Can I get out of my accepted realestate contract?

December 30th, 2009 | by admin |

I accepted an offer for my house 3 days ago. But things have changed and I no longer want to sell. The potential buyers paid a $500 earnest deposit to their realtor other then that the home inspection is due to take place tomorrow. Can I decide at this point not to sell and keep my house?
I accepted the offer with a POA (power of attorney) from my husband who is away. No one took a copy of the POA. I have agreed to paying $1000 towards any repairs found by an inspector, but I agreed to this thinking that this money would be given to the buyers at closing. Not knowing that the repairs would have to be done prior to the closing. I only found out about that after the counter offer had been already accepted. Now it seems like I am going to be out alot more money then originally thought not to mention my children don’t want to move. I just don’t know what to do.

With you only accepting the contract 3 days ago I am assuming that there are still contingencies on the contract. There are contingencies on your contract for things like attorney review, inspection, mortgage contingency. You should have like 5 days for you attorney to review the contract and give the go ahead on whether to go forward or not. That might be an out because if you have 5 days for the attorney to review the contract and they do not respond within that time period then the contract is voidable. Also if the inspection comes back unfavorable and they ask for a credit for the repairs then that is another opportunity to just turn it down flat and walk away. In short contingencies are the only way that you can get out of your contract. Hope I helped.

  1. 5 Responses to “Can I get out of my accepted realestate contract?”

  2. By Brian A on Dec 30, 2009 | Reply

    In theory the buyers could sue you for specific performance and make you sell to them. You may want to put some feelers out through your agent ASAP before they get too invested and put too much time and money into the process. You could possibly have an out if some major repairs come up in the inspection and you refuse to pay for them.
    References :

  3. By mazziatplay on Dec 30, 2009 | Reply

    Not without facing a Breech of Contract lawsuit possibility.
    References :

  4. By schwildcat1977 on Dec 30, 2009 | Reply

    There are ways to do that and avoid a law suit. I don’t remember off hand what they are…….you will want to talk to your agent ASAP.

    Most buyers know that nothing is final till closing.
    References :
    Just studied for Property Managment licence and they mentioned this issue..I just don’t remember the specifics.

  5. By Thomas2Sell, Realtor on Dec 31, 2009 | Reply

    With you only accepting the contract 3 days ago I am assuming that there are still contingencies on the contract. There are contingencies on your contract for things like attorney review, inspection, mortgage contingency. You should have like 5 days for you attorney to review the contract and give the go ahead on whether to go forward or not. That might be an out because if you have 5 days for the attorney to review the contract and they do not respond within that time period then the contract is voidable. Also if the inspection comes back unfavorable and they ask for a credit for the repairs then that is another opportunity to just turn it down flat and walk away. In short contingencies are the only way that you can get out of your contract. Hope I helped.
    References :

  6. By melissaw219 on Dec 31, 2009 | Reply

    What a nightmare for your agent, the buyers and the buying agent. Do you realize that this FAMILY is paying for the inspection out of pocket sometimes as much as 500$. It is very irresponsible of you to toy with so many peoples lives because you had a change of heart. In this market your house had to be listed for awhile and you just now made up your mind. You will be taking money from all involved by changing your mind. Your Realtor paid OUT OF POCKET for advertising your house they devoted time and money in marketing your house, handling the offer. paperwork etc…The other agent drove her clients around on her dime and this family has paid out of pocket too. The only person not hurt by backing out is you. I know you wanted advice on how to get out of your contract and I understand it is your house but I just wish you would of thought of this in advance…..
    References :

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