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Can you back out of a home purchase?

So you’re buying a home, but you just can’t shake the feeling that it isn’t meant to be. Suddenly, it hits you—you do NOT want to go through with it. But it’s too late, right? Well, maybe not. 

The first step is to reach out to your agent, so you can figure out your options. Depending on your contract terms and how far along you are in the process, it's important to know you may end up losing money. It all depends on timing:

• If you get cold feet BEFORE your offer is accepted, your agent can withdraw the offer. But you need to think fast because once the seller accepts your offer and you sign a purchase agreement, it IS legally binding. 

• If you get cold feet AFTER signing the purchase agreement, you’re not totally out of luck, but backing out will be trickier since your purchase agreement may have time-sensitive contingencies. Plus, there is a really good chance you'll forfeit any earnest money you put down with your offer.

Are you smack dab in the middle of this predicament right now? Then STOP scrolling this post and call your real estate agent—they’ll know what to do and how to help. (And one more thing... don't worry about upsetting your agent. Your happiness is their top priority!)

Cindy Grenier, Realtor



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