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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote] 
How do I have a claim on the title if I don’t own it yet? [/quote]

You are under contract, correct? [/quote]

Yes[/quote]

Speak with an attorney. But in broad terms you have like a claim to the title until there is a signed release agreement. Like, the seller can’t re-list the property until there is a signed agreement saying your are no longer involved in a purchase agreement. Because the seller would not be able to re-list until your default is settled – which could drag out making the attorneys happy - sometimes sellers will negotiate the EMD to make you “go away”.

The devil is in the details (your contract). 
Don’t take legal advice from the internet. 
Speak with an attorney to weigh your options. 
[/quote]
This is the answer.

I backed out of buying a house a few days before closing. A week or two into the contract I became aware that multiple basements on the block had repeated flooding problems, including the house I was about to buy. It was Virginia, so it never needed to be disclosed, and we were potentially on the hook for our entire EMD. I did literally start vomiting in the days before closing.

I worked with an attorney, they got us out with the loss of half of our EMD. My cash on hand net worth was and is is significantly lower than yours, and I lost a higher percentage of it by forfeiting half of my deposit than you would by forfeiting your whole deposit.

If you can find out SOMETHING negative about the house without an inspection, I would try to do that for leverage.

In many ways, that house was better than our current house, but I breathe of relief about how things ended up every time it rains.

Get out now. It will torture you for years. Your sanity is worth it. [/quote]

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