Join Date: Apr 2005
Location: western U.S.
Posts: 1,834
Call your agent or broker immediately. Tell them the truth. Since no time has elapsed for the seller to lose time in the market you may be ok. It still will take some smooth talking and groveling unless your state's RE laws allow a specific time period for rescinding the contract.

Be the first caller to the broker this morning!

Just curious...weren't you pre-qualified? Did your offer have the "contingent upon financing" clause? That can save you.
  #5  
Old 10-21-2005, 06:45 AM
Junior Member
  
Join Date: Oct 2005
Posts: 4
I was pre-qualified and offer has the "contingent upon financing" clause. Shouldn't be a problem to get financing. I'm afraid that I will not be able to keep up with payments in the future. What shall I tell to the agent? What is the good excuse in this case?
Last edited by Lisa7; 10-21-2005 at 06:59 AM.
  #6  
Old 10-21-2005, 07:24 AM
Senior Member
  
Join Date: Apr 2005
Location: western U.S.
Posts: 1,834
Tell the agent (YOUR agent) the truth. Tell your lender what your fears are, and that you cannot be sure you can make the payments. The lender isn't going to approve a loan he cannot collect on. Just tell them both you need to find a less expensive property.

If you really believe you can't afford it you are doing the right thing.
  #7  
Old 10-21-2005, 08:39 AM
Junior Member
  
Join Date: Oct 2005
Posts: 4
dallas702, thank you for the best advise I ever had. I talked to my agent in the morning and he understood my concerns. Best part that seller didn't sign the contract yet. I'm off the hook now. Thanks again.
  #8  
Old 10-21-2005, 09:00 AM
Senior Member
  
Join Date: Apr 2005
Location: western U.S.
Posts: 1,834
Glad I could help. Now, take your time and find that perfect home and enjoy it.
Reply

« Previous Thread | Next Thread »


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes Rate This Thread
Linear Mode Linear Mode
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
BB code is On
Smilies are On
[IMG] code is Off
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On
Forum Jump

All times are GMT -5. The time now is 10:48 AM.

Contact Us - FreeAdvice - Archive - Privacy Statement - Top

IMPORTANT NOTICE
THE VIEWS EXPRESSED ON THIS PAGE WERE NOT REVIEWED BY THE EDITORIAL STAFF OR ATTORNEYS AT FREEADVICE.COM. Thousands of professionally prepared and reviewed questions and answers in 130 legal categories are to be found at the Question and Answer pages at FreeAdvice.com.
FreeAdvice Forums are intended to enable consumers to benefit from the experience of other consumers who have faced similar legal issues. FreeAdvice does NOT vouch for or warrant the accuracy, completeness or usefulness of any posting or the qualifications of any person responding. Use of the Forums is subject to our Terms and Conditions which prohibit advertisements, solicitations or other commercial messages, or false, defamatory, abusive, vulgar, or harassing messages, and subject violators to a fee for each improper posting. All postings reflect the views of the author but become the property of FreeAdvice. Information on FreeAdvice or a Forum should not be relied upon and is not a substitute for advice from an attorney licensed in your jurisdiction who you have retained to represent you. To locate an attorney visit AttorneyPages.com. Copyright since 1995 by Advice Company. All Rights Reserved.