Скачать или смотреть Can I Back Out of Buying a House? (Without Losing Money)

You made an offer, it got accepted, and now... panic sets in. Can you back out just because you have cold feet? In this video, I explain exactly when you can walk away with your deposit in hand, and the specific moment when changing your mind brings added consequences.
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Home purchase is a massive purchase so buyers ask, "Can I back out if I simply change my mind?" The answer depends on your timeline. If you are within your due diligence or inspection period which is usually the first week or so you can typically terminate for any reason even if you just get cold feet and you will get your earnest money back.


However once we pass those contingency deadlines you are in ""default"" if you walk away without a legal cause. At that point you will forfeit your earnest money deposit to the seller. In some states the seller could even sue you for ""specific performance"" to force you to buy the house though that is rare. The bottom line is that the contract becomes very sticky after the first two weeks so we need to be sure before we waive those contingencies.