refund on home purchase??

[jillianh]

What is the name of your state? NEW YORK

I had a casual conversation with a newbie realtor yesterday as I was interested in purchasing a home. She made a comment to me that if I bought the house, I would have a year to cancel the deal and get my money back if I decided within a year of purchasing it, that I didn't like it.
I have never heard of this. Can anyone comment on this?

[demartian]

In New York, you sign a contract to buy. There may be little things in there, like if the home inspection finds flaws that you are not willing to deal with you don't have to buy the house in the first place...

Once you buy the house, it's yours! You can try to go after the previous owner for non-disclosed items. Although, they have the option of giving you $500 and not disclosing anything and not being liable for that either (I am not a lawyer, but the last time I sold a house there, this was the case).

[tranquility]

I think it is...umm...unlikely. Unlikely like the chance of a meteor hitting the earth and causing its spin to reverse.

I mean, it could happen. If it was a new development and you were buying from the developer who was not selling any properties and they were in desperate financial trouble so they came up with a sales gimmick to try to keep from going bankrupt--then it might happen. But then, odds are if you didn't like the house you would be just one on a long list of creditors.

[PghREA]

Originally Posted by jillianh

What is the name of your state? NEW YORK

I had a casual conversation with a newbie realtor yesterday as I was interested in purchasing a home. She made a comment to me that if I bought the house, I would have a year to cancel the deal and get my money back if I decided within a year of purchasing it, that I didn't like it.
I have never heard of this. Can anyone comment on this?

I think you should call her manager/broker and find out the real deal! - I think she was not going a good job of explaining some program her company offers.

[nextwife]

Originally Posted by jillianh

What is the name of your state? NEW YORK

I had a casual conversation with a newbie realtor yesterday as I was interested in purchasing a home. She made a comment to me that if I bought the house, I would have a year to cancel the deal and get my money back if I decided within a year of purchasing it, that I didn't like it.
I have never heard of this. Can anyone comment on this?

Well the seller sure doesn't have to give you your money back. It's not like buying a set of encyclopedias. The seller has moved on and reinvested the proceeds in another house/place/life whatever. If you don't like ity, in a year you can put it on the market and sell it.

[Bigfoot]

You were not talking to a Realtor. A Realtor is a member of the National Association of Realtors. While there is an occasional blunder, such as the timeline of when earnest money must be deposited, there is no way that a Realtor would spew such nonsense as a one year money back guarantee.

Your Offer to Purchase a property becomes a contract when both Buyer and Seller agree to the terms. On the final pages, you'll find the words "Closing constitutes acceptance".

The best thing about the conversation is that you may realize that you DON'T want to have her represent you a Buyer's Agent.