Consumption and Real Estate
-
-
#3 written by A Real Realtor 1 year ago
When you signed the contract, you are bound by it to purchase the property.
The sellers took the place off the market because you signed an agreement that you would buy it.
If you don’t buy it, then YOU are in breech of contract and will be sued by not only the seller but the Realtors on both sides of the transaction.
It is your job to research all costs involved before making an offer to purchase.
So no, you cannot cancel without a significant penalty.
-
#4 written by Ron Berue 1 year ago
ALL that information AND MUCH MORE should be in your agreement of sale or sales contract.
You don’t tell us what area you’re in. There MAY BE a 3-days cancellation period from the day of the agreement being signed.
IN FACT, in many areas before you even sign the contract, its required to give you a “Good Faith Estimate” of all your closing costs and what your approximate monthly payment will be.
This does not apply to private sales – “FSBO”s – For Sale By Owner.
Thanks for asking your Q! I enjoyed answering it!
VTY,
Ron Berue
Yes, that is my real last name! -
#6 written by Landlord 1 year ago
You already signed a legally binding contract.
You can cancel but it is going to cost you a lot of money.
You will owe the seller, the agents and for whatever processes of escrow have been completed.
Your agent will give you an idea of how much, less a possible law suit from the seller, who can claim losses beyond your deposit.
- Comment Feed for this Post
Very difficult to say, but given the stage you seem to be at, I’d venture that you’re beyond cancelling without some severe penalties.
If you have an accepted offer to purchase from the sellers, expect them to balk like mad if you back out. Their options are to sue you for specific contract performance, as well as expenses incurred due to your failure to honor the contract.
Proceed very cautiously.