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

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[quote=Anonymous][quote=Anonymous]Contact a real estate Attorney and discuss options.

The chance you will get sued is low. The reason being is its not worth it to the seller for the cost of retaining their own council and then going to court in a few months and preparing for the case.

If the sellers goal is to sell the house and the house is in a decent location, their real estate agent will likely advise them to just return the EM and move on. The agent knows that the buyer can easily stall at closing or find some issue to prevent closing. Better to not waste everyone's time going to a closing that will likely not happen. In the time it will take the seller to get to court, the probability is high that they will have already sold the to someone else and it won't be worth their time and expense to go through a drawn out court case. [/quote]

Don't try to game the odds on whether they'll sue, because you have no idea how that will play out. If you back out and they're quickly able to find a new buyer at or very close to same price and don't have any other financial losses as a result, the odds of getting sued are low. If, on the other hand, they had multiple offers at our around your contract price back when you went under contract in the busy summer season, but then had to put it back on the market in a slow fall season and the only offer they get is for $70k less than what you had contracted to pay, plus they lost their own EM on their new home because they'd waived their home sale contingency once all of the contingencies were cleared on your purchase agreement, but then had to back-out on their own purchase because you did, you very well might get sued for their financial losses.[/quote]

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