Buyer's Remorse - Can You Get Out Of a Real Estate Contract?
Buyer’s remorse: a sense of regret after making a purchase, usually associated with a large-ticket item such as a home or a car.
Most of us have experienced Buyer’s Remorse at some point in our lives. We buy something expensive, then ask ourselves whether we were pushed into buying? Would we have found a better deal somewhere else? Some of us just feel guilty spending so much. Whatever the case of regret, and you decide you don’t want the item, “Can you back out of this contract?”
When it comes to buying a house there can be hundreds of questions. Did you act too quickly? Is there a better house for you? Did you pay too much? Can you really afford this house? What happens if you discover some serious, or not so serious repair issues? Is the neighborhood not what you expected?
States vary in laws. If you are having serious doubts on your home purchase, contact a Real Estate attorney as soon as possible. There are areas of law that govern your purchase dependent on how far along you are in your purchase and how far out your closing date is. A Real Estate attorney will review your contract and assess all those fine-print clauses. There are circumstances your attorney will evaluate such as not getting financing, appraisals not matching the contract sales price, repair issues, boundary lines incorrectly represented, title search discoveries and deed misrepresentations.
Some contracts have specific cancellation clauses written in them and some states offer legal reversals. On big-ticket items such as real estate and time-share vacations, it is in your best interest to have your own attorney review the contract first.
Depending on what state your real estate purchase is in, you may lose some, half or all your earnest money. You may have put down a deposit when you signed a contract. If you back out, will you be able to get that earnest money or deposit returned? Will there be any penalties? Can the sellers sue you for breach of contract? A Real Estate attorney may also be able to negotiate for you.
Remember, your realtor, or the seller’s realtor will only receive their commission when the house closes. You may want to consult with your own attorney first regarding any Purchase Contract or Buyer’s Agreement you signed, or are going to sign and the terms regarding escrow deposits.
If you are having serious doubts on your home purchase or real estate contract and want to understand your best options, contact our Denver Real Estate attorneys immediately at 303-618-2122. Gantenbein Law Firm also practices Foreclosure Defense, HOA Defense, Tax Law, Business Law and Estate Planning. For more information on our practice areas, visit our website at www.gantenbeinlaw.com.
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