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Old 12-26-2011, 03:59 PM
 
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hi. there seems to be a lot of questions about buyers backing out of deals. if there is no mortgage contingency and inspection is waived and written in contract-how else can a buyer get out? can they without leaving themselves open to being sued and chance of losing their deposit?
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Old 12-26-2011, 05:22 PM
 
Location: MID ATLANTIC
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Well, let's see.......how about the elephant in the room - financing? My guess that would be the #1 reason a contract heads south.........not to mention review of HOA docs, low appraisal or current lender not approving contract (short sale). I'm sure there's more, but that's what comes to mind at first glance.
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Old 12-26-2011, 05:22 PM
 
Location: Tempe, Arizona
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It all depends on the terms of the contact. There may be other contingencies besides mortgage and inspection, such as the buyer needing to sell a home first. Or special contingencies written in for a situation unique to a purchase. As far as penalties that may be incurred by canceling, that again depends on the specific contract. That's why it's difficult to give general answers to these types of questions without knowing the details.
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Old 12-26-2011, 05:26 PM
 
Location: El Dorado Hills, CA
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Yes, back to the details in the contract. Our standard contracts allow a buyer to cancel within 3 days of receiving one of the required disclosures. So if the seller/listing agent is slow to get all the disclosures to the buyer, it can allow a late cancellation.
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Old 12-26-2011, 07:15 PM
 
Location: Austin
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In Texas, if the disclosure notice is not received prior to writing the offer, the seller has X amount of days to provide it. The buyer then gets 7 days to review this. Also, if there is an HOA, the seller has X amount of days to get it to the buyer, and the buyer gets 7 days to review those documents.

The buyer can back out for any reason during those review periods.

Oh, and if a survey is supplied, they have X amount of days to review the survey.

There are MANY ways a buyer can back out of a contract besides mortgage and inspection.
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Old 12-26-2011, 07:34 PM
 
Location: Martinsville, NJ
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Quote:
Originally Posted by SmartMoney View Post
Well, let's see.......how about the elephant in the room - financing?
I think that elephant left the room when the OP said "NO MORTGAGE CONTINGENCY."
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Old 12-26-2011, 07:36 PM
 
Location: Martinsville, NJ
6,163 posts, read 12,145,063 times
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Quote:
Originally Posted by amyla View Post
hi. there seems to be a lot of questions about buyers backing out of deals. if there is no mortgage contingency and inspection is waived and written in contract-how else can a buyer get out? can they without leaving themselves open to being sued and chance of losing their deposit?
We can postulate dozens of possibilities, and we might all miss whatever's written into your specific contract. At the end of the day, anything can be written in as a possible out for the buyer. Only way to know is to read your specific contract.
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Old 12-26-2011, 08:05 PM
 
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Thanks for the replies. I do not have a specific contract in mind-just wondering.
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Old 12-27-2011, 03:36 AM
 
Location: MID ATLANTIC
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Quote:
Originally Posted by Bill Keegan View Post
I think that elephant left the room when the OP said "NO MORTGAGE CONTINGENCY."
You're right, missed that.
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Old 12-27-2011, 06:28 PM
 
69,360 posts, read 60,036,583 times
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Quote:
Originally Posted by amyla View Post
hi. there seems to be a lot of questions about buyers backing out of deals. if there is no mortgage contingency and inspection is waived and written in contract-how else can a buyer get out? can they without leaving themselves open to being sued and chance of losing their deposit?
I always make sure my contracts say "contingent upon partner approval" and if I want out, have my partner i.e. girlfriend say no..
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