> Cancel home contract?

Cancel home contract?

Posted at: 2015-03-04 
Even if there were some "stuff wrong," you still need a good reason to exercise the contingency. For instance, let's say that the inspection went well, except that the furnace needed a new filter, which costs $10.00, and the seller is willing to pay it. You can't cancel the contract on that basis, because the issue is too trivial. You would owe money for canceling the contract. But the reality of your situation is that the seller is likely to do nothing. You did not make a deposit, so the seller would need to sue you. My guess is that the seller will not bother making the effort to sue you, and will just relist the home and find another buyer.

You sound like a nightmare client. Your real estate agent cursed you out? You must have done something to really pis s him off because agents don't torpedo their own clients unless they have really done something underhanded.

Your contract should have a contingency for inspection and will likely not cover you if they are small fixes, especially since the seller offered to fix.

Failure to complete the deal at this point could lead to anything from a request to pay the seller for expenses and any promised earnest money and could go all the way up to civil lawsuits from the agents for the commission money and even to a lawsuit for specific performance, which means the court will compel you to complete the purchase.

Much depends on your contract and how long it took you to come to this decision. Assuming you abided by the time elements of the contract you can just back out, of the deal but will need to pay any service provider for any ordered services whether you ordered it or it was ordered on your behalf (i.e. title search, appraiser, inspector, etc,). As for your buyer's agent, I suggest contacting the agent's boss (principal broker) for future guidance and then later do not be afraid to report the agent to your state's real estate commission for his/her unprofessional behavior and lack of fiduciary service.

But if you didn't abide by the time constraints of the contract you can't just void the contract for this reason, and doing so is tantamount to fraud which opens you up to being sued by the seller to force you to perform on the contract plus to reimburse the seller for any fees they incur (like legal fees). Rarely does it go that far, but it is a possibility. Instead the more common penalty is the loss of the good faith deposit.

you needed to put the decline in writing and YES you owe the title company.

if your buyer agent doesn't talk with you, go to their boss, the broker of their real estate company. Your buyer agreement is actually with the broker, not the agent.

YOu will owe for actual expenses incurredn on your behalf. If an appraisal was done, etc. Typically no on the title report unless it closes. Make sure your cancellation is in writing.

Your agent should be helping you. They can offer to fix, read your contract as to whether or not that still obligates you.

I put an offer to a house, did inspection and found some stuff wrong and no longer want the property specially buyer agent curse me out and flat disrespect me I inform the buyer agent but no answer until the last day of contingency. I emailed the seller agent and let her know. She wants to fix the items. I did not sign anything afterwords. I did not deposit the escrow funds either, what should I do now?

Do I owe the title company for the work on ordering title etc?