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Can you get out of your offer to buy a house?

On Behalf of | Jan 18, 2021 | Uncategorized |

When you made an offer on a home in town, you were sure you wanted to buy. The seller accepted that offer. You’re now contractually bound by that deal. The contract protects the buyer, so they don’t take the home off of the market and miss out on another potential sale because you suddenly have a change of heart. It also exists to protect you, so that the buyer doesn’t sell the house out from under you to a higher bidder.

But is there any way for you to get out of that offer? Or does it have to stand? 

The contingencies may offer a way out

If you made the offer without any contingencies, you may be stuck. However, the vast majority of offers come with a list of contingencies that have to be met. If they’re not, then you can get out of the deal without any ramifications. 

For instance, one common contingency is on financing. Maybe you got pre-approved, so you could make the offer, but then the loan didn’t go through. If you did not get the financing, you don’t have to buy the house. 

Another example is a contingency regarding the home inspection. The house may have looked great to you, but a professional may find an issue with it that means it fails. That could change your opinion of the home. You can then withdraw your offer, ask the seller to make repairs or adjust the offer to reflect the new value of the house. 

Moving forward when you want out of a real estate deal

If you wind up in a dispute and you need advice regarding how you should move forward, having an experienced and helpful legal team on your side is very beneficial.