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Real Estate
Reply to "3 days before closing and I want to back out..can I?"
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[quote=Anonymous][quote=Anonymous]Your lender works for you, not the seller. Pull your loan. Tell your realtor you found out new information about the area. People are just freaking you out to be dramatic. Realtors know how to manage these types of scenarios. [/quote] Not sure what "pull your loan" means, but if a loan has been approved -- and likely has been 3 days before settlement -- the buyer does not have an out on financing. Telling the realtor that they found new information about the area will only make them look stupid in court, because the first thing the judge will ask is why they didn't do due diligence about the area before submitting an offer and monitor the area during periods where they could have legally voided the contract. Even if a real estate agent is a lawyer by training, they cannot provide legal advice to a client. The first thing a realtor does to "manage these types of scenarios" (which are very rare) is to advise the client to contact a lawyer who actually knows how to "manage these types of scenarios." In my very long career with nearly a thousand transactions, only one buyer pulled out of the contract at the last minute. The seller took her $10,000 deposit; successfully sued her for $50,000 in damages, and she paid nearly $30,000 in legal fees for herself and the seller's lawyer. This was in 1995. [/quote]
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