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Need advice on getting out of real estate contract

My bf found a house, made a deposit and an offer.

The inspection is tomorrow. Now we've found a much nicer home.

How can we get out of the purchase without losing our deposit?

Or is that even possible at this point?

by dummy dum dumreply 3304/24/2013

Take the first home, Rosemary. The Bramford isn't what it's cracked up to be.

by dummy dum dumreply 104/22/2013

Go through with the inspection, maybe they'll find something that is a deal breaker. Otherwise, you have to decide if you love the other house enough to break the contract and lose your deposit.

by dummy dum dumreply 204/22/2013

Contracts vary, but if yours had an inspection contingency, that may be all you need -- likely with regard to being released from the contract, and possibly with regard to a return of your deposit.

Some contracts require no real cause or evidence for backing out of a contract provided it occurs within the stated timeframe -- i.e., inspection periods are often used as a mask for change of mind, cold feet, etc. Ostensibly you changed your mind based on concerns stemming from the inspection - you may not have to state what they are.

Assuming you prepared an offer through YOUR realtor or attorney, ask them. If you made an offer directly to the selling agent, you may want independent advice.

by dummy dum dumreply 304/22/2013

R3 is right. If there isn't an 'easy out' provision in the contract, use the inspection as a cover. "I won't buy it unless you replace the roof, the furnace, the floors, the walls, etc."

by dummy dum dumreply 404/24/2013

You guys are lame. You do not lie re: the inspection. If there truly is a problem, it will need to be included in the report by the inspector. The seller gets a copy of this, so a lie just will not do.

Kiss the deposit goodbye if you walk away.

by dummy dum dumreply 504/24/2013

R5, you have no idea what you're talking about. The inspection report always has both good and bad things. You just take one of the bad things and make a big deal about it. I'm a real estate attorney and have killed dozens of deals that way. It takes about a two minute conversation between the lawyers or realtors. Never lost a client's deposit.

by dummy dum dumreply 604/24/2013

love r1

by dummy dum dumreply 704/24/2013

Just tell your agent, you lost interest. Your agent may be able to wiggle you out.

Depending on the market, they may have other offers and will just say meh, beat it chump.

by dummy dum dumreply 804/24/2013

Listen to R6.

Don't be stupid. Do not admit to any realtor that you have "just lost interest." Damn there should Miranda warnings for some on you on everything you do in life.

by dummy dum dumreply 904/24/2013

Scream "I HATE THE WALLPAPER! HATE IT!" during the closing.

by dummy dum dumreply 1004/24/2013

That all depends on what the inspector recommends - if the items are relatively minor, the seller would probably be willing to have them done, rather than lose the money.

I'd say that unless it's something major, you either take the place, or forfeit. I doubt that it'd be a matter of "we understand, happy life in the other place."

by dummy dum dumreply 1104/24/2013

Hello Lawyer. Could you please.....

They are good for more than just protecting the rich.

by dummy dum dumreply 1204/24/2013

R11, the inspectors report is often long and full of facts, not just recommendations. So it might say "water heater is 8 years old; roof is 12 years old, etc." So even if it doesn't contain a 'recommendation', the buyer can say "an 8 year old water heater is too old for me. Replace it or I walk." So even absent a recommendation, the buyer can make ridiculous demands the seller will never agree to. This has always worked for all my clients.

by dummy dum dumreply 1304/24/2013

If you're a buyer, you'd have to be a complete dumbass fucktart to use the selling agent for drawing up contracts. They aren't representing your best interest. Not. At. All.

When I bought my condo I had a terrfic realtor and she made sure there were several contingencis in the contract beforehand so I could have gotten out of it pretty easily.

by dummy dum dumreply 1404/24/2013

[quote] You guys are lame. You do not lie re: the inspection. If there truly is a problem, it will need to be included in the report by the inspector. The seller gets a copy of this, so a lie just will not do.

Not true, and certainly not true nationally.

In the states where I have bought, the home inspection contingency is routinely recognized as the buyer' "out" for canceling the contract. It's for that reason that the seller usually requires that any inspection occur within a few days of the offer -- to force a firm decision sooner rather than later.

