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    can you get out of a home buying deal if you haven't went the closing?

    the inform i was given in begining about the deal

    +1  Views: 359 Answers: 7 Posted: 8 years ago

    7 Answers

    I think so but you could lose your deposit or at the very least your good faith money. Better that than getting a house you will be unhappy with or unable to afford. Check with a real estate attorney or an agent.

    Good Luck.
    Sure, as long as you haven't signed the transfer of ownership papers. But you will lose your earnest money, and it is possible the owner could sue you for breach of contract, but it is seldom done. If you have good reason for not closing the deal, you could get your earnest money back.

    You've got three days to get out of the contract after you've signed the purchase agreement. Some purchase agreements give you 30 days to back out. But, if you must get out, tell them you didn't get the mortgage, adn they'll have to let you out of the deal

    Karma: 2515

    It may vary from one jurisdiction to another, but up here, if you make an offer to purchase, it becomes valid as soon as it is accepted by the seller. You may have an escape clause such as "subject to financing qualification" if your financial institution rejects your application but otherwise, you're on the hook.

    Think about it. If that wasn't the law, everyone would make low-ball offers thinking that even if the seller DID accept, you could always refuse to close the deal. You can't tire-kick when making an offer. You must assume that it may get accepted.
    No the mortgage will not go up unless you extend the mortgage to another 20 or 30 years. If you ever legally want to own the house you need to have the mortgage changed over to your name. This will involve a lawyer. Did they leave the house to you in their will? If they didn't have a will, do you have brothers or sisters that might want a share of the house?
    Yvonne57

    Moderator
    You may have to pay taxes too. Maybe you could get a lower mtg rate. Does the bank know they are deceased? 6dogs4us is right. You really need to contact a real estate lawyer.

    You also have to be qualified to get a mortgage on the house.
    yeah, but it will cost you! ;-)
    if i live in a house that my parents own,but passed away.and i change the home into my name will the mortagage go up because it is in my name?please help me with this if anyone can.my parents passed in 2009 and i'm still paying their mortgage.should keep it that way or change it?


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