Expert, localized Los Angeles answers provided by Heather Roy

Ask Heather about: Mortgages, Finance, Taxes or Home Selling?
  

Breaking Contract

  I am in the process of buying a home. We are closing in July. All of the qualifying process is done, the house has been appraised and inspected. The house even has it's SOLD sign up. Once at 60 days we will be able to lock in the APR.My question is this - I am second guessing the situation, so is there anyway to get out of buying the house at this point?Thank you
 
 

I haven't seen your contract, and I don't know whether it contains any contingencies besides your financing clause, or for that matter how that's worded. Someone once told me that a really good lawyer can almost always find something that justifies voiding a contract. I doubt that, but if you really want to try, take the matter to the best real estate attorney you can find. He or she can tell you whether you have any grounds for getting out of the deal, and what you stand to lose.

    Edith
Originally published on May 10, 2007
 
    Back to Summary