In many states, the inspection report is the property of the buyer (who pays for it), and may be requested by the seller on condition of paying the full cost paid by the buyer.

Different states require different things with regard to the leeway afforded buyers in responding to inspection reports. Some are stringent; others are so open ended that it would be futile for a seller to challenge a buyer's change of mind based anything that arises during the inspection period.

by dummy dum dumreply 1504/24/2013

Same thing happened to me. Upon inspection, I found a bunch of things that were troublesome - I guess I was lucky, because I stood my ground in asking the seller to make all the necessary corrections/repairs, and they refused. I was able to get out of the contract that way.

That being said, if your inspection doesn't reveal serious concerns, you are pretty much screwed. My advice would be to be very honest with the seller, and see what happens. Depending on their situation, they may 'forgive' the contract ... or may not. Good luck.

by dummy dum dumreply 1604/24/2013

I love Datalounge. No matter how many actual experts in the field (brokers, real estate attorneys, etc.) come on and explain that this isn't a problem, somebody else - who hasn't even had a problem himself - will say that "you are pretty much screwed."

by dummy dum dumreply 1704/24/2013

OP, you might not be able to see the forest through the trees, but this incident has nothing to do with your boyfriend wanting another house instead. He's obviously wishy-washy and having second thoughts about buying a house with a certain someone. This is a classic delay tactic and you'd be wise to heed his warnings.

by dummy dum dumreply 1804/24/2013

Yes (R17) and that's usually followed by an armchair psychologist making analysis based on nothing. See (R18)

by dummy dum dumreply 1904/24/2013

Meet all involved parties at the first house with a medium that you hire. Then have her go apeshit when she walks in the front door.

by dummy dum dumreply 2004/24/2013

R20, yes! That's it. I'm sure even the real estate lawyer will agree. LOL!

by dummy dum dumreply 2104/24/2013

R14 - legally all realtors work for the seller. Unless you draw up a separate contract which is rarely done, all agents (listing and selling) work for the seller.

by dummy dum dumreply 2204/24/2013

Go to a lender who will refuse to give you a mortgage.

by dummy dum dumreply 2304/24/2013

I love Datalounge! An endless supply of idiots like R17 who believe every person who says they're an expert is.

by dummy dum dumreply 2404/24/2013

Assuming you have a financing contingency, R23; otherwise, that won't work.

Best advice: talk to your realtor. If *you* don't have a realtor (you made the offer directly through the selling agent), talk to your attorney. It shouldn't be that big of a deal.

And, of course, if you've only deposited $1000 or less (Ernest money), it might be cheaper to just walk.

by dummy dum dumreply 2504/24/2013

Check your state's real estate law. In mine there is a 14-day "cold feet" rule...

by dummy dum dumreply 2604/24/2013

Isn't the inspection done during the "Contract Pending" stage, which allows the potential buyer to back out of the sale for any reason, as long as it's within the alloted time?

by dummy dum dumreply 2704/24/2013

you usually have 3 days to reascend your offer. Besides the contract should be contingent on inspections, appraisals, and you getting financing.

You got lots of options to get out of this.

by dummy dum dumreply 2804/24/2013

This is not the kind of granite that I like.

by dummy dum dumreply 2904/24/2013


How much do you billfor those minutes?

by dummy dum dumreply 3004/24/2013

R22 What flyover state do you live in? Ever heard of buyer agency? Hopefully OP has a buyer agent that can use the Inspection Clause or the Due Diligence period to get them out of the contract. Every state is different, I would definitely recommend consulting a real estate attorney if they don't have a buyer agent that knows his shit.

by dummy dum dumreply 3104/24/2013

OP were you unclear on what a 'deposit' is?

by dummy dum dumreply 3204/24/2013

I once lost $43,000 of a $50,000 down payment ($3000 went to our lawyer). It worked out ok because my husband was determined to make the money back and bought a bunch of Apple stock at @$89. We made a LOT more than $43,000.

by dummy dum dumreply 3304/24/2013
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