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it all depends on what your signed contract states. If you did not make accomodations in the contract for these events then you have no grace period and cannot back out without breaching the contract.
Can't you just reject based on the house inspection?
I may be mistaken but here is what happened to us.
We put in bid for house that was accepted, I am pretty sure we had to pay earnest money etc.
When we went in for the inspection, we noticed the living room and door was terribly narrow... basically a wasted room because nothing could fit in there. Also the inspector found problems with roof... drop ceiling in kitchen hid previous leaking. (BEWARE OF DROP CEILINGS!!!)
Anyway, we made our acceptance contingent on the sellers widening the entrance doorway. There was no way they would do that... so they rejected, then the deal was off. Then later the seller came back and offered to change the door, but it was too late. I didn't like the house anyway.
My point is, you can reject/demand something that is "reasonable and justifiable" but you just KNOW the seller won't go for it. Then the contract is null and void.
Read the contract that you signed from top to bottom. Everything is explained in plain English. If you can't understand the wording, then you should hire an attorney, if you haven't already done it so.
Every contract is different, even in the same state or region.
I have a question about backing out of a house buying process.
1. After the seller and I sign the contract and before the inspection, how long do I have to back out from buying the house?
2. When can I start to hire someone for house inspection?
3. If the house inspection fails or I just feel like I do not want to buy this house, how long do I have to back out.
Thank you all
These are all local issues. Meaning the answer may be different in NJ from what it is in Nevada. Even different in one part of the state from another part.
So...
Where are you?
How specificly are these things spelled out in your offer documents?
As to backing out "because I just feel like I do not want to buy this house." I would suggest that before you sign an offer or a contract, you be sure you want to buy this house. Legally you may have some ways to get out of the contract later, but you really should decide before you start the whole time consuming, sometimes resource consuming, process.
Contrary to some of the above in many local areas the contracts are actually pretty uniform for a resale home. They are in the Las Vegas area. YOu can use a different contract but many, including me, will recommend a seller reject it - unless it is a very unusual offer.
Virtually all western offers have a due dilegence period. There is also often a period driven by the presence of an HOA. These pretty much provide an unconditional out. The HOA one is often statutory and required even of new build homes.
New build contracts are pretty strongly anti-buyer. At the moment you may find some builders willing to give a little. I guarantee that will go away as soon as the market improves a little. Be very careful of payments for upgrades. Builders tend to make these strictly non refundable even though they are mostly profit.
IN TX you have an option period towards the back of the contract where you put in an amount and a time period. During this period you can terminate the contract for any reason and only loose your option money.
FYI - A house does not pass or fail an inspection. In TX it is a snapshot of the house at that time. If there are problems you have the option period to negotiate repairs so get the Inspection done quickly.
IN TX you have an option period towards the back of the contract where you put in an amount and a time period. During this period you can terminate the contract for any reason and only loose your option money.
FYI - A house does not pass or fail an inspection. In TX it is a snapshot of the house at that time. If there are problems you have the option period to negotiate repairs so get the Inspection done quickly.
In NV the CC&Rs are the easiest way out. You either accept them or you don't and if you don't no deal. What does good ole Texas do?
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