Can I walk no matter what?

[BobMane]

What is the name of your state (only U.S. law)? Idaho
I have done quite a few deals and never had this happen.

i put offer on a home
it was rejected due to offer being too low
few weeks later sellers agent said it was available and my offer at my price would work
this time was asked to sign "no inspection" but verbally was told "you could still walk away if you have an inspection and find something you dont like".

so i am wondering is there any scenario of any kind where a buyer signs a Purchase and Sale Agreement in Idaho and can not walk away from the deal for any reason.

 

[justalayman]

It depends on whether you mean without finacial repercussions or not. Generally as long as any contingency included in writing on the accepted offer has been met the buyer cannot walk away without at least losing their earnest money.

 

[STEPHAN]

this time was asked to sign "no inspection" but verbally was told "you could still walk away if you have an inspection and find something you dont like".

I am pretty sure the contract has a clause that all changes must be in writing.

 

[justalayman]

I am pretty sure the contract has a clause that all changes must be in writing.

It doesn't even have to. All contracts for real estate must be in writing. An oral amendment is not in writing so it does not meet the test.

 

[BobMane]

i should have been more clear. this was presented as an entirely new contract, so the old contract is not in effect.
my concern was mainly that this contract only had two options 1. inspection 2 no inspection - and no inspection was marked
i have seen "as-is" which sounds different than "no inspection" so I was just hoping I have some out if I have to.

 

[justalayman]

i should have been more clear. this was presented as an entirely new contract, so the old contract is not in effect.
my concern was mainly that this contract only had two options 1. inspection 2 no inspection - and no inspection was marked
i have seen "as-is" which sounds different than "no inspection" so I was just hoping I have some out if I have to.

well, if you did sign the contract as you list it here, then regardless of any inspection you might have performed, it will not allow you to escape the contract. Depending on what else you might have in the contract, there may be other issues that allow you to terminate the contract or refuse to perform but the inspection issue isn't going to help you.

 

[BobMane]

understood - but you did seem to indicate that the most that can happen is i would (or could) lose my earnest money?

 

[justalayman]

understood - but you did seem to indicate that the most that can happen is i would (or could) lose my earnest money?

that is not what I said. I said the least that typically happens is the seller takes the earnest money and considers the issue dead. The seller can do a lot more including seeking damages from you if the house cannot be sold for what you contracted for or they could even attempt to seek specific performance where a court requires you to complete the contract.

 

[TigerD]

Let me see if I understand the situation:
You made an offer that the seller rejected as too low.
They came back to you after and extended an offer to purchase at the same price as your previous offer - with the condition of "no inspection."
You are trying to determine if you have an out if you sign and find something you don't like.

1. They found something you won't like. Hence the no inspection.
2. Review the disclosures and demand updated disclosures.
3. Run from this deal or counter with 10-15 percent less subject to a satisfactory inspection.

TD

 

[BobMane]

Let me see if I understand the situation:
You made an offer that the seller rejected as too low.
They came back to you after and extended an offer to purchase at the same price as your previous offer - with the condition of "no inspection."
You are trying to determine if you have an out if you sign and find something you don't like.

1. They found something you won't like. Hence the no inspection.
2. Review the disclosures and demand updated disclosures.
3. Run from this deal or counter with 10-15 percent less subject to a satisfactory inspection.

TD

Yes you got it right. Good advice but I signed it already.

 

[BobMane]

I was told if I changed my mind for any reason in Idaho I have 3 days from date of signing to walk away.

 

[justalayman]

I was told if I changed my mind for any reason in Idaho I have 3 days from date of signing to walk away.

I have found absolutely nothing that would support that in law. If it is an included clause in the contract then you would but as a contractual matter, not a matter of law.