Profile picture for ABLACK12146

Can I back out of my purchase agreement?

We have had our offer accepted and put an earnest deposit down, but have found a home that fits our family better. Will we be able to back out of our offer?
  • March 21 2014 - Kentwood
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Answers (2)

Profile picture for wetdawgs
What contingencies did you put in your agreement?  If you have an inspection contingency and your inspector (that you pay for) finds items perhaps you can use that to trigger canceling your contract.

Otherwise, what you've told us is the reason that sellers want earnest deposits.  Apparently you weren't too earnest about your offer, yet they stopped or slowed down their marketing and the delay will make them  incur costs.

  • March 21 2014
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Profile picture for Margo Borkin
That really depends on the language of the purchase agreement, if you have an inspection contingency that hasn't been released or expired yet, then maybe. But if you signed an agreement it is binding, you could loose your deposit or worse. You should talk to your realtor about the options specific to the agreement you signed.
  • March 21 2014
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