You will need to find some clause in the contract you can use to pull out, and because we don’t have a copy we cannot make suggestions except on speculation.
Did you use a standard Realtors contract for your area, in that case a poster here might be able to help you that is familiar with that contract, I’m not.
Best chance to find a poster from your area is to post again on the main forum on this site.
As for the earnest money, that is what the deposit you make with your contract is usually called, and in a lot of contracts you can back out and only lose your deposit money which is much better than going through with some deals.
I’ve recently signed an agreement of sale for a residential property. My “Significant other” encouraged me to sign for the home because my credit rating is A1. I’ve since learned some rather unscrupulous things about her and our relationship has simply fallen apart.
Here is my dilemna… I don’t want this house and I can’t afford to pay for this house on my own.
Is there any way I can pull out of this deal at all.
Posted by John Merchant on July 18, 2007 at 08:18:41:
Your post isn’t very specific or explicit, but if you’re saying you’ve agreed to buy, I’d tell you from what I’ve seen over the years, a defaulting buyer is rarely sued for specific performance.
So you can just walk away with about 95% odds that the Seller and his lawyer would decide NOT to sue you as Seller can probably find new, better qualified buyer and not spend the money on attorneys fees. cheaper.
More details Howard, more details, we are not psychic out here.
State?
Is the other on the contract with you?
Earnest money?
As Rich said financing? Some times this can be go as far as very large deal I knew about that said “buyer was to obtain a loan in the amount of”, well the buyer wanted to back out an he was able to get two loans but not one loan in the amount of, and the California courts upheld his position that a was one.
Does the sales contract have a financing contingency? Can you meet the terms of that contingency on your own or would you have to have a ruinous interest rate or be declined. I have backed out of sales contracts on the basis of financing contingencies one time before. The interest rates had changed to where the best rate I was being offered by lenders exceeded the contract max. At the new rate the property no longer made sense and I canceled the deal.
Hey BTI and all, thanks for the come backs. I am in Pennsylvania. The other party is not on the contract with me as her credit rating is not good enough to qualify for the loan. As far as the question on Earnest money… I’m not sure what that means.