Profile picture for makebeleive

put good faith money down on house can i renig on buying

  • December 23 2010 - US
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Answers (6)

Yes.....But you may not get your EM back.....Your agent can handle this for you.
  • December 23 2010
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Profile picture for sunnyview
Read your contract. If you have an inspection contingency, you can back out and still get your deposit back. You do not have a major inspection issue, you can back out because you don't like the neighbor you met next door or because you didn't realize that the lawn was not as well cared for as you thought etc.

Most contracts also have a clause that allows the buyer to back out if they cannot get financing or if the house does not appraise. Backing out of a deal at a time other than those common contract periods, may mean that you lose your deposit. If you are still not sure, you can consult with an attorney for not very much for a 1/2 hour consult to see what your options are.
  • December 23 2010
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If the offer's been accepted by the Seller, you can but you will likely lose the deposit. If it's worth it to you to lose that deposit, then you shouldn't have a problem backing out.
  • December 23 2010
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has your offer been accepted? Does your state have a due diligence clause? Has there been an inspection that uncovered problems? I hope you have an agent you are working with, talk to them and see what they say. You can always renig on buying, the question is will you get back your good faith (earnest) money.
  • December 23 2010
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It depends on your contract.  If there are contingencies such as not being able to obtain financing or the home inspection uncovers major issues, you shouldn't have an issue.  However, if you just changed your mind, then you might have some trouble.
  • December 23 2010
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Profile picture for Mary L. Dale

A few things go into consideration when you want your earnest money back....
1.)  Have the seller accepted your offer?
2.)  Why do you want out?

In our state, Indiana, if you just pull out of the deal--you are likely to lose your earnest money. 
Hope this helps.

  • December 23 2010
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