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Case of Buyer's Remorse |
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I made an offer on a house put $500 down to show true interest, but now I dont want the house. Can I get out of buying it since I havent closed and just lose the $500? |
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How would you feel if you'd given notice to your landlord, done all your packing and hired the movers. enrolled your kids in the new school and sent out change-of-address cards, only to hear that the sellers had decided to change their minds?
You've signed a binding contract to buy that house, and you could be in real trouble if you backed out. $500 might be the least of your problems.
Better have the agent explore the situation immediately. Perhaps someone else offered more and is just dying to take over the purchase, so you'd be lucky. But perhaps the sellers have already made plans to move, spent money, arranged to buy another house, who knows what?
If you really don't want to buy, talk to a real estate lawyer immediately, and have your lawyer discuss the situation with the seller's agent. Promptly. Then you'll be in a better situation to decide what to do. |
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Edith
Originally published on October 6, 2008 |
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