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I made an offer on a house and the seller accepted. We have signed a contract. Is it too late to get out of it

I have not submitted my loan information, which is due today. I need to know if I can get out of the house contract or since I made an offer and they accepted, I am stuck. The building inspector has not inspected yet.

Asked By: courtneytamryn - 9/13/2007
Best Answer - Chosen by Asker
So far, you are not stuck; but you have entered into a legal binding contract. If you back out now, for no reason, you could loose the earnest money you put down... More
Answered By: CMR2006 - 9/13/2007
Additional Answers (6)
Yes, you are required to buy the house now since you have signed a contract. And I doubt very seriously they will let you out of the contract. You better get your loan stuff ready.
Answered By: Q cumber - 9/13/2007
 
No, but you will lose your earnest money.
Answered By: rm0475 - 9/13/2007
 
IF the offer was contingent on the inspection, OR your obtaining financing, you have a chance -- otherwise you're stuck
Answered By: jimdotedu - 9/13/2007
 
Talk to your attorney, but since you have not satisfied your mortgage contingency, you may be able to get out of the deal and receive your deposit back. But as I said, please talk to your attorney before taking any measures in cancelling the deal.
Answered By: CT Home Loans - 9/13/2007
 
You can get out of it very easily. One method is by having an inspection done. You can say, quite legally, that you are not satisfied with the inspection and withdraw from the contract. You don't even have to give a good reason. You would, of course, lose the inspection cost. Also, if you couldn't get the loan, you... More
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Answered By: Joseph F - 9/13/2007
 
Nope, you offered, they accepted, it's a valid contract... More
Answered By: Mary B - 9/13/2007
 
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