People change their minds about selling or buying a home all the time and for different reasons too. Buyers may feel it’s not worth it yet to spend so much money on buying a house, while sellers may find it difficult to sell a house they’ve lived in all their lives.
The question here is, can you back out of buying a home halfway into the closing of the deal? Continue reading to know more!
When Can a Buyer Back Out of Buying a House?
Before a buyer can buy a home, they need to come into an agreement with the seller; to make it official, they could have all terms and conditions on paper, in the form of a contract. This contract is known as the purchase and sale agreement.
Both the buyer and seller can back out of the purchase and sale agreement if they’re yet to sign the contract. Either party can decide to back out of the agreement without any consequences attached because they’re yet to sign the contract.
Even when they sign the contract, either side can still back out of the agreement without consequences if a contingency in the contract isn’t met.
Contingencies are terms and conditions that must be met before an agreement can go through. An example of a contingency is home inspection; this is when the house is inspected and surveyed by a professional inspector to determine if the house is in good shape and condition. If the house isn’t in good shape, the buyer can decide to back out of the agreement without any penalties attached.
However, if you back out of the deal for other reasons, then you’re likely to face some penalties like forfeiting any money you have already deposited for the house. And in the worst-case scenario, you and the seller may have to resolve the matter in court.
Can you back out of buying a house after making an offer?
You can terminate your plan of buying a house even after making an offer. The sooner you make your plans known about withdrawing your offer, the better. To do this, simply contact your realtor and let them know your intention of backing out on buying the house.
Can you back out of buying a house after signing a contract?
You can still back out of buying a house even after signing a contract, though the consequences involved depends on the terms and condition of the contract. If you back out of the deal because a certain requirement wasn’t met, you can walk away with no consequences. But if you cancel the deal without any tangible reason, then there are penalties attached. The seller could even decide to sue you for breach of contract.
The Best Way To Sell Your House
If you’re looking to sell a house without worrying about the buyer backing out on the deal, you can sell to a cash house buyer in Oklahoma City.
At Best Offer OKC, we buy houses OKC at the best price and you don’t have to worry about contingency or renovation fees. The best way to sell my house fast Oklahoma City is to sell to a reliable cash house buyer.
We buy houses Oklahoma City and can get your house off the market as fast as possible.
Contact us today to learn more about our services!