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how can I back out now?

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April 09 2009 - US
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Michael Blomquist covered it well.  Find out the local laws.  The last out is I lost the loan, and can't by it.
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April 10 2009
I am not an attorney, but most real estate contracts are straight forward. 

1) When did the seller(bank?) accept your contract?
1b) Was it an "as-is" sale?
2) When were your financing contingencies supposed to be removed?
2b) Did you have any other contingencies?
3) What is the sale's price?
4) How much did you put down as a good faith deposit?
5) Who has your deposit? (send a letter, fax, email stating that you do not want to proceed -losing your job in 2 months and property condition) 
6) What state is the property located in?
7) Were there any inspections on the property?
8) Contact the broker who is supervising your agent and tell him/her of your desire to back out.  immediately.

Are you more concerned about the loss of your job, property's condition or declining real estate market?

The worse case scenario should be the loss of your deposit, but without reviewing the contract documents it is impossible to say for sure.
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April 10 2009
Profile picture for whipsawfx

Dolores and Bratasaur gave the best advice

If you don't have an attorney GET ONE NOW.

Get an attorney to review all the documents immediately. You may also want to contact the broker/office manager and ask for their help.  

Today, NOW... take everything you signed to your attorney, and do exactly what they say to do.

I would also make sure your mortgage company hasn't delievered your mortgage into escrow. Tell your mortgage company about the fact that a material defect wasnt disclosed to you by your agent, they may withdraw the loan if it affects the value.

But this is what attorneys are for ... so go see one ... NOW

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April 10 2009
Profile picture for jobless_homeless
Thank you all very much for the replies!

However, the situation is that, the listing agent sent out the information to my agent (they have proof), and it was my agent who didn't tell me until three days ago.

In this case, should I file complaint to my agent? Can I still claim the contract void?
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April 10 2009
Get an attorney to review all the documents immediately. You may also want to contact the broker/office manager and ask for their help.  
In many cases when buying a foreclosure the bank has disclosure forms that indemnify them from any liability. BE VERY CAREFUL- in 3rd party sales or foreclosures. If you are interested in buying distrssed properties pick an agent that has a LMC or Loss Minigation Certification, like a certified buyers agent, there is additional training to qualify agents to sell foreclosed or pre-foreclosure property.
When in doubt, always get an inspection and always use an attorney.
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April 10 2009
Profile picture for bratasaur
Jobless, what state are you in?  Most if not all require disclosure of such items.  Whipsaw is correct but I will add,  if they seller was aware of a condition and did not disclose you can have repairs made at sellers expense.  Your attorney will know the laws for your area.  If you don't have an attorney GET ONE NOW.
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April 10 2009
Profile picture for whipsawfx

Even if there wasn't an inspection contingency, most states 32 or more of them I believe have disclosure laws. In Ca, NV, OR, WA, ID, MT, SD, NE, IA, WI, LI, MI, IN, KY, OH, PA, NY, etc
Sellers are required to disclose all known material facts, including preparing and delivering a Transfer Disclosure Statement (TDS).
If they haven't, completed a sellers disclosure, or they didn't disclose fully, your contract is void, as your contracts 'effective date' is usually conditional on this being signed by you and the seller. Consult with a / your attorney and put this in writing immediately and send today to the sellers by registered mail (and notify your / and listing agent immediately that the sinking is an unacceptable condition that wasn't disclosed). Even if you close, you can sue for failure to disclose for upto one year after you close for pre-existing conditions.

Also, notify your loan company / underwriters that the basement has a slight sinking down that wasn't disclosed to you. If it materially affects the value of the property to which the LTV is acceptable to them, they will no longer loan you the money and it will be void. 


..................................
PLEASE BE ADVISED: This answer and any information contained herein is not intended to be treated, and should not be construed, as legal advice. Rather, this answer is offered solely for general information purposes.

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April 10 2009
Profile picture for jobless_homeless
Sorry. I don't know why the content had all gone.

Anyway, a situation was that,
I found out my agent didn't disclose all the document regarding the condition of the house (the basement of the house suffered a slight sinking down) when I was signing the contract.
I had only loan contingency but no inspection contingency cause it looked "nice" at that time.
The loan has been approved yesterday.
The question is, can I void the contract now for the mistake of my agent who did not give me all the information, even the listing agent has given him that particular information when we were planning to sign the contract?

Thanks a bunch!
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April 10 2009
Back out of what? more details please.
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April 09 2009
 
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