Question : Offer accepted on HUD home yesterday. Is it too late to cancel the accepted offer?
After a year of searching in upstate ny, our offer was accepted on a hud home yesterday. It needs a lot of work. Today, I spoke with my mother about it. Then she showed me the house of our dreams on a realtor web site. It’s a short sale. It’s the same price as the foreclosure, it does not need a lot of work, and it’s perfect for us.

The problem is that I had already accepted the offer and made appointments to meet with everyone for next week. I have appointments to meet with the lawyer on Monday & meet with the inspector, contractor and loan officer on Thursday at the house.

Is it too late to change my mind? Should I just go through with the inspection and see how serious the repairs are? Would it be too late to back out even then?
home inspection ny

Best answer:

Answer by Suntio
No, it’s not too late to back out. Call everybody on Monday morning and tell them your circumstances have changed and you won’t be purchasing that house anymore. You can still back out of the deal, you haven’t signed the purchase contract, you only signed an offer. If you put any earnest money down, you MAY lose it, but that’s not a given; ask the realtor to get your money back if possible. Don’t let this go too far, don’t do an inspection on a property you’re not going to purchase because you’ll be wasting everyone’s time and money.

I was in a similar situation last year: I made an offer on a HUD home, the offer was accepted and then I changed my mind about the house. I rescinded my offer and was able to get my money back.