3 days before closing and I want to back out..can I?

[Anonymous]

I know I'll lose my earnest money, inspection, appraisal money, etc. I'm okay with walking away from it all but I don't want to get sued. Can I deal with this myself or do I need to retain an attorney before letting our realtor and other parties know?

[Anonymous]

Why do you want to back out? That's pretty major. Just cold feet?

Yes, they can sue you.

[Anonymous]

What does your contract say? When we purchased in Virginia, I changed the standard contract so they couldn't come after me for damages > earnest $ deposit.

[Anonymous]

Anonymous wrote:What does your contract say? When we purchased in Virginia, I changed the standard contract so they couldn't come after me for damages > earnest $ deposit.

I'll check. It's all greek to me. Basically over the weekend we've found out several things about the neighborhood, including that they've had a rash of break ins and vandalisms in the last few weeks. And other things that make me feel very uneasy and like we're making a huge mistake.

[Anonymous]

What state? If Virginia and you signed the standard contract, it allows them to sue you for damages in excess of earnest $.

[Anonymous]

Unless you have a provision in the sales contract stating that the earnest money is the limit of your ,inability, you can be sued for specific performance if your financing has been approved and the ,siting and selling companies can sue you for their real estate commissions. You will also not receive the Redfin rebate from your agent

Engage a real estate attorney tomorrow morning to mitigate your losses.

[Anonymous]

We backed out and it went quickly....we gave them the 20k ernest money and it was clean in 24 hrs. However, we were not 3 days away from closing. Do you know what the sellers plans are? There is usually a way to pay your way out, BUT it depends on how much you will mess up the sellers' plans. If they had other offers or dont have anither home lined up, then your chances are better. Being so close to closing is what will either cist you a lot or make it impossible. We cant answer...only the seller knows.

[Anonymous]

The rash of break ins and vandalism can happen anywhere. Even the nicest/safest neighborhoods. What else is making you uneasy? Cold feet is normal. But you will find something wrong with every house and neighborhood-that is just how it goes. Nothing is ever 100% perfect.

[Anonymous]

Yes, since it is not for financing or them not following through with inspection provisions, they can and probably will sue you. And it will be for good reason.

[Anonymous]

Anonymous wrote:

Anonymous wrote:What does your contract say? When we purchased in Virginia, I changed the standard contract so they couldn't come after me for damages > earnest $ deposit.

I'll check. It's all greek to me. Basically over the weekend we've found out several things about the neighborhood, including that they've had a rash of break ins and vandalisms in the last few weeks. And other things that make me feel very uneasy and like we're making a huge mistake.

Did you not do your research beforehand?

[Anonymous]

Anonymous wrote:The rash of break ins and vandalism can happen anywhere. Even the nicest/safest neighborhoods. What else is making you uneasy? Cold feet is normal. But you will find something wrong with every house and neighborhood-that is just how it goes. Nothing is ever 100% perfect.

This. Backing out based on this is pretty ridiculous.

[Anonymous]

Also be prepared for your realtor to tell you that they are done working with you. We bought a house a few months ago and something like this happened with one of our realtor's clients. He told us that he wouldn't work with them again.

[Anonymous]

Anonymous wrote:The rash of break ins and vandalism can happen anywhere. Even the nicest/safest neighborhoods. What else is making you uneasy? Cold feet is normal. But you will find something wrong with every house and neighborhood-that is just how it goes. Nothing is ever 100% perfect.

+1
Every neighborhood has a rash of break ins and vandalism in the summer, no matter how nice. If you have a garage, keep your cars in there and lock the door between the garage and the house. Otherwise, make sure you don't keep anything of value in the car and keep it locked up.

[Anonymous]

Agree with contacting an attorney first thing tomorrow. And no, every neighbourhood does not have a rash of break ins and vandalism in the summer.

[Anonymous]

Anonymous wrote:Also be prepared for your realtor to tell you that they are done working with you. We bought a house a few months ago and something like this happened with one of our realtor's clients. He told us that he wouldn't work with them again.

Not op, but big whoop. Realtors are a dime a dozen and most aren't worth that. Op are you worried your realtor might not work with you? Didn't think so.