How Do You Get Out Of An Offer To Purchase Real Estate?
If you are in the process of purchasing a home, you may decide that you do not want to follow through with the deal. If your home purchase agreement allows it, there are a number of contingencies spelled out which will allow you to cancel the deal and get back your earnest money. Even without the right contingencies in place you may be able to cancel the purchase agreement and walk away from the deal. Review your purchase agreement. The types of purchase contingencies can vary from state to state, therefore, you need to review your purchase agreement to see on what grounds you can cancel your contract. Likely, your attorney or agent built in several contingencies to protect you, but almost every agreement has two contingencies: appraisal and loan. If the home is appraised for an amount significantly different from the agreed upon price you may be able to cancel the deal or if you are unable to obtain financing then you may be able to back out of a deal. Also, there should be something
