Can Buyer Cancel Contract to Buy Home - Posted by Etta

Posted by Tarboo on September 27, 2003 at 16:40:56:

Grownups take responsibility for their decisions. Change your mind and pay the price. You should have thought this out before you wasted the seller’s time and money. I’ll bet your “changed mind” will cost him way more than the thousand bucks it costs you.

Can Buyer Cancel Contract to Buy Home - Posted by Etta

Posted by Etta on September 27, 2003 at 02:36:41:

My husband and I have signed a contract to purchase a 2nd home for investment purposes (this is not our primary residence) and due to go to closing next week. However, we are having second thoughts and want to cancel the contract. The home inspection found several problems and we wrote up a list of repairs to be done. One of which was the 45 yr old furnace in need of service and certfication. We are told by our agent the owner has serviced the furnance and received a one year certification but we have not seen the paperwork yet. Also, the owner had agreed to fix a broken window in the basement which has not been done. All the other repairs agreed upon have been completed. We really have decided the house is too small, too old, and may end up costing us more than anticipated in upkeep and repairs. We have final walk through in three days. If we are not happy with the one-yr certification on the furnace or have not seen proof of the cert, can we cancel the contract? If the window is not repaired by time of walk through, can we cancel? Is there anyway at all to get out of this contract and get our $1,000 deposit back?

Re: Can Buyer Cancel Contract to Buy Home - Posted by Flipster

Posted by Flipster on September 28, 2003 at 21:29:29:

If you don’t have a contingency in the contract" a weasel clause" stating contingent upon spouses approval or inspection then you are bound by the contract and if you don’t close the seller keeps the $1000…the only way I can see you getting out of it is Flipping the property to another investor…you may see if they will make an extension until the seller Fixes what he promised he would fix and meantime you are contacting other investors to Flip the Property. Call all the “I buy Houses in the local Paper” and flip the contract for a $1000. ;o)

No you can’t just cancel and get your $1000 back - Posted by Run2Momma

Posted by Run2Momma on September 27, 2003 at 10:50:10